MONACO OR ANDORRA?

 

We receive a lot of enquiries asking ‘what are the advantages of choosing Andorra over Monaco?'

Andorra is cheaper. The bureaucratic requirements in both Monaco and Andorra are pretty similar (police reports, insurance, bank certificates, etc.), but Andorra's deposit payable to the Government is currently 30,000 EUR for an individual. In Monaco, it depends on which bank issues a certificate, and the fees vary from 100,000 EUR to 400,000 EUR. These funds are not required to be deposited in Monaco after the certificate is issued.

Both countries owe their continued existence on banking secrecy. Andorra has been, and will continue to be, one of the most secret banking systems in the world. As a resident of Andorra, you can enjoy numbered bank accounts in Andorra that remain secret.

 

The one outstanding difference is property rental and purchase.

The average Chalet in Andorra will cost about 1,000,000 EUR to 3,000,000 EUR in comparison with Monaco 6,000,000 – 10,000,000 EUR.

Purchase costs are also cheaper in Andorra and estate agent commissions, normally 5%, are paid by the seller.

As far as rental is concerned in Monaco you can pay over 30,000 EUR per month for an apartment. In Andorra you would be hard pressed to pay more than 3,000 EUR per month at the very top end of the market. An average rental price in Andorra for a two bedroom apartment is about 800 EUR per month.

So the choice really is one of the prestige of Monaco or enjoying the same benefits on a more low key basis in Andorra.