What It Is Like to Live in Andorra

What It Is Like to Live in Andorra

If you’ve seen photos of the beautiful scenery or have read about Andorra’s tax, healthcare and school systems, it’s easy to fall in love with our tiny country.

But, understandably you’re cautious. Exactly what is it like living in Andorra? Is there more than meets the eye? Surely there’s something you’re not telling me?

In this guide we’ll answer these questions and many more and give you an in-depth view of the lifestyle in Andorra.

From the environment and the community to the benefits and downsides of the country, and much more. Let’s take a look.

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Andorra Banking System: A Complete Guide

Andorra Banking System: A Complete Guide

The Andorra banking sector is one of the principality’s most important industries. That means, in part, that it’s highly regulated and, as a new resident in Andorra, it will be relatively easy to find a bank.

Banking in Andorra is controlled by five banking groups:

  • Andbank,
  • Banc Sabadell d’Andorra,
  • Crèdit Andorrà,
  • Mora Banc, and,
  • Vall Banc (formerly Banca Privada d’Andorra).

Banks in Andorra focus on serving local clientele with retail bank accounts and private banking services for residents and commercial banking for local businesses.

If you want to apply for residency in Andorra, it’s a requirement to have a local bank account. That means that it’s best to have a bank account open with an Andorran bank before starting the process.

It will also come in handy when paying for all the costs of moving to Andorra and setting up your life here.

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Andorra Banking Privacy

Andorra Banking Privacy

Said to account for around 20% of GDP, Andorra’s banking sector has seen radical change over the past few years.

Historically, Andorra’s banks offered numbered accounts without shared names of record. Numbered bank accounts were especially popular for foreign residents, as it made Andorra an attractive place to park and earn income on money, away from the eyes of their government of residence.

In light of a changing world, and after briefly being listed on the OECD’s list of non-cooperative tax havens, Andorra is moving towards a model of transparency with the global economy, while aiming to maintain privacy for its residents.

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