Living with safe, secret, private and tax free banking...

The unregulated banking system is among the safest in the world.
It is sound, prosperous, computerized, streamlined, discreet, and very customer oriented. Some of the wealthiest people in the world prefer Andorra's low profile banks to those of secretive Switzerland.

With an account here in Andorra you can access world markets in total privacy, and you can receive interest rates several percent higher than you would receive in the United Kingdom and the United States.

Foreign banking institutions may not open branches in Andorra. Banking is Swiss style and numbered accounts are available. Complete confidentiality is observed. The total lack of exchange control in Andorra permits banking in any currency although the Euro is used as a base for making an exchange. The rates are quoted daily, based on Euros, and aligned to Euro-currency rates at the Swiss Exchange in Zurich. To open an account takes about 20-30 minutes. You will need your passport. A deposit of around 100 Euros is all that is necessary. You will receive your passbook about a week later. There are no restrictions on remitting funds to and from Andorra in any currency but money laundering regulations are observed by the Andorran banks.

Andbanc - Banca Privada a Andorra
Provides product and services in asset management, private banking, investment funds for customers all over the world with over 120 years experience.

Banc Internacional d'Andorra - Banca Mora (BIBM)
Asset Management Service, BIBM offers a personalized solution to customers with a significant volume of assets, requiring active and professional management for their financial assets.

Banca Privada d'Andorra
Provides private banking, asset management, and investment opportunities.

Banc de Sabadell d'Andorra
Private and commercial banking, plus online banking and other services.

Credit Andorra
Commercial & Private Banking



Andorran banks have flourished because Andorran banks offer similar advantages to other tax haven countries but Andorra was less known (and therefore less subject to pressure). It's important to note that foreign banks have traditionally been strongly discouraged from opening in Andorra by the Andorran government. Andorran banks have only local capital, have very strong balance sheets, and are very conservative. They are not exposed to risky business practices.

In the interests of diversification, Andorran banks are, however, expanding and diversifying in the direction of the Americas. Between them they have opened subsidiaries and offices in Uruguay, Panama, and the Bahamas. The main aim of these offices is to enter the Latin American market, considering that Andorra is predominantly Spanish speaking and the cultural similarities make this the most attractive market. Also, let us not forget that doing business in Latin America remains relatively problem-free for banks, while seeking clients in the European Union or USA could expose banks to a lot more regulatory hassles and demands for information etc.

The advantage for clients is that this network of European and Latin American offices are available to assist in account opening for European and American account holders.

All Andorran banks have a policy of requiring personal meetings prior to opening accounts. These meetings may take place either in Andorra or in their remote offices, no matter where you wish to open the account. This means for example that you can visit Panama to open an account in Andorra, or vice versa.

The option of visiting Andorra is of course convenient for Europeans - they can open an account far away from the European Union, without having to travel all the way to Uruguay, Panama, or the Bahamas. Likewise, the option of visiting Panama is convenient for North Americans, even though they might finally decide to open an account based at the head office in Andorra.

The only other important thing to note is that these are private banks and their main business is investment. Andorran banks do not want business of the active type with lots of wires or checks in and out. If you are looking for this kind of account, our second option (see below) is a better alternative.

All Andorran banks automatically work on a multi-currency account system, so you can keep various currencies within the same account. As this is a full service private banking relationship, you can also negotiate other services like secured loans - for example you can borrow against your portfolio to make other investments. They will also issue guarantees to foreign banks for the purposes of real estate loans. All banking services are possible and you will be dealing direct with intelligent, qualified bankers who speak several languages including English, Spanish, German, Dutch, Scandinavian languages, Russian etc.

What is the next step? If you wish to open an account in an Andorran bank, it's almost essential to be introduced by somebody who is already known to the bank. This policy not only gives the banks a much higher level of comfort, but it works - this is the precise reason why you haven't heard about Andorran banks being involved in scandals like ponzi schemes etc. Real traditional private banking, of this type, is all about relationships.

Introducers cannot risk their reputations with banks by sending the 'wrong' kind of business, whether it be criminals with dirty money or simply people who will waste the bank's time by asking lots of questions then never moving forward. These banks are in the business of looking after money for wealthy people. They don't want to hear from people who are waiting to be paid out a huge amount from some dodgy ponzi scheme or a non-existent Nigerian oil executive who contacted them out of the blue by e-mail. The first step in advance of anything else is to demonstrate that you are serious about doing clean, confidential business.

If you follow this procedure strictly, your result will be a very private account in a first class Western European bank. If you don't, you won't!

This is the information they need:

  • Clear scanned copy of your passport
  • A contact postal address and telephone number, that will be given to the bank
  • Information on whether this will be a corporate or personal account, and the names the account will be opened in.
  • Expected opening deposit, and expected balance after the first year.