Andorra is a small country in Europe with a financial services industry focused on private international banking with confidentiality and privacy. We work with several different banks in Andorra who are pleased to open accounts for international corporate structures.
Following a major money-laundering sandal in 2014, services have been scaled back and the banks in Andorra are now very risk averse. We think Andorran bak accounts will only be of interest to those who are taking up Residence in Andorra.
Andorra’s target market is medium-sized private banking clients (100K – 1 million) from all over the world, but they will also accept smaller accounts. All Latin American clients are particularly welcomed. Relatively high banking fees for transfers out. Andorran banks are not really keen on opening commercial accounts but may do so for private banking clients.
English, Spanish, French. Chinese and Russian speakers available to clients who visit the bank.
- All accounts are multi-currency (in some banks one IBAN number covers all currencies, in others there is a different IBAN for each currency). All major currencies plus many soft currencies and paper gold too.
- Staff rarely travel these days.
- Own range of investment funds with excellent results.
Visa Classic, Gold or Signature, all available either as debit cards, secured credit card, or unsecured credit card for larger investors. Classic cards that do not show the name of the bank are no longer available and neither are USD cards.
Documents and Account Opening Process:
- Standard set of documents with apostille, plus proof of address.
- Proof of source of funds.
- Bank reference is preferred, but account may be opened without depending on the risk and transaction profile.
- Accounts usually opened on the spot by prior arrangement, or 48 hours from receipt of scans of the complete document package in the case of remote opening.
Target minimum is EUR 200K but this can be substantially reduced in some cases, especially where the client is applying for residency in Andorra.
For further information on procedures and fees for opening your Andorran bank account, contact Offshore Pro Group today!