It is a reality that Andorra is one of the countries that offers the greatest economic, financial and tax advantages to those interested in real estate.
In addition, the country is much more than just a place to invest in, as it is an environment with a great quality of life and enviable corners.
If you are one of those who have set your sights on the Andorran real estate market, read on to find out how to do it, with what conditions and everything you should take into account.
Buying a property in Andorra, a place to invest in
The first thing we have to be clear about is that this type of operations is marked by the facilities provided by the tax system, the absence of inheritance rights and a very efficient banking system.
This makes the country particularly attractive for investments, since it is possible to acquire a property whether or not you are a resident of the country. The only thing to pay special attention to if you are a non-resident is the application for the authorization of foreign investment in real estate.
The application for this authorization is required to:
- Individuals who are not residents of the country.
- Andorran companies with a foreign share capital participation of 50% or more.
- Branches or other types of permanent establishments whose owners are not residents.
Procedures and documents to purchase a home in Andorra if you are a non-resident
The first thing we will start with is to obtain the authorization for foreign investment in real estate granted by the Government of Andorra , which we have just mentioned,the process is quite fast and in about two weeks an answer to the request will appear.
As in all other transactions of this type, the purchase is notarized together with the transfer of the property with a public deed.
In parallel, the seller must also submit a habitability cell guaranteeing that the property is habitable.
Finally, you must have a bank account in Andorra through which all payments are made.
Where to invest and in what type of real estate?
Andorra opens up endless opportunities when it comes to investing and living depending on what you are looking for.
Any type of property can be acquired, from houses and apartments as a first or second home, to land, commercial premises or parking spaces.
If you are looking to move to Andorra, it is easy to find properties in residential areas with services such as schools or institutes. There is a choice between the center of the cities or betting on being close to nature.
Also if what you want is a second home and winter sports are your thing, you can’t miss the great options at the foot of the ski slopes.
The advantages of investing in Andorra
As we had already anticipated, the low taxation and the economic openness in which the country has found itself in recent years, invite users to put this destination at the top of their list to invest and even live.
On the one hand, the tax burden is much lower than the European average, in addition to the agreements signed with several countries to avoid double taxation. double taxation. This is of considerable benefit to companies as they are not taxed on the same concept in their country of origin and in the place where the economic activity is carried out.
Andorra and its attractiveness, why invest in Andorra?
Andorra is an attractive country but its tax regime is not the only thing it offers. The following are some of the reasons why you should choose the Principality as a destination for your investment.
- There is a low level of crime and delinquency, a country in which to feel comfortable.
- It has a free and quality education system for those who are looking for a new residence for the family.
- Thirty-six percent of the national territory has been declared a protected natural area, leaving us with idyllic environments that will leave us in awe.
- There is excellent air and water quality, making it one of the most sustainable and healthy countries in the world.
- There is a great advantage over other countries because its openness to digital and sustainable startups has put it at the forefront of the race to become a smart and efficient city.
If what you are looking for on the other hand is a profitable investment such as a tourist rental, there are many aspects that tip the balance towards the Principality. Its location in the heart of the Pyrenees and its facilities and infrastructures mean that 8 million people visit the country every year , in winter and summer.
Not to mention the great cultural, historical and natural heritage that attracts more and more tourists.
In short, Andorra has become a very good alternative to value to invest in real estate, whatever the motivation. At Wit we can guide you through the whole process and be the best guide for this new path.
And you, do you bet on Andorra?
