S U RV I V E A N D T H R I V E I N T H E AG E O F T U R M O I L

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Andorra: A gorgeous back door to EuropeLooking for a safe banking or residency

option in Europe? Tax haven Andorra

might be your answer.

Recently I put boots on the ground in Andorra. Located some two hours by car from Barcelona, this tiny 180

square mile mountainous principality is a beautiful playground in the Pyrenees, sandwiched between France

and Spain.

%XW�LW¶V�QRW�MXVW�DQ�DWWUDFWLYH�KROLGD\�VSRW��,W�DOVR�KDSSHQV�WR�RɱHU�VXSHUE�EDQNLQJ�VROXWLRQV��WD[�EUHDNV�ĪIRU�VRPHī��and a straightforward, easy path to residency.

If you’re not into beautiful scenery, Old World architecture and sunshine, you’ll hate the place. Think Colorado or

Switzerland, with great hiking, great skiing, and clear blue skies.

,W¶V�VDIH��LW¶V�FOHDQ��DQG��OLNH�6ZLW]HUODQG��RɱHUV�D�KLJK�VWDQGDUG�RI�OLYLQJ��%XW�WKH�FRVW�LV�D�IUDFWLRQ�RI�ZKDW�\RX¶G�SD\�in similar Francophone tax havens, such as Geneva or Monaco.

9LVLWLQJ�DQG�OLYLQJ�LQ�D�SODFH��RI�FRXUVH��DUH�WZR�YHU\�GLɱHUHQW�DQLPDOV��%XW�ZLWK�SUR[LPLW\�WR�VRPH�RI�(XURSH¶V�JUHDW�FLWLHV��WKH�DYDLODELOLW\�RI�KLJK�TXDOLW\�SURGXFWV�DQG�VHUYLFHV��DQG�D�PRGLFXP�RI�(QJOLVK�SUR¿FLHQF\�Ħ�&DWDODQ�LV�WKH�RɷFLDO�ODQJXDJH��DOWKRXJK�HYHU\�$QGRUUDQ�VSHDNV�)UHQFK�DQG�6SDQLVK�DV�ZHOO�Ħ�WKH�OLIHVW\OH�LV�SUHWW\�VWHOODU��

I went to Andorra for three reasons:

1) 7R�DQDO\]H�WKH�EDQNLQJ�V\VWHP�Ħ�ĪVXSHUEī�2) 7R�SRNH�P\�QRVH�DURXQG�WKH�UHDO�HVWDWH�VFHQH�Ħ�ĪUHQW��GRQ¶W�EX\ī��DQG�3) 7R�H[SORUH�WKH�UHVLGHQF\�SURFHVV�Ħ�ĪHDV\�WR�QDYLJDWHī�

,�FDPH�DZD\�LPSUHVVHG��DQG�DUPHG�ZLWK�D�IHZ�QXJJHWV�WR�VKDUH�ZLWK�\RX�WKDW�\RX�ZRQ¶W�¿QG�HOVHZKHUH�

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Back door to Europe

If you’re looking for a backdoor to European residency,

$QGRUUD�RɱHUV�DQ�LQWULJXLQJ�RSWLRQ��$QG�LW¶V�OHVV�H[SHQVLYH�than some of the other investment residency programs out

there.

One fact you need to get clear on: Andorra is not part of the EU and, technically speaking, not part of the Schengen area��,¶OO�JLYH�WKH�LPSOLFDWLRQV�RI�WKDW�LQ�D�PRPHQW��EXW�¿UVW��D�UHIUHVKHU��

7KH�(8�LV�D�VXSUDQDWLRQDO�SROLWLFDO�XQLRQ��7KH�6FKHQJHQ�DUHD�LV�D�ERUGHUOHVV�DUHD�WKDW�ODFNV�FKHFNSRLQWV��WKDW�means you can drive from member country to member country, such as from France to Germany, the same way

you’d drive from New York to New Jersey, without needing to pass through border control or show documents.

Certain countries are members of the EU but not the Schengen territory. These include the UK, Bulgaria, and

Romania. You’ll need to go through border control to enter those countries, as you’ll note, for example, if you

ever take the Chunnel from France to England.

