Are you interested in opening a bank account in Andorra as a tax resident in another country?
You can do it. You can diversify your wealth without any problem.
In fact, this issue used to be commonplace in Andorra. Until there were several international cases where Andorran banks were implicated in managing money launderers’ money. With this situation on the table, Andorra closed its doors to this type of bank accounts. Leaving all or practically all of its clients to be tax residents in Andorra.
What does having a bank account imply?
However, since it was decided to regulate the situation and make things right in the country, it was necessary to inform the country of residence of the person requesting the bank account in Andorra. This fact generated that the Andorran banks stopped opening this type of accounts due to the complexity it entailed.
Currently, after the political situation generated in several jurisdictions such as Spain by the Covid-19, Andorran banks have started to receive requests from foreigners to open bank accounts to deposit their savings or to diversify their capital.
Faced with this exceptional situation, the banks have once again changed their mentality and now understand the need of many investors to diversify their capital. Therefore, they accept without any problem the opening of bank accounts by non-resident foreigners in Andorra.
However, these accounts can be opened as long as certain requirements are met and the origin of the funds is fully justified.
What do you need to open a bank account in Andorra?
The Andorran banking entities want to know exhaustively who their client is and that is why they need information and documentation such as:
- Last two income tax declarations of the applicants.
- Justification of the origin of the funds and their traceability.
- Proof of address.
- Explanation of banking operations.
- One year’s bank statement of the applicant’s personal account.
Once the compliance department of the bank has these documents, it will proceed to analyze the account, the client and the feasibility of opening the bank account of the non-resident foreigner, but in any case it will inform the country of tax residence of origin of the client that he has been accepted as a client and that he has a bank account in that entity.
Therefore, it is possible to open a bank account in Andorra without being a tax resident in Andorra.
