Andorra is a small European country with a population of around 84,000. It features a strong economy and is regarded as a popular location for offshore bank account opening. Opening an Andorra offshore account provides many advantages to the account holder, and an Andorra offshore account can be opened relatively quickly and easily.
Why Open an Andorra Offshore Account?
Although not a member of the European Union, Andorra has strong international ties with EU-based countries. It is treated as an EU member in the no-tariff trade of manufactured goods, and also participates in the trade of agricultural goods. Tourism plays a primary role in maintaining Andorra’s strong economy, and the Euro as its main form of currency.
The Andorra banking sector has an excellent reputation and is a significant contributing factor to the country’s economy. A combination of low tax rates and advanced banking practices attract many individuals and businesses to open an Andorra offshore account, and an Andorra bank account can be opened within a very short space of time. The Andorra banking system consists of seven operational banks. When opening an Andorra offshore account, you may be required to deposit a minimum capital requirement into your account; however this amount will differ depending on the bank selected and the corresponding account.
All banks and financial institutions within Andorra are regulated by the Andorra National Financial Institute (INAF) under the Law Regulating the Financial System of 1993. The INAF has very strict and conservative regulations in place with regards to how Andorra banks are expected to operate. The Andorra banking system uses a Swiss style of banking and Andorra has very strong relations with this jurisdiction. This means that if requested, there is the opportunity to open a numbered bank account, which provides enhanced levels of privacy and confidentiality, as customers are able to disguise their personal information through a series of numbered codes.
An Andorra offshore account can be easily accessed and many Andorra offshore accounts will enable the user to carry out a number of internet-based transactions. Funds can easily be transferred to the account in the currency of choice, and major credit and debit cards are issued by all Andorra banks.