Open a Bank Account in Andorra

Opening a Bank Account in Andorra: Key Features of the Country

The Principality of Andorra is one of Europe’s microstates, not a member of the European Union. The country is notable for its favorable tax regime, and one of its key advantages is that local banks do not charge taxes on investment income. This makes Andorra attractive for clients worldwide wishing to open a bank account here.

Today, five banks operate in the country, each offering a high level of confidentiality. By solvency and liquidity standards, Andorran banks are among the most reliable in the world:

• Morabanc;
• Andbank;
• Credit Andorra;
• Banc Sabadell d'Andorra;
• Vall Banc.

Who Will Benefit from Opening an Account in Andorra

Andorra can be a good choice for both individuals and legal entities that are non-residents but wish to open a bank account in the country:

• Non-resident individuals enjoy a wide choice of accounts and relatively affordable banking services.
• Andorran banks work closely with offshore and non-resident companies, as they are familiar with different countries’ laws. Some banks, for example Credit Andorra, open corporate accounts only if the company’s owner has previously opened a personal savings account.

Banking information in Andorra is confidential and protected by law. At the same time, there are no strict currency controls – everything is assessed individually.

Steps to Opening a Bank Account in Andorra

Before opening an account, you need to select a bank, considering its reliability, client requirements, and account terms.

Next steps:

• Collect documents and prepare bank forms – the accuracy of this stage significantly affects the speed of the review process.
• Submit documents to the bank. At this stage, the institution may request additional information or documentation. Note: the application review may be subject to a fee.
• Applicant verification. This may take place at a bank branch, including in the applicant’s country of residence.
• Receiving account details and access. Some banks require an initial deposit for account activation and to issue account details.

The bank may require proof of source of funds!

How Long Does It Take to Open an Account in Andorra

Each case is unique, but opening an account in Andorra typically takes up to 3 months after submitting an application in person or via a representative. The timeframe depends on the completeness of submitted documents, response times to bank requests, and workload of bank specialists.

The list of required documents depends on the bank. As a minimum, entrepreneurs will need:

• a set of corporate documents;
• beneficial owners’ and directors’ identity documents;
• proof of actual residential address (e.g., utility bill);
• documents confirming the source of funds.

Additionally, for corporate account opening, the legal entity must have a positive reputation and be registered in a country supported by Andorran banks. During the process, the applicant’s representative must submit KYC and AML forms and the company’s founding documents.

The bank also has the right to request any additional documents.

How to Choose a Bank in Andorra: Open an Account on Stated Terms

To open a personal or corporate account, you must meet the bank’s stated requirements. Each bank sets individual client conditions, so contact our firm’s experts for up-to-date information on tariffs and services. Minimum requirements of some banks:

• Andbank, like Privada d'Andorra, requires a minimum deposit of at least EUR 3,000, with a minimum balance of EUR 1,000. Account maintenance costs EUR 800 per year.
• Credit Andorra sets stricter requirements: EUR 1,200–1,500 for account opening and EUR 500,000 as an initial deposit and minimum balance.
• MoraBanc does not impose special account-opening requirements, but the minimum balance and initial deposit must be EUR 300,000.

One of the main differences is that Andbank requires a minimum annual turnover of EUR 1 million on current accounts, while Credit Andorra has no turnover requirements.

If you find it difficult to choose the right bank, submit a request to Incluence Limited experts for a personalized consultation.