7KHQ�WKHUH¶V�6ZLW]HUODQG��ZKLFK�LV�QRW�SDUW�RI�WKH�(8�EXW�LV�SDUW�RI�WKH�6FKHQJHQ�DUHD��\RX�FDQ�À\�LQWR�Switzerland, and then drive into Germany or Italy unencumbered by border control checkpoints.

Now, Andorra, again, is not part of the EU, so you do not gain EU residency by achieving Andorran residency.

And it’s also not part of the Schengen area… technically speaking. But because of an accident of geography and

infrastructure, Andorran residents gain de facto access to the Schengen area.

That’s because Andorra is surrounded by Schengen members Spain and France and there is neither an airport

nor a train station in Andorra. This means that the only way to get to Andorra is to drive there from Spain or

France.

6R��IRU�H[DPSOH��LI�\RX¶UH�5XVVLDQ�DQG�\RX�À\�LQWR�6SDLQ�ZLWK�\RXU�$QGRUUDQ�UHVLGHQF\�FDUG��WKH\¶OO�KDYH�WR�OHW�you in, and they won’t be stamping your passport because you’re not a tourist… you’re an Andorran resident.

6R��WHFKQLFDOO\��DIWHU�À\LQJ�LQWR�6SDLQ��LI�\RX�OLNH�%DUFHORQD�EHWWHU��WKHQ�\RX�FDQ�VWD\�LQ�%DUFHORQD��DV�WKH\¶UH�not going to track your whereabouts after you leave customs. You can go stay in Andorra, of course, but if you’d

SUHIHU�WR�GULYH�Rɱ�WR�%HUOLQ�DQG�MRLQ�WKH�VWDUWXS�IUHQ]\��\RXU�$QGRUUDQ�UHVLGHQF\�FDQ�EH�D�EDFNGRRU�WR�(XURSH��

Still (sort of) a tax haven

$QRWKHU�DWWUDFWLYH�DVSHFW�DERXW�$QGRUUDQ�UHVLGHQF\�LV�LWV�WD[�V\VWHP��IRU�\HDUV��LWV�ODFN�RI�SHUVRQDO�LQFRPH�WD[�attracted wealthy folks, who now make up half of the country’s 85,000 residents.

$OWKRXJK�WKH�SULQFLSDOLW\�DQQRXQFHG�ODVW�\HDU�WKDW�LW�ZRXOG�FROOHFW�LWV�¿UVW�LQFRPH�WD[�LQ�������WKH�UDWHV�ZLOO�EH�ORZ��D�UHVLGHQW�OLYLQJ�WKHUH�PRUH�WKDQ�����GD\V�SHU�\HDU�DQG�PDNLQJ�Ͱ��������DQQXDOO\�ZRXOG�SD\�DERXW�Ͱ������in taxes.

But just as with Schengen access, there’s the letter of the law, and then there’s the spirit of the law. Again, you’d

need to live there for at least 183 days in a calendar year to be folded into the tax system. That’s something

GLɷFXOW�WR�SURYH��JLYHQ�WKH�ERUGHUOHVV�VLWXDWLRQ��

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7ZR�PRUH�EHQH¿WV�����5HWLUHHV�DUH�H[HPSW�IURP�WD[DWLRQ�����7KHUH�LV�QR�FDSLWDO�JDLQV�WD[�RQ�SURSHUW\�KHOG�IRU�more than����\HDUV��1RW�EDG�ZKHQ�\RX�ORRN�DW�QHLJKERULQJ�6SDLQ�ĪZKLFK��DW���İ��KDV�RQH�RI�WKH�KLJKHVW�WRS�PDUJLQDO�WD[�UDWHV�LQ�(XURSHī�DQG�)UDQFH�ĪORZHU�WKDQ�6SDLQ�DW���İ��EXW�VWLOO�YHU\�DQWLĥO¶DUJHQWī�

Banking in Andorra

5HJDUGOHVV�RI�ZKHWKHU�\RX�FKRRVH�WR�SXUVXH�$QGRUUDQ�UHVLGHQF\��LW�PLJKW�EHKRRYH�\RX�WR�VHW�XS�D�EDQNLQJ�ÀDJ�LQ�Andorra.

