Banques en Andorre

Gestoria – Opening a bank account in Andorra

One of the most stable and solid economic centers in the Principality of Andorra, the banking system is particularly modern. All natural persons, whether resident or not in the country, have the right to open an Andorran bank account. To what extent is opening a bank account in Andorra mandatory? Discover with our Gestoria all the information to know and the conditions relative to the opening of this one in this small independent State bordered by France and Spain.

Opening a bank account, mandatory for an Andorran resident

Since 2010, Andorra has permanently left the OECD list of tax havens. Although banking secrecy has been lifted, the country still offers considerable tax advantages. The Andorran government is also making great efforts to attract foreign investors to the Principality.

Can anyone open a bank account in Andorra?

Everyone is allowed to open a bank account in Andorra, even non-residents. Individuals, resident or not, and legal entities or companies, can indeed benefit from this privilege. As long as you meet the criteria required by the Andorran banks, you are entitled to open one. 

When you open a bank account, you can take advantage of a wide variety of bank cards, depending on the services you need. You will also be entitled to different banking services. These include multi-currency bank accounts. Various savings products will also be available to you. 

When does the opening of an Andorran bank become mandatory? 

Opening an Andorran bank account is compulsory for people wishing to apply for an Andorran residence. 

To create an Andorran company, the company director is also obliged to open a bank account. This account will be used to deposit the company's capital and to carry out various banking transactions. In this case, it will be necessary for them to choose a bank offering varied and complete services to better meet their expectations. 

If opening an Andorran bank account is mandatory for an individual wishing to become an Andorran resident, a non-resident can choose to open an interest-bearing account to deposit money. However, this type of account is often associated with particularly high fees.

banques andorranes

Characteristics distinguishing Andorran banks

Among the characteristics of Andorran banks, its high solvency ratio is worth mentioning. This specificity is the result of a conservative management. Their operations are carried out in a prudent manner. It is therefore not surprising that the country has been able to face international financial crises without difficulty.

The Andorran banking system includes :

  • Credit institutions,
  • Private banks,
  • Banking institutions specialized in assets and insurance,
  • And financial entities of investment and wealth management.

All financial activities in the Principality of Andorra are regulated and directed by the AFA or the Andorran Financial Authority.

Andorra used to be known for its offshore banking. It was successful due to the low tax rate of the country. However, different conventions and exchange treaties have been signed by its Government to comply more with the tax standards imposed, especially by the OECD. The Andorran banks thus make profit of more transparency.

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Which bank to choose according to your needs?

For investors, the banking sector and the financial world are among the most important elements to consider. In the Principality of Andorra, banks are the main pillar of its economic activity. The country has five banking groups.

The five banks in Andorra

The Principality of Andorra had 5 banking entities until the end of 2022 when the number was reduced to 4. The Andorran banking system is solid, but it is not varied. Nevertheless, their efficiency is no longer in question and although they are few in number, they offer very complete services.

Andbank, recognized as the best bank in the Principality

Andbank is a private and independent Andorran bank. Present in 11 countries, including Spain, it was created in 2001 by the merger of two Andorran banking institutions: Banc Agrícol and Banca Reig.

Specialized in private banking services, it has more than 90 years of experience in the field. It offers a wide range of services, from asset management to wealth management, financial advice and corporate banking.

Although this private bank in the Principality dates back to 1930, it was the first bank to offer a bank card valid in the European Union. It is aimed at both companies and individuals.

Among its products, we have:

  • Checking account;
  • Debit cards;
  • Savings accounts;
  • Mutual funds;
  • Consumer credit;
  • Structured products.

Banc Sabadell d’Andorra, the small business bank 

This bank is designed for workers and small entrepreneurs. Although it is the smallest bank in the Principality of Andorra, it provides a full range of banking services. Established in 2000, it is a subsidiary of the Spanish Banc Sabadell.

Among the services offered by this commercial bank are client portfolio management, investment funds and private banking. It was acquired at the end of 2022 by Morabanc.

Crèdit Andorrà, an Andorran financial group created in 1949 

This Andorran financial institution focuses its activities on commercial banking, international asset management and private banking. It also offers services related to insurance. It is among the largest banks in the Principality. In 2018, it managed to make more than 5 billion in assets. It has a national bank and a private bank on an international scale.

Vallbanc, a commercial, private and crypto-friendly bank

For those who want to make their investments profitable, this is the bank to choose. Formerly known as BPA, it was renamed after the 2015 crisis. It specializes in private banking services. In 2016, it was acquired by J. C. Flowers. Managing nearly 2 billion euros of assets, it is committed to providing more transparency for its clients.

Morabanc, one of the most solvent banking groups in the world 

Clients do not always have the same needs, a concept that Morabanc has well understood. This bank works to provide specific services for a wide variety of needs, offering more flexibility to each of its clients.

It dedicates a service specially adapted to international residents wishing to settle in the Principality. As one of the most solvent banks in Europe, its services remain varied :

  • Commercial banking ;
  • Private Banking ;
  • Insurance;
  • Special department for new international residents.


The steps required to open a bank account in Andorra

The procedures for opening a bank account for Andorran residents involve several steps. The first is the choice of the bank itself. In this case you must choose the one that best suits your needs. The benefit of being accompanied by our Gestoria is to have all the information at your disposal to better select them.

Then, you have to gather all the required documents. Identity, residence certificate, professional activity or social security number, the required documents vary from one individual to another.

Only after having fulfilled all the required conditions, you will have to wait, as a future resident, for the result of your file study made by the banking establishments, this is what is called the “compliance” or the “kyc”.

If this result is positive, the chosen bank will also book you an appointment to sign the opening of your new Andorran bank account. You will then have an account number that will allow you to make transfers and all kinds of banking transactions.

List of documents required to open an Andorran bank account

Each bank applies its own approach to opening a bank account, although some basic procedures are generally the same. The list of documents to be presented is not exhaustive.

Among other things, you will be asked to show:

  • Valid identification (ID card or passport);
  • A tax identification number for company directors;
  • A social security number for Andorran residents;
  • Proof of solvency (recent pay slip, profit balance, etc.);
  • Various tax documents and records from your home country (e.g., your last tax return or a letter of recommendation);
  • Supporting documentation of funds disbursed, such as invoices or bank statements.

Opening an offshore bank account in Andorra

If you are planning to open an offshore bank account in the Principality of Andorra, you have every right to do so. Nevertheless, you must physically move to the country to be able to start the procedures of opening it. This would allow you to take advantage of its advantageous tax situation. However, some of them require that you are a resident, such as the exemption from income and wealth tax.

Gestoria’s assistance in opening a bank account

For your expatriation or investment project in the Principality of Andorra, you need a bank account. This may also be required if you wish to diversify your savings. Our Gestoria evolves in a network of particularly strong partnerships. We can assist you in the choice of Andorran banks able to meet your requirements. We will be there to assist you at each step of your account opening.


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