How to open a bank account in Andorra, step by step

cuenta bancaria en andorra

Andorra has become part of SEPA (Single Euro Payments Area), which allows companies to make payments in euros from various parts of the European Union.

The commitment to anti-money laundering has brought about major changes that set the country on course to become a major financial centre by attracting international capital.

But let’s take it one step at a time, How and what do I have to do to open a bank account in Andorra??

Financial entities operating in Andorra.

There are currently 4 banks of Andorran origin which are the best known:

However, there will soon be three banks left, as MoraBanc and Banc Sabadell d’Andorra are in the process of merging.

Todas estas entidades forman parte de la Federación Bancaria de la Unión Europea y están adscritas a la Asociación de Bancos Andorranos.

They operate like any other type of bank and have both private and commercial banking, insurance, brokerage and asset management.

How to open an account in Andorra?

Any person or company can open an account in Andorra as long as they comply with the regulations established by each bank.

In general, the steps are straightforward:

  • Choose the bank that best suits your needs and circumstances.
  • Provide our identification, i.e. ID card or passport.
  • Conduct a study to verify the origin of the funds and the nature of the activity, commonly referred to as the banking compliance procedure..
  • A face-to-face meeting may be required to open the account and sign for the account opening.

What is Andorran banking compliance?

This regulatory compliance is what assures banks that the person or company seeking an account in Andorran territory complies with international regulations on preventing and combating money laundering and terrorist financing..

In fact, contrary to what we believe, opening an account in an Andorran bank entails more scrutiny than in other banks such as Spanish or French banks.

Documents and requirements to open an account in an Andorran bank.

Dependiendo del perfil de cada cliente y de sus activos, cada banco variará su documentación, pero para solicitar la apertura de una cuenta en Andorra deben presentarse los siguientes documentos:

  • Identity card.
  • Proof of address.
  • Proof of creditworthiness. This may take the form of a recent payslip or profit balances as proof to cover the high bank charges.
  • National insurance number, if you are a resident.
  • Source of funds.

When opening an account in an Andorran bank, two things are mainly taken into account: whether you are a company or an individual, and whether the future account holder is a resident or non-resident.

For individuals, if they are salaried, the process is simple and quick. However, if the individual is self-employed, more documents are required, such as income tax or documents accrediting the activity or service provided.

If you are a company, the documents are slightly different:

  • The documentation submitted to the Andorran government for the foreign investment application (if non-resident or in process).
  • Reservation of the company’s trading name.
  • Resolution of the Government of the foreign investment (in case of non-residents or in process).
  • Passport/ID of the partners.
  • NIA of partners.
  • Personal income tax declaration.
  • Telephone number and e-mail.
  • Address and census certificate.
  • Brief explanation of the business.
  • Bank statements.
  • Explanation of the current professional activities of the partners.

What is Andorran private banking?

The country’s banking system is well known for its private banking, but what is private banking?

Private banking focuses on meeting the investment, wealth planning, financial and tax needs of those with high net worth. They have a highly professionalised and global management of a client’s wealth. In order to be accepted in this category, the client must invest at least €500,000.

At WIT our entire team will be at your disposal to help you, let us get to know each other.

Related Posts

Your Premier Choice for Security and Investment Prosperity

Andorran Tax Calendar

Tax and financial planning: How to start the year optimizing

Discover why WIT

Andorra: A Promising Future Reflected in Moody’s Rating Upgrade

Calendar of Public Holidays in Andorra 2024