Banking practices in Andorra are extremely confidential. Failure to confidentiality by a bank employee or manager is a criminal offense in Andorra. This is defined as a form of professional secrecy in article 226 of the Andorran criminal law code. Section 226 secures up to 7 years imprisonment for bank employees who disclose confidential information about their customers.
he financial sector is made up of several banking entities belonging to the Association of Andorran Banks, which, in turn, is a member of the Banking Federation of the European Union, which contributes substantially to the economy thanks to the Banking secrecy along with very low or non-existent taxes on some goods and services.
Andorra has recently decided to implement, from January 1, 2013, a Corporation tax, economic activities for the self-employed and an income tax for non-residents. An Indirect General Tax (IGI) has also been introduced, thus increasing the tax burden on residents.
We must emphasize that it is perfectly legal to open a offshore bank account in Andorraas well as any offshore jurisdiction or low tax. Illegality arises when the beneficiary of these offshore accounts
You have not informed the administrative and tax authorities of your country of origin of the opening of said bank account.
oster swiss, an independent and international banking consultancy, has opening services for offshore account in AndorraAnd also anonymous numbered accounts, with debit cards in different continents, such as: Asia, America and Europe and always in the main banks worldwide, such as the European Union and the United States. Offshore accounts aimed at companies, individuals and major business corporations.
They also provide offshore bank accounts for electronic commerce or e-commerce and the forex industry, solving the opening of offshore bank accounts on these continents.
l Andorran banking sector It is made up of the AndBank, MoraBanc, Crèdit Andorrà and Banc Sabadell d'Andorra entities, which belong to the Association of Andorran Banks, which, in turn, is a member of the Banking Federation of the European Union. These entities provide banking services -in the field of commercial banking and private banking- as well as asset management, intermediation and insurance services.
The only type of bank account that non-residents of Andorra can open are numbered accountsIn other words, an account in which no one can know the identity of the owner since, after opening, the owner becomes a number.