Opening a bank account in Andorra has become a highly attractive option for both residents and non-residents, thanks to the country's financial stability, low taxation, and alignment with international transparency standards.
Even so, due to anti-money laundering (AML) regulations, the process is no longer as simple as it was a few years ago. Below, we explain the process and the specific requirements in detail to help you open your account successfully.
Applicant Profiles: Resident vs. Non-Resident
First of all, the bank will classify you into one of these two categories, as the requirements and fees vary significantly:
- Residents in Andorra: Individuals with fiscal or administrative residence in the country (employees, investors, passive residents). They usually benefit from lower fees and more streamlined procedures.
- Non-residents: Foreign individuals or companies looking to diversify their wealth or who are in the process of incorporating a company. Banks typically require a higher initial minimum balance and charge higher maintenance fees.
Requirements and Necessary Documents
Andorra applies a strict "Know Your Customer" (KYC) policy to get to know its future citizens and clients. Therefore, you must thoroughly justify the source of your funds.
Basic Personal Documentation:
- Identity Document: A valid passport (and national identity card, if applicable).
- Tax Residence Certificate: An official document from your country of origin proving where you pay taxes (for example, from the Tax Agency if you are coming from Spain).
- Proof of Address: A recent utility bill (electricity, water, gas) that is no older than 3 months.
Proof of Source of Funds:
- If you are an employee: Your most recent payslips and employment contract.
- If you are self-employed or a business owner: Your latest income tax returns (IRPF), corporate tax returns, or company audits.
- Other sources: Deeds of property sales, inheritance documents, or proof of investment funds.
The Step-by-Step Process
The process can take anywhere from a few days to two or three weeks, depending on the complexity of the applicant's profile.
- Choosing the bank: Andorra has a concentrated banking sector (with entities such as Andorra Banc Agrícol Reig - Andbank, MoraBanc, or Creand). Compare their fees for non-residents and their online banking services before making a decision.
- Initial interview and document submission: The process can be started online, but generally, you will need to send all scanned documentation. The bank will analyze your profile and the source of your capital.
- Approval by the Compliance Department: This is the most crucial "filter." The bank's compliance department will review all documentation to ensure it is fully legal and complies with international anti-money laundering regulations.
- Signing and initial deposit: Once approved, you will need to sign the contract (often required in person or via advanced digital signature) and make the first deposit or minimum transfer required by the institution.
Important Aspects to Consider
- Common Reporting Standard (CRS): Andorra complies with the OECD standard for the automatic exchange of information. This means that if you are a non-resident, the Andorran bank will automatically report your account balance and movements to the tax authorities of your country of origin (such as the Spanish Tax Agency). It is not a tax haven for hiding money.
- Fees: Opening and maintenance fees for non-residents can range between €200 and €500 per year, depending on the bank.
- Minimum balances: Many banks require non-residents to maintain a minimum balance (which can range from €10,000 to much higher amounts for private banking).
Opening an account in Andorra is a completely legal and transparent process, ideal for those seeking security and professional wealth management, provided that the total transparency of the funds can be proven.
At Bon Consell, we provide you with all the tools to help you and guide you through your process.
Contact us for more information.
