Andorra Banking System: A Complete Guide

Banking in Andorra: Your Guide to the System

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, BancSabadell d’Andorra, Crèdit Andorrà, MoraBanc and Vall Banc (formerly BPA). Banks in Andorra focus on serving local clientele with retail 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 Secrecy

Andorra's Banking Secrecy

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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