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Andorra bank account

mariah

mariah

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May 28, 2018
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#1
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hey I'm thinking to open my company and bank account in Andorra
i find this bank: morabanc. anyone have experience with this banks? or banks in general in Andorra?

my business receives money from Spain, UK, Ireland and in the future Singapore and more...
how can I receive payments from my clients? andorra not working with PayPal yet.

thanks in advance.
 
#4
I find Andorra the fast and easy way to open a company and bank account, and I prefer to fly there and to see all because I don't trust - and its 2% tax on income from outside Andorra, i know it's not the best option. first I looked for Belize and Cyprus companies, but the companies that offer this services are not looking reliable,
my main goal is to reduce taxes first, and I need an easy way to receive money all over the world from my clients.

I learn a lot form this forum, but its a lot of information and I got confused, any advice for me?
 
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#5
Tak a flight to Andorra and get things done, if you can do so, it's the best regardless where you want to setup a company and open a bank account.
 
#6
mariah said:
hey I'm thinking to open my company and bank account in Andorra
i find this bank: morabanc. anyone have experience with this banks? or banks in general in Andorra?

my business receives money from Spain, UK, Ireland and in the future Singapore and more...
how can I receive payments from my clients? andorra not working with PayPal yet.

thanks in advance.
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I have looked at similar in Andorra. Are you thinking of the passive residency with company or active residency with company? The passive is a big investment to the government. But as you say it is low tax , secure banks and good infrastructure.
 
#8
I've been there a few times, it's not what it used to be, but there are still opportunities. Note that you cannot fly there. You must fly to Toulouse, or Barcelona, and then it's some 3 hours of driving.
 
#9
Aint nothing easy about Andorra. No chance of flying to Andorra as it has no airport unless you own a helicopter. You either fly to Barcelona and take bus or France and take bus or simply drive through the Pyrenees. I went there two years ago with a client to open an account with Andbank. I last visited Andorra 14 years prior. The change is dramatic in banking terms. The banks there take compliance seriously, they border on paranoid now. I have no problem about banks out there however as everything is professional.
 
#12
now I am located in Spain I don't mind to drive Andorra. I contact this bank- morabanc, I will prefer to go there, then to fall into a scam.
I don't have a problem to fly anywhere to open a bank account. and to see that all is safe and clear before I put money in.
but I need a good bank account, in a good country to receive money and minimize the tax. - my main business its leads provider for the construction industry all over the world, so for my client I need an easy payment method.
 
#13
If you're a Spanish resident, I'm afraid Andorra isn't a good option anymore. There used to be thousands of Spaniards hiding money in Andorra, but the 2 countries have been working together to put that to an end.
 
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#15
Entries from Spain are no problem, in fact it is a good justification for needing an account in a neighboring country. You will need to prove though that you are fully tax compliant in your country of residence and there will be reporting. If you are OK with that you should be fine.
 
#16
Don't worry about Morabanc, is a bank very very strong and serious. They wll make a lot of questions but if your business is not grey and you go with strong cash finally they will open your bank account. Fees for incoming 0 and swift fees for outgoing 1% or a fixed 40€ if you negotiate. Note if you want 2% corporate tax it only work with services billed outside Andorra and is not supplied directly, your company will start with 10% corporate tax and you will need a special request for get in 6 months your special 2% Corp tax. If you are Spaniard or French is better forgive Andorra. If you are Russian then is you better choice (special agreements to call russian cash xd). About CRS will be as all European countries and also your country tax office will save special eyes in you. Really Andorra is 4 streets.. no more
 
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#17
Andorra banks are fully compliant as of last year and send information back to your home country. My account manager in the bank I use advised me two things which I stick to religiously:
1) Only transfer in 8K to 9K euros max at a time to avoid the funds being frozen and source questioned. Its a personal account.
2) Make sure you have less than 10k cash (including small change and the few notes in your wallet) when you pass through either of their 2 borders. The French but mostly the Spanish customs regularly confiscate hundreds of thousands from people who fall into this trap. You lose the whole lot instantly - they give you a few hundred back to get you back home.

Once I took 10k out in cash and the teller (they know me well) took a 50 euro note out of the envelope and told me to use it to top up with gas on the way out. If the Spanish Duana found 5 cents in coins in the car they would take the whole 10,000.05
 
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#18
I did all the research to open the company there, spoke with few lawyers from there, Andorra have a new law (2 weeks old time) they make the corporation tax to 10% even on income from outside Andorra its not 2% anymore.. and all the process takes minimum 3month.. and i have to be there minimum 2 day.
so I'm thinking again about BELIZE company.. any idea where to start?
 
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