The assets of Spain in the Andorran financial institutions under management are about 4 billion euros, what is about 5 times less, than in Switzerland. It was declared by the director of the State agency on tax administration (L’Agència Estatal de l’Administració Tributària) Santiago Menendes.
According to him, a half of the Spanish assets in Andorra (Pyrenees), that is about 2 billion euros, — are financial instruments. For comparison: in Switzerland the sum of the Spanish financial assets makes 14 billion euros, on bank accounts are about 4 billion euros. The country, the third in popularity, where Spaniards prefer to keep money, is Gibraltar: here 260 million euros are accumulated.
As for residents of Andorra, according to Santiago Menendes, in 2015 about 28 thousand tax declarations from the resident taxpayers having accounts outside Andorra were in total submitted. Total amount of assets makes 14,3 billion euros.
See also Andorra business guide
See also Andorra company formation
