List of Andorra Banks
Offshore Bank in Andorra. 

In June, 2004, however, Andorra was obliged to accept the EU's Savings Tax Directive, and as from July, 2005, is imposing a withholding tax of 15% on returns on savings paid to citizens of Member States of the EU, of which 75% is remitted onwards to the States concerned. In March 2009, Andorra’s government announced that it would cooperate with OECD principles by reaching tax information exchange agreements by November 2009, when it will pass legislation to ease its banking secrecy controls.

There are no taxes in Andorra for companies or individuals other than modest annual registration fees, municipal rates, property transaction taxes, and a sliding scale capital gains tax introduced in 2007. The problem for offshore enterprises is that Andorra insists on two-thirds majority ownership of all types of business entity by Andorran nationals or long-stay residents. Although nominee arrangements can bypass this problem in day-to-day terms, the legal reality remains. There are no special regimes for 'offshore' entities and no trusts (Andorra is a civil law jurisdiction).  This has tended to limit Andorra's offshore business to wealthy individuals.

Immigration Controlled by Residence and Work Permits

To encourage immigration by high-net-worth individuals (often retired) the Government offers Passive Residence Permits, which are not cheap. Otherwise, long term residence is only possible to those with work permits, which are controlled by quotas.

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