Business accounts: Andorra

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Andorra is a small Pyrenean state between Spain and France that uses the euro under a monetary agreement with the EU. Its banking sector is compact: a few banking groups supervised by the Andorran Financial Authority, which licenses banks and oversees them. Andorran banks mainly serve the country's residents and companies, so an account is usually opened together with relocation or setting up an Andorran company.

Taxes that matter for the account

• Corporate income tax is 10%.
• Indirect tax on goods and services, similar to VAT, is 4.5% at the general rate.
• Non-residents' income tax on Andorran-source income is 10%.

Low rates attract entrepreneurs, but the bank checks that the company and its owner genuinely have ties to Andorra. If you are buying a home there, see also property in Andorra.

Living in Andorra and the account

Banks prefer residents. Active residence is tied to work or your own business in Andorra; passive residence is for people living on income from elsewhere. Since 13 February 2026, under Law 2/2026, passive residence has three routes: EUR 1,000,000, about $1,121,000, in Andorran assets, EUR 800,000, about $896,800, in residential property, or EUR 400,000, about $448,400, in the national housing fund. Add a EUR 50,000 deposit, about $56,100, now non-refundable with few exceptions, and a contribution for each dependant, and you must live in the country at least 90 days a year. Non-resident foreigners need a foreign investment authorisation to buy property, and the purchase is subject to the foreign real estate investment tax.

What the bank checks

• residence in Andorra or a relocation plan with a residence permit;
• the source of funds and wealth, especially for large amounts;
• for a company, registration in Andorra, foreign investment authorisation where required and real activity;
• tax residence: Andorra exchanges account information with other countries' tax authorities.

Documents

• passport and a second identity document;
• proof of address;
• a reference letter from a bank where you already hold an account;
• proof of income, source of funds and wealth;
• tax residence details.

Why applications are refused

• no link to Andorra, with the account wanted only as a foreign account;
• an unverified source of funds;
• links to sanctioned countries;
• activity the bank considers high risk.

What we do

We assess the chances, choose a bank, prepare the document file and source-of-funds explanation, and support the application and bank meeting. If you are relocating, we set the order: residence permit, company, account. A manager will calculate the cost in the chat.

An account for an Andorran company

A business account in Andorra is opened for an Andorran company. As a rule, a foreigner needs a foreign investment authorisation from the government to hold capital in the company, and the bank will ask for it with the constitutional documents. The company pays 10% corporate income tax and registers for the 4.5% indirect tax. The bank looks at real activity: an office or premises in Andorra, staff, contracts and clients.

Documents for a business account

• constitutional documents and a commercial register extract;
• the foreign investment authorisation where required;
• passports and proof of address of directors and owners;
• a business plan, contracts and expected turnover;
• proof of the origin of the capital.

How a business account is opened

1. Structure. We choose the company form and check whether investment authorisation is needed.
2. Authorisation and registration. We obtain the authorisation and register the company.
3. Bank. We choose a bank and prepare the document file.
4. Meeting. We support the owner's meeting with the bank.
5. Opening. The bank opens the account, and the company starts operating and tax reporting.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property

FAQ