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Loading ...ANDORRA - TAX HAVEN
Posted by Roy
If you are considering Andorra as a tax haven here is the latest information on residency and taxes.
Andorra is an independent European State with a democratically elected Government, which has opted out of the EEC, simply to preserve its tax policies.
It is also a tax haven where residents benefit from zero income and inheritance tax. Although, Andorra has just introduced Capital Gains Tax. However, a sliding scale means that if a resident stays 15 years, no Capital Gains Tax will be payable on the increase of their property value.
To obtain residency there are two types of permit. A Passive Residency Permit (200 per year are issued) requires:
A minimum income of Euros 24,000 plus 6000 per dependent
Proof of good conduct from a previous domicile.
Health Insurance and if applicable a Pension Plan
Owning or renting a property in Andorra
A deposit of Euros 24000 plus 6000 per dependent, to the Government, which is non-interest bearing and returnable on departure
A minimum stay of six months
Work Permit Which is more difficult to obtain, since proof is required that an Andorran National is not available to do the work.
To date, one drawback with Andorra has been the lack of an airport, necessitating a two-hour drive from Toulouse or Barcelona. This is set to change with the building of a new airport at Seu d’Urgell, a 15 minutes drive from the Spanish-Andorra border
A very significant advantage in Andorra, is that property prices are 25% less than those in Monaco while tax benefits are similar and given that Andorra has been transformed in recent years into a vibrant independent State, sought after, not only for her tax haven status but for skiers who enjoy ski runs the equal of any winter resort in Europe, it makes the country a very attractive prospect. Property prices are increasing significantly making Andorra with the prospect of a new airport, an easily reached and a good all round investment and tax haven.
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