%DQNV�LQ�$QGRUUD�DUH�DEVXUGO\�ZHOO�FDSLWDOL]HG�DQG�LQFUHGLEO\�OLTXLG��,W¶V�D�YHU\�VDIH�SODFH�WR�EDQN��WKLV�LV�QRW�Greece. The primary currency is the euro, but the banks can hold most currencies, within reason.

Because Andorra has such a long history as a tax haven, the banks there have taken on more of a wealth

management role than a retail or transactional banking role. If you’re looking to stash money there, it’s best not

to think of the account as the kind you’d use to pay the electric bill. These accounts should be thought of more as

for savings, or for investment products and services.

I spoke to one of the directors of ANDBANK, an excellent private bank, and was pleased with both their

balance sheet and the way they do business. ANDBANK is willing to allow customers from overseas, including

IURP�WKH�86��Ī7KH\�DUH�)$7&$�FRPSOLDQW��DQG�\RX¶OO�QHHG�WR�¿OO�RXW�D�:ĥ���%DVLFDOO\��WKH\¶UH�¿QH�ZRUNLQJ�ZLWK�\RX��EXW�LI�DVNHG�ZLOO�UHSRUW�RQ�\RXU�DFFRXQW�ī�

7KHUH�LV�QR�PLQLPXP�LQYHVWPHQW��DOWKRXJK�\RX¶G�SUREDEO\�ZDQW�WR�SXW�LQ�IJ�������WR�IJ�������IRU�LW�WR�PDNH�VHQVH��JLYHQ�WKH�FRVW�DQG�WLPH�LQYROYHG�LQ�JRLQJ�WKHUH��7KH\�GR�KDYH�DQ�DQQXDO�IHH�Ħ�DERXW�����HXURV�SHU�\HDU�Ħ�which I think of as a reasonable “storage fee” to keep your money at a bank that’s extremely well capitalized.

That said, even the standard fee is negotiable. In fact, almost everything at this bank is negotiable. They really do

try to accommodate their customers’ needs.

To reach out to ANDBANK, get in touch with María Estefanía Suárez Pérez at

maria.suarez@andbank.com.

You do need to go to Andorra in person to open the account.�Ī1RWH��WKLV�LV�QRW�D�SXQLVKPHQW��<RX�get to

JR�WR�$QGRUUD�ī�8QGHU�FHUWDLQ�FLUFXPVWDQFHV��WKH\�ZLOO�DOORZ�\RX�WR�JR�WR�DQRWKHU�EUDQFK�Ħ�WKH\�KDYH�ORFDWLRQV�LQ�0H[LFR��0LDPL��3DQDPD��%UD]LO��0RQDFR��DQG�HOVHZKHUH�Ħ�EXW�LW¶V�EHVW�WR�JR�WR�$QGRUUD�LQ�SHUVRQ��

I also interviewed bankers at Banca Privada d’Andorra. They strive to appeal to the higher

¿QDQFLDO�HFKHORQV��FODLPLQJ�WR�JLYH�FOLHQWV�³H[WUD��extra, extra attention,” and they endeavor to create

D�VHQVH�RI�UH¿QHG�FXOWXUH�DQG�FLYLOLW\��Ī7KHLU�ZHE�site invites you to get to know ‘7 new poets,’ and

KLJKOLJKWV�$QGRUUDQ�ZRUNV�RI�DUW�ī

Their annual fees are much higher than

$1'%$1.¶V��DW�DURXQG�Ͱ�����VR�WKLV�EDQN�probably only make sense if you want to stash away a

few hundred thousand euros or more and are looking

for a good deal of personal attention.

To contact Banca Privada d’Andorra, get in touch with

Debbie van der Wekken at d.wekken@bpa.ad.

