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When choosing a place to relocate to, banking might not be the very first thing on your list of priorities. Without it, however, life in your new home country is going to be inconvenient. It therefore goes without saying that understanding the Andorra banking system before moving here is vital.
Back in 2014, Andorra made the decision to sign the declaration of the Automatic Exchange of Information in Tax Matters. The goal was to combat tax evasion and facilitate compliance via a Common Reporting Standard.
This reporting standard requires all jurisdictions to collect proper financial information from all banks and financial institutions. They can then exchange this information automatically with other jurisdictions.
Local financial institutions do not have to share information about your account with the Andorran authorities. However, the Andorran authorities will be made aware of any accounts that you have abroad.
With regard to privacy, this is a definite positive. It means that residents of Andorra can declare income appropriately to the government. All financial information within the country will be kept private. Andorra’s banks truly do respect the privacy of their clientele.
If you’re a non-resident of Andorra, the following information may be shared with other jurisdictions and authorities:
Andorran institutions first began collecting this information back in 2017 and currently use a “narrow approach” to reporting.
Whether you’re a resident or non-resident, the process of setting up a bank account in Andorra isn’t the easiest out there. However, with the right assistance, it can be quite straightforward.
There are only three financial institutions here in Andorra and each has their own strengths and weaknesses. If you’re not sure which is right for you, or you need help with setting up a bank account, contact us today!
Our team of experts is well equipped to make your transition to this lovely country as smooth and easy as possible.