Andorra Turns to Global Financial Harmony
Located high in the Pyrenees mountains on the border between France and Spain, Andorra is a tiny principality with approximately 85,560 residents. As one of Europe’s smallest countries, it has made significant strides towards aligning its banking sector with global financial standards.
From Banking Secrecy to Transparency
Andorra, which is not an EU member but enjoys reciprocal agreements with France and Spain, has shed centuries-old banking secrecy in favor of greater transparency and cooperation with international partners. The OECD removed Andorra from its list of tax havens back in 2009 following the country’s commitment to automatic exchange of information.
The Main Banks of Andorra
Andorra’s four main banks offer a range of services, including:
- Commercial Banking: Providing business banking solutions
- Private Banking: Offering wealth management and asset protection services
- Wealth Management: Helping clients manage their investments and assets
- Asset Management: Providing investment advice and portfolio management
The Four Main Banks of Andorra
1. Andbank
Andbank is the oldest private banking firm in Andorra, founded in 1930. It has a presence in 11 countries worldwide and offers private banking and asset management services.
2. Banc Sabadell d’Andorra
Banc Sabadell d’Andorra benefits from its parent company Banco Sabadell being one of Spain’s four major banks. It provides personal, business, and private banking plus wealth management services.
3. Crèdit Andorrà Financial Group
Crèdit Andorrà Financial Group was established in 1949 with a presence across the country. The bank recently acquired Valbanc following a merger that reduced Andorra’s number of banks from five to four.
4. Morabanc
Morabanc, founded as early as 1958, has undergone several name changes and now operates under its current name. It provides personal banking services alongside online brokerage options for clients seeking multi-currency accounts.
Opening a Bank Account in Andorra
To open an account, residents must present a valid national identity document (such as a passport), while non-residents are required to provide proof of residence from the country where they are domiciled. Both groups may also be asked for additional information including source of funds data and reference letters.
Conclusion
In summary, Andorra’s banking sector has made significant strides towards aligning with international financial standards by shedding centuries-old secrecy in favor of cooperation and transparency. Its banks enjoy a solid global reputation, providing high-quality service comparable to that found in neighboring EU jurisdictions.