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Gaining residency in Andorra

If you’re looking to gain Andorran residency, there

are multiple ways to make it happen. Again, I can’t

UHFRPPHQG�-DQH�:KLWWDNHU�KLJKO\�HQRXJK��VKH�UHDOO\�NQRZV�KHU�VWXɱ�DQG�FDQ�DFW�DV�D�JUHDW�JXLGH�here.

:KHQ�FRQVLGHULQJ�$QGRUUD��¿UVW�GHFLGH�LI�\RX�ZDQW�to work there or not. Jane Whittaker will point

out that there’s a big distinction between working

inside $QGRUUD�Ħ�L�H���\RX�RZQ�D�EXVLQHVV�RU�KDYH�D�MRE�DW�D�ORFDO�EDU�Ħ�DQG�from $QGRUUD�Ħ�L�H���you own an Internet company whose clients are

elsewhere.

“Active residents” can work inside Andorra.

“Passive residents” gain all the privileges of

residency except that of working inside Andorra.

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1) ,QYHVW�Ͱ��������ĪͰ����������D�Ͱ�������ERQGħSOXV�Ͱ�������HDFK�IRU�GHSHQGHQWVī

Jane Whittaker calls this the “tried and tested path” to residency. You can invest that ¤350,000 in real

HVWDWHħVR�ORQJ�DV�WKH�Ͱ��������LV�QRW�D�PRUWJDJH��,W�FDQ�EH�ODQG��EXW�WKHQ�\RX¶OO�QHHG�D�UHQWDO�FRQWUDFW��as you need to show residency. You can also invest it in shares or funds issued by Andorran registered

entities.

-DQH�:KLWWDNHU�FDQ�KHOS�\RX�VHW�XS�DQ�LQYHVWPHQW�ZLWK�D�OHDGLQJ�$QGRUUDQ�EDQN�ĪRQH�RI�WKH�WZR�,�MXVW�PHQWLRQHGī��ZKLFK�LV�VSOLW�������EHWZHHQ�D�¿[HG�GHSRVLW�DQG�DQ�LQYHVWPHQW�IXQG��7KH�¿[HG�GHSRVLW�SRUWLRQ�HDUQV�DERXW��İ�LQWHUHVWħQRW�JUHDW��EXW�KH\��WKLV�LVQ¶W�*UHHFH��7KH�RWKHU�SRUWLRQ��PDQDJHG�E\�the bank, can be withdrawn without penalty at early redemption. So, this might be a good solution if

\RX¶UH�ORRNLQJ�WR�SDUN�\RXU�PRQH\�XQWLO�\RX�¿QG�WKH�ULJKW�SURSHUW\�RU�RWKHU�LQYHVWPHQW�

:LWK�WKLV�FDWHJRU\��\RX¶OO�QHHG�WR�VSHQG����GD\V�SHU�\HDU�LQ�$QGRUUD�WR�NHHS�\RXU�UHVLGHQF\�

2) Create an Andorran company. You still pay the ¤50,000 bond, but you get out of the hefty ¤350,000

surplus investment. You will, however, be liable for Andorran tax, but the corporate tax rate in Andorra is 10%��7R�SXW�WKDW�LQ�SHUVSHFWLYH��,�SD\����LQ�6LQJDSRUH��+RQJ�.RQJ�LV�DERXW�WKH�VDPH�UDWH�

The trick with this one is that at least 85% of your business must be done outside of Andorra

ĪRWKHUZLVH�\RX¶UH�EXPSHG�LQWR�WKH�DFWLYH�UHVLGHQF\�FDWHJRU\��ZKLFK�FDUULHV�IXUWKHU�WD[�LPSOLFDWLRQVī�

So, if you’re trading stocks or have an online business, this might be a decent solution for you: let’s say

you make ¤100,000. You’ll pay ¤10,000 in taxes… and that’s it. You’ve paid at the corporate level, and

