Andorra Bank Account

WHY TO KEEP ONE OF YOUR BANK ACCOUNTS IN ANDORRA?


Andorra's reputation as Europe's best tax haven has come about for a variety of reasons. Key amongst these is the strength of its unregulated banking system, described as one of the safest and most consumer friendly in the world. Andorra's range of low profile banks offer Swiss style security with private personalised banking, numbered accounts, extremely competitive interest rates (usually a few percent higher than the rest of Europe) and a wide variety of investment products. Accounts can be opened quickly and easily and money can be kept in any currency. There are no restrictions on remitting funds to and from Andorra but the Andorran government has insured non interference by the EU and EEC through its strict observance of anti-money laundering laws.

Since August 2007, the credit crunch has affected the lives of ordinary citizens across the globe. As such, many international investors are now looking for the safest place to rest their money until better times arrive. International stock markets have been rocked in recent times, with government bailing out large industry and even the most worldwide brands crumbling under the weight of the global economic situation. Governments have done little to counteract the pressure on individuals by easing income tax or superannuation taxation laws (or any other taxation policy). Many individuals have had their pensions and superannuation threatened with current investment banks struggling to stay afloat. The economic downturn has reverberated across the globe and there are many people now looking for the most secure place to place their money until the economic gloom blows over. Economists have recently stated that the safest place for any investor not looking to lose out to falling investment market prices or sticky fingered tax authorities should consider the old tradition of hiding their savings at home. In this context, Andorra is fast becoming the “sock under the bed” for all of Europe.

With private banking, a relatively tax free existence, a wonderful climate and a location second to none, many Europeans are using Andorra as a financial safe haven until the economic turmoil has blown over. Andorran banking is further enhanced by the fact that residents pay no capital gains tax on their banking investments. There is no inheritance tax, no wealth tax, no profits tax and no value added tax and if considered alongside what you are presently paying in tax annually it becomes easy to see why so many people choose to base themselves in Andorra. There is no time like right now to discover the wonders of this wonderful country, which offers similar if not greater fiscal advantages to Monaco and Lichtenstein, but still at affordable prices. There are 7 licensed and registered Private Banks, which are under no obligation of disclosure to any greater government or institution. There are currently still opportunities to claim passive residency in the country for taxation or retirement purposes. Part of our service is to provide our clients with priority service and personal banking introductions. We can also offer advice and assistance in all matters relating to choosing a bank and establishing an account in Andorra that fits with your banking requirements.

We can also help you with introductions to some of the best English speaking financial advisors in the business who cater to all nature of financial services including administering and setting up off shore companies, specialist taxation advice, wealth management and sound legal advice for all business and personal matters.