Jul
7
Andorra
Filed Under Andorra, Offshore Banking Terms, Offshore FAQ | Leave a Comment
Andorra Banks:
To open an account in Andorra the banks often require that you are a resident of Andorra or property owner in Andorra, to inititates new account procedure takes 30 to 50 minutes. A minimum deposit of around 100 Euros is normally required.
Want to open a Offshore bank account in Andorra Whatever your nationality, you have to justify your status as a resident or a non-resident if you want to open a bank account in Andorra .
If you are a resident of Andorra, you only have to go to a bank and show the resident ID to have an account opened.
If you are a non-resident, here is your option:
The easy option is to buy a property from Andorra. Once you have this certificate of ownership of the property, you can go to any bank with your property documents in order to have an account opened. This account will be operative from the moment you open your account. All the deposited funds will be available immediately.
** There are no restrictions on remitting money to and from Andorra bank account in any currency but money in and out regulations are observed by the Andorran banks.
BANKING SYSTEM OF ANDORRA
Banks in Andorra are regulated by INAF (Andorran National Financial Institute) under the Law Financial System of 1993. Andorran banks have very conservative policies. There are currently only 7 banks in Andorra. Such as
- - - Andorra Banc Agrícol Reig, SA
- - - Banc Internacional, SA
- - - Banca Mora, SA
- - - Banca Privada d’Andorra, SA
- - - CaixaBank, SA
- - - Crèdit Andorrà, SA
- - - BancSabadell d’Andorra, SA
Banking in Andorra is very easy. All of the main banks of Andorra have ties to Swiss banks. The banking entities established in the Principality basically offer traditional universal banking services.
Banca Mora, SA and Banc Internacional, SA in Andorra operate jointly and present consolidated financial statements and other financial data. All of these banking entities operate in all the main urban areas of the country through a network of branches.
The banking sectors are very advanced and it is possible to open an account in person within an hour. A minimum deposit is required and this ranges from bank to bank. Major debit and credit cards are issued by all banks in Andorra. All of these banks also offer a mailbox and address facility for financial customers. This can expedite mail delivery and can keep private address confidential.
