Banking in Andorra

Features of the Andorran system:

• A bank account can be opened within the hours.
• A minimum deposit is needed, but this is low, compared to Switzerland.
• Secrecy is very important - Andorra banks often offer a mailbox, so that mail can be collected confidentially.
• There are no restrictions on transferring money into and out of the country.
• Privacy is enshrined in the 1993 constitution.
• Any bank official breaching privacy, is liable to 7 years' imprisonment, due to article 226 of the Andorran criminal code.
• There is a withholding tax of 15% on interest paid to citizens of EU countries.
• The banking sector is highly regulated, so as to maintain the high reputation of the state.

In general, no translations are needed for any documents produced in Catalan, English, French or Spanish.