How to open a bank account in Andorra and information on the financial sector

How to open a bank account in Andorra and information on the financial sector

Andorra’s financial sector is modern, globally configured and forms the country’s impressively solid economic core. The financial and insurance sectors make up 19% of Andorra’s GDP. Andorra’s banks have exceptionally high liquidity and solvency ratios especially considering its neighbouring European countries’ current struggles within the financial sector. In 2014, the prestigious magazine “The Banker” rated one of the country’s banks, MoraBanc, to be one of the world’s most solvent banks (based on BIS ratios from 2013). This tiny country’s banks are committed to contending with the global players, working hard to offer Andorran’s a more solvent, solid and secure financial sector.

 

A bit of background information on Andorran banks

Andorra’s banks use the universal banking model and have over 80 years of experience in the financial sector. These banks and their highly qualified staff offer a wide variety of specialized banking services including the following:

• Commercial and private banking

• Online banking

• Credit transactions

• Global asset management

• Funding transactions

• Financial analysis

• Multi-currency operations such as transfers

Residency applicants are required to have a bank account in Euros

How to open a bank account in Andorra

Prospective expatriates wishing to apply for Andorran residency should keep in mind that they need to have a bank account in Euros (Andorra’s national currency) in order to process their residency application. Opening an Andorran bank account before relocating to Andorra is advised as you will need this account to pay for housing, moving services and other moving expenses.

When opening an Andorran bank account it is very important to note that if the applicant does not have the original copy of the required documents, a legalized copy with an official stamp is required. All documents must be marked with the Apostille of Hague Convention which must be acquired in your country of permanent residence. Many countries are part of The Hague Convention and this Apostille, or stamp, certifies documents from your country of residence to be legally recognized by the receiving country.

The following is a list of documents that are required for opening an Andorran bank account:

1. A valid passport or proof of identity

2. If your proof of ID lacks your address or the address is not up-to-date one must provide a utility bill showing the individual’s name and current address

3. A bank reference letter provided by your current bank and addressed “To whom it may concern”

4. Proof of economic activity:

a. If you are self-employed you must provide one of the following documents:

A document proving your membership to a professional association

• A business card

• Your business’ website

• A copy of your latest tax declaration

b. if you are employed or perform a professional activity you must provide one of the following documents:

• A business card

• The company’s website

• Proof of your salary

• A copy of your latest tax declaration

5. Proof of the origin of your assets

A note on one of Andorra’s award winning banks: The highly-esteemed magazine “The Banker,” published by the Financial Times, awarded MoraBanc with the Best Bank in Andorra prize in 2009, 2011 and 2013. World Finance also chose MoraBanc as the Best Banking Group in Andorra in 2010 and 2011. The EFQM also awarded MoraBanc with the European Prize for Business Excellence in 1999 and 2002, making this bank the first and only bank in the world to have won this award twice.

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