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Andorra banking system

Banks in Andorra

The banks in Andorra are a very important part that must be taken into account when choosing the place to create a company, your business or personal investments, as you will surely need to transfer capital for your new company, or make the necessary investments for your passive residence or non-profit residence.

All banks are national and locally owned. Its activities are private banking and consumer banking for the Andorran population, and commercial banking for companies and businesses based in Andorra.

With the automatic exchange of CRS data and strict compliance by Andorran banks, the rest of the existing foreign capital is subject to compliance with international requirements against money laundering. Which means Andorra is a safe and solvent financial center. Reason why it continues being an alternative banking center for the majority of the Spanish and French who look for creating their companies.

Existing BANKS in Andorra

Andorra currently counts with 5 banking entities, available to both private clients and Andorran companies:

  • Morabanc
  • Andbank
  • Banc Sabadell d’Andorra
  • Crèdit Andorrà
  • Vallbanc

Solvency of the banks of Andorra

Open an account in Andorra

Its liquidity and capital solvency normally exceed the requirements of the European Union banking sector, thus becoming some of the most solvent banks in Europe.

But the banks of Andorra, given that they don’t have access to European Central Bank funds, have more conservative balance sheets and financing strategies. Ensuring in this way a greater stability, and minor external variations. It is for this reason that the financial system of Andorra does not undergo major changes, especially after one of its banks being recently removed from the list related to money laundering of the US Treasury FinCen’s.

From that moment, they have been obliged to tighten up their banking system to comply with international measures and make the banking system of Andorra stronger.

Who can open a bank account in Andorra?

An individual can open an account in Andorra, whether being a resident in Andorra, a non-resident, or a company. Although in the last two years, the compliance with the regulations of the Andorran banks has tightened. The rules against money laundering have to be complied, as well as the FATCA protocol. Also the specification of the origin of the funds, as well as the transactions of documents of significant nominal value.

There are not only simple bank accounts in Andorra, but also additional services that offer the same than Spanish and French banks, such as multi-currency accounts and various financial products.

Andorran companies with accounts in spain and france

Exisitng banks in Andorra
Spanish banks have been forced into a major restructuring when facing this competition, and this has led to a reduction in their fees. So the opening of an additional commercial account in Spain might be an alternative according to the needs of the company. There is thus the possibility, in compliance with the regulations, of being able to have a Spanish tax representative and with a Spanish tax identification number for your company in Andorra.

Who can help you to create an account in Andorra?

Andorra Advisors by Augé Grup provides the necessary collaboration to advise you on the opening of a bank account in Andorra, thus facilitating the legal process to comply with the requirements and a direct communication with the banks of Andorra.

Frequently asked questions about banks in Andorra

All banks are locally and nationally owned, dedicated to private banking, popular use and business banking. Foreign capital is subject to the requirements of international regulations.

Andorra have 5 local banks:

  • Morabanc
  • Andbank
  • Banc Sabadell d’Andorra
  • Crèdit Andorrà
  • Vallbanc

Andorran banks are ranked among the strongest banks in the European Union. They do not have access to ECB funds, so they are more conservative in their strategies and do not experience major changes.

Any individual or company can open a bank account. They must meet a series of requirements and comply with FACTA protocol against money laundering.

It is totally possible, complying with the regulations, an Andorran company can have a Spanish tax representative.


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