LI�\RX�FDQ�NHHS�WKH�VDODU\�WKDW�\RX�SD\�\RXUVHOI�EHORZ�Ͱ��������WKHQ�\RX�VKRXOGQ¶W�KDYH�WR�SD\�DQ\�SHUVRQDO�LQFRPH�WD[��HYHQ�ZKHQ�WKH\�VWDUW�FROOHFWLQJ�WKDW�LQ�D�FRXSOH�RI�\HDUV��7KDW�JLYHV�\RX�Ͱ�������WR�LQYHVW�EDFN�LQ�\RXU�EXVLQHVV��WD[ĥIUHH��Ī$V�DOZD\V��FRQ¿UP�ZLWK�FRXQVHO��DV�WKLV�LV�QRW�RɷFLDO�OHJDO�DGYLFH�ī

Jane Whittaker is our outstanding contact in

Andorra. A British expat, she’s extremely well

connected, discreet, and savvy. She’ll help you

¿QG�WKH�EHVW�UHDO�HVWDWH��EDQNLQJ�DQG�LPPLJUDWLRQ�avenues. As always, I take no fees or kickbacks

ZKHQ�\RX�XVH�P\�FRQWDFWV��\RX�SD\�PH�WR�¿QG�\RX�the best people to help you craft solutions.

In Andorra, Jane is that person.

Jane Whittaker

Gestoria Administrativa

$JHQWĥ�$QGRUUD�7HO��������������)D[�������������residency@livinginandorra.com http://livinginandorra.com

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3) If you’re Gerard Depardieu, keep reading this. Otherwise, this option might not be for you. Basically, if

you can prove that you are famous in art, culture, science or sports, you might be able to gain residency

by only paying the ¤50,000 bond.

Why? Andorra competes with Monaco, which still has no income tax, and wants to woo that level of

FHOHEULW\�WR�NHHS�D�GHVLUDEOH�SUR¿OH��Ī3HUVRQDOO\��,¶G�FKRRVH�$QGRUUD�RYHU�0RQDFR��DOWKRXJK�UHDO�HVWDWH�LV�QRW�FKHDS�LQ�$QGRUUD��\RX¶UH�WDONLQJ�DERXW�Ͱ�����ĥͰ������SHU�VTXDUH�PHWHU�YHUVXV�€38,000 per square meter LQ�0RQDFR�ī

4) 6NDWH�LQ�ZLWKRXW�SD\LQJ�WKH�ERQG��+HUH��\RX�VSHQG�PRVW�RI�\RXU�WLPH�LQ�$QGRUUD�DQG�RZQ�PRUH�WKDQ���İ�RI�DQ�$QGRUUDQ�FRPSDQ\ħD�UHDO�RQH��DV�WKH\¶UH�RQ�WKH�KXQW�IRU�VKHOI�FRPSDQLHV��<RX�GRQ¶W�QHHG�WR�make the extra investment, nor, again, the bond, but you’re now subject to both personal and corporate

taxes and must contribute to social security. Not the best option for most people.

)RU�DOO�RI�WKHVH�FDWHJRULHV��DV�ZLWK�PRVW�UHVLGHQF\�SURJUDPV��\RX¶OO�QHHG�WKH�XVXDO�GRFXPHQWV��ELUWK�FHUWL¿FDWHV�for you and your dependents, a police report from your home country, proof of private medical insurance that’s

YDOLG�LQ�$QGRUUD��SURRI�RI�DGHTXDWH�LQFRPH�ĪD�OHWWHU�IURP�\RXU�EDQNī��PDUULDJH�FHUWL¿FDWH��HWF�

Most documents need to be apostilled, and you’ve got about 3 months from the time the police report is issued

to present it to Andorran immigration, or you’ll need a new, updated one.

$IWHU�DSSURYDO��WKH�LQLWLDO�UHVLGHQF\�VWDWXV�LV�JLYHQ�IRU�WZR�\HDUV�¿UVW��DQG�LV�WKHQ�UHQHZDEOH�IRU�DQRWKHU�WZR�\HDUV��DIWHU�ZKLFK�LW¶V�H[WHQGHG�IRU�WKUHH�\HDUV��DQG�WKHQ�¿QDOO\�IRU�WHQ�\HDUV�

Step one is to contact Jane at residency@livinginandorra.com. She can help you take it from there.

Note that Andorran residency is unlikely to ever lead to Andorran citizenship.

