The opening of a foreign account always presents some issues.These may be a need for accountability in the country of residence, the difficulty opening a remote account, a limited range of services and products of a chosen bank, and of course, the most relevant issue of stability and transparency of the foreign financial institutions, which will certainly affect the issue of confidentiality of your data.
Why open a bank account in Andorra
In order not to choose the wrong bank for opening an offshore account, we strongly encourage you to contact the professionals. Our company can not only advise on the most attractive and stable banks, but also help you open an offshore account both remotely and in person.
Andorra is one of the most attractive offshore jurisdictions for opening an offshore account in Europe. This jurisdiction has proven itself to be an excellent low tax country with great banking.
Who can open bank account in Andorra?
Let’s start with the basics that will help you understand whether you should read this article about opening an account in Andorra or immediately seek the personal, private, and confidential advice on the selection of the foreign bank account.
So, the bank account in Andorra might interest you in the following cases:
- possession of a solid initial deposit and planning to place your funds for storage in a reliable foreign bank or for investment (for the long term);
- ability to confirm the source of funds (we always warn of this requirement of any foreign bank to the account holder even with a deposit of $500 USD, both in advance and during the consultation).
These warnings are particularly relevant to those who are going to meet with a foreign banker in person (in Andorra, Hong Kong, or Singapore).
Our company is a perfect option for opening an offshore account in Andorra.
Documents for opening a current account of the company:
- Notarized copies of the constituent of the company’s constituent documents.
- If the representative of the client company turns to the bank, he/she will require the documents confirming his/her authority.
- Document that confirms the executive authority of a legal person.
- Power of attorney for opening and management on behalf of a legal entity.
Benefits of Andorran offshore bank account
So, if you want to open an account in Andorra, we recommend the bank with the highest solvency and liquidity ratio. The bank will receive private banking clients from all over the world (it works especially closely with the customers from CIS countries), as it is aimed at international private banking.
In this article, we will talk about opening an Andorran bank account with the arrival, as we always advise our clients to come to Andorra and hold a personal meeting with a banker to open an account (which we kindly organize), which significantly speeds up and (believe me) simplifies the process of account opening.
We can consider the remote opening (only for the company account) in exceptional cases (for example, for large corporations with a long business history). But think about it: don’t you want to look into the eyes of your banker? Are you ready to trust your money to the bank (even the most reliable one), even without even seeing it with your own eyes?
How do we choose Andorran Banks?
We recommend you to open an account in Andorra if your goals are as follows:
- storage of accumulated funds in the foreign bank with large capitalization, liquidity, and solvency plus deposit insurance (the banks of Andorra ensure the entire amount, which means that in case of insolvency of the bank where your money is stored, the rest of Andorran banks assume the payment obligations).
- placement of a deposit in the amount of 50.000 Euros (initial deposit) to 100.000 Euros (planned balance of the account by the end of the year) and obligation to maintain a minimum account balance, which isn’t less than the initial deposit.
Meanwhile, if there are few transactions planned on the account, the latter can be opened with a smaller amount. In any case, the bank approaches each client individually (both by the amount of the deposit and by the calculation of service tariffs). Studying the sites of Andorran banks, our clients ask us to send their tariffs, as one can’t find enough information on the official source. Such a situation is predetermined by the bank policy.
Bank accounts for non residents
Current accounts are available in the most widespread convertible currencies. Numbered accounts may be just as attractive to you. In addition, the bank offers such attractive financial services as access to all financial markets, brokerage services, financial advice, trust management, and lending.
How to open bank account in Andorra
Bank account opening services:
- collection of all necessary documents and filling out applications, questionnaires and contracts;
- notarization and translation of the necessary documents;
- preparation of the necessary orders for the appointment of company officers;
- submission of the documents to the bank;
- receiving the documents on opening an account from the bank and their transfer to the other.
The minimum deposit for opening a personal account is 350.000 Euros.
Proper opening of a current account will save you from anxiety and help you save money and funds for direct business development.
Types of bank accounts you can open in Andorra
As for the card products, the bank collaborates with the major providers of the payment cards, such as VISA and MasterCard. As a client of Andorran bank, you can use both debit and credit cards, which will allow you to perform transactions and easily pay for goods and services all over the world.
If you want to open an account in the largest universal bank of Andorra and obtain partial banking services, we will recommend you the other bank of Andorra. All the accounts are multicurrency (one IBAN number supports all currencies). Deposit requirements in this bank are higher— EUR 500.000; opening it with a deposit of EUR 300.000 is also possible.