The banking crises in Europe, first in Cyprus in 2013 and then in the Baltics in 2018, have led to new priorities when considering financial jurisdictions for opening a corporate account. Andorra in recent years can be considered a “safe haven” for individuals and international businesses, subject to global anti-money laundering and tax evasion standards.


To open an account in Andorra means to ensure the safety of funds and the convenience of payments within the Eurozone. With the support of the Lawrange team, your involvement in bank application procedures and passing checks can be reduced to a minimum. If we take a case, we are prepared to be responsible for achieving the necessary result.



Advantages of Andorra as a financial jurisdiction


Note! The Principality of Andorra until the mid-2010s had a reputation as a tax haven, where a foreign company could easily get an offshore account without a lot of checking. But in 2016, the country signed an agreement with the EU on the automatic exchange of tax information, and in 2018 was removed from the gray list of tax havens in the EU.


Andorra has a Law On the Prevention of Money Laundering or Proceeds of Crime, and the financial sector, including banking institutions, is strictly controlled by the National Financial Institute of Andorra – Institut Nacional Andorrà de Finances (INAF). This regulator insists that banks provide more guarantees to customers than the European average.


Andorra is now free of the status of an offshore, and attracts residents and non-residents solely by the stability of the banking system. In order to combat money laundering, there are special procedures for checking clients and controlling transactions. Non-resident accounts are under special scrutiny.


Important! Among the main advantages of banks in Andorra:

  • Good reputation, solvency and liquidity;
  • Strict adherence to international standards of banking services;
  • All accounts are multicurrency (one IBAN supports all currencies);
  • availability of high-tech tools, in particular multilingual Internet banking;
  • The most favorable currency exchange rates in Europe.


***Note: Andorra is not part of the EU, but uses the euro as its official currency.


Important! From 2019, the Principality of Andorra is a member of the SEPA zone, the Single Euro Payment Area, which allows individuals and companies to make non-cash payments in euros on favorable terms. Three payment instruments are available in SEPA: credit transfers, direct payments and instant credit transfers.



How to open a bank account in Andorra for a non-resident?


The first task to be solved is to choose a bank. There is not much difference in service charges between banks. Therefore, the choice should be guided by other criteria – the size of the minimum balance in the account, the convenience of the Internet banking system, the willingness of bankers to compromise when considering the client candidacy.


For your information! The following banks of Andorra work with non-residents: MoraBanc (formerly Banc Internacional/Banca Mora), Andbank (the result of a merger between Banc Agricol d’Andorra and Banca Reig), Crèdit Andorrà, Banca Privada d’Andorra, Banc Sabadell d’Andorra.


The following conditions must be met in order for a corporate account to be set up:

  • to forward the application with the documents in advance for verification by the bank’s compliance service and conduct preliminary negotiations;
  • to prove the legitimacy of the origin of the funds;
  • to describe the company’s activity, to provide information on the owners, trade turnover, counterparties, countries from which the funds will be transferred to the account.


Important! To open an account the client must visit the country. Only in some cases (for example, a large company with a long history and established reputation) documents and identification procedures are allowed to be done remotely.


Most banks do not require to maintain a minimum balance, but may charge a regular fee. Such commission is deducted automatically, for example, €150 quarterly.



Documents required to open an account in Andorra


To open an account, a foreign citizen (individual) provides the bank with a passport and certificate confirming the address of residence. You may also need to prove the legality of the origin of the funds to be deposited in the account. Sometimes a recommendation is required from the bank where the account already exists.


The documentation package for a legal entity is more voluminous and should usually include:

  • Scanned copies of all apostilled corporate documents of the company;
  • Bank and tax statements;
  • Bank reference on the signatory’s letterhead, dated and signed by the banker, with details;
  • Documents of the signatory (account manager) (internal passport, foreign passport, proof of address);
  • Completed and signed KYC forms;
  • Document confirming the source of funds to be transferred to the bank.
  • Proof of local registered address (optional).


***Note: The bank reserves the right to request any other documents, to put an apostille and to make a notarized translation by a certified translator for the whole package of documents.



The cost of account opening service in Andorra


AA Lawrange forms individual offers for clients in accordance with the purposes of account opening and the peculiarities of the business. For example, the cost of the services of account opening in the Andbank – €1,850.


Attention! In addition to individual accounts we offer a package service – registration of a company in Andorra + account in a local bank. And that is an excellent way to enter the European market with minimum effort.





Andorra as a financial jurisdiction has a high rating among representatives of international business. The procedure for opening an account for non-residents has a number of nuances. But if the requirements and rules of the banks are observed, further cooperation will be profitable and comfortable.





How to open an account in Andorra online?

To discuss the option of opening an account in Andorra remotely is only possible on an individual basis.



What is the most reliable bank in Andorra?

All banks in Andorra have high international reliability ratings.



What are the terms of opening an account in Andorra?

Within two weeks of submitting all documents. In total, the procedure may take from 4 weeks and more.