Unless you did all your schooling in Andorra, and live there a further 10 years on a permanent and settled basis,

\RX�QHHG�WR�OLYH�WKHUH�IRU�DW�OHDVW����\HDUV�RQ�D�SHUPDQHQW�DQG�VHWWOHG�EDVLV�WR�TXDOLI\�IRU�FLWL]HQVKLS�

And, as Andorra strictly forbids dual nationality, I would not recommend pursuing Andorran citizenship anyway.

There are dozens of better options out there.

Real Estate in Andorra

Three words: rent, don’t own.

If you look at rental yields as a percentage of the

property price, you’ll see that they only average

DURXQG��İ�LQ�$QGRUUD��:LWK�WKH�IHHV�DQG�KDVVOHV�you’ll encounter, it’s not worth it.

When the yields are that low, it’s a better deal to

UHQW�WKDQ�WR�EX\��,¶G�UDWKHU�UHQW�IRU�Ͱ������SHU�\HDU�DQG�SXW�WKH�Ͱ��������,�ZRXOG�KDYH�VSHQW�RQ�D�house into an investment product.

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2I�FRXUVH��LI�\RX¶YH�GHFLGHG�WR�JR�IRU�WKH�¿UVW�UHVLGHQF\�category and want to invest your ¤350,000 in property,

Jane can help point you in the right direction. Andorra’s

KRXVLQJ�PDUNHW�GRHVQ¶W�RɱHU�WKH�VDPH�VXSHUĥSULPH�ULW]LQHVV�DV�0RQDFR�RU�/RQGRQ�GR��EXW�\RX�FDQ�¿QG�some very nice condos and tidy homes in the Soldeu,

La Massana or Ordino ski resorts. I’ve seen some listed

IRU�DURXQG�Ͱ��������IRU����VTXDUH�PHWHUV��ZKLFK�LVQ¶W�terrible.

Rental prices are reasonable in Andorra. I saw, for

H[DPSOH��D�FRXSOH�RI�Ͱ����PRQWK�RQHĥEHGURRPV�ZLWK�decent amenities and nice views in those ski areas.

Before you jump in, there are two things to note about rentals:

1) 5HQWDO�FRQWUDFWV�ODVW�IRU�¿YH�\HDUV��,I�\RX�DUH�WKH�ODQGORUG��\RX�QHHG�WR�NQRZ�WKDW�LW�LV�YHU\�GLɷFXOW�WR�evict a tenant, and you can’t sell the property out from under the tenant.

2) If you are the renter, you will have to have funds available to pay the equivalent of four months’ rent

XS�IURQW��,W�EUHDNV�GRZQ�WR�RQH�PRQWK¶V�UHQW�LQ�DGYDQFH��RQH�PRQWK¶V�UHQW�ĪSOXV�D����İ�ORFDO�WD[ī�DV�DQ�DJHQF\�FRPPLVVLRQ��DQG�WZR�PRQWKV¶�UHQW�DV�D�ĪUHIXQGDEOHī�VHFXULW\�GHSRVLW�

Conclusion

$QGRUUD�LVQ¶W�IRU�HYHU\RQH��,I�\RX¶UH�ORRNLQJ�IRU�LURQĥFODG��RɷFLDO�(8�UHVLGHQF\��WKHQ�LW¶V�QRW�WKH�EHVW�UHVLGHQF\�option. But if you’re wanting a lovely place to park yourself for a few months a year while you work on your

Internet business, as well as de facto borderless living in Europe, Andorra makes for an intriguing, safe, beautiful

UHVLGHQF\�ÀDJ�

I’m assuming very few people reading this can speak Catalan. But, it does help to be able to speak French or

Spanish, if you are going to be living in Andorra.

,W¶V�DOVR�D�VWHOODU�EDQNLQJ�ÀDJ��VR�UHJDUGOHVV�RI�\RXU�UHVLGHQWLDO�GHVLUHV��LI�\RX¶YH�JRW�DURXQG�Ͱ�������WR�LQYHVW��$QGRUUD�RɱHUV�D�VDIH�KDYHQ�WKDW¶V�ZHOFRPLQJ�HYHQ�WR�86�QDWLRQDOV