Open a bank account in Andorra
To open a bank account in Andorra you go through Andbank, MoraBanc or Creand. The Association of Andorran Banks treats it as a compliance process, not a form from hotel Wi-Fi.
Taken from Andorran Banking’s FAQ and the AFA. The association notes that non-resident accounts may carry a minimum value because of the cost of checking foreign funds. Each bank sets its own threshold. We do not invent those numbers.
Who may apply
Andorran Banking states that any natural or legal person may apply to open an account, and that banks may refuse a customer if they suspect illicit funds. Companies, whether domiciled in Andorra or abroad, may also apply. The association lists constitution documents, tax identification, powers and evidence of activity among the papers banks typically ask for.
What the banks say they will ask
Accounts cannot be opened directly on the internet. KYC requires the bank to identify the customer properly. The FAQ describes a meeting with a banker, an official photo identity document, and evidence of the origin of funds: a purchase contract, a reference from a foreign bank, or other papers the bank requires. There are no anonymous accounts.
Andorra applies international tax-information standards. Andorran Banking publishes notes on automatic exchange of information. New accounts involve a tax-residence self-certification. Discretion in private banking is not a shield for a criminal or tax investigation.
Supervision
The same FAQ states that Andorran banking is supervised by the Andorran Financial Authority, which has supervisory, control and disciplinary powers over the financial system.
The three groups
Andorran Banking currently presents three banking groups. We list each from its own site:
Often, a residence file and an account are prepared together. See become a resident and the directory for counsel. Buying property is a separate note.
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Leave an email if you will need an introduction to Andorran banking or counsel.