Banks of Andorra. Banking secrecy

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Banks of Andorra. Banking secrecy

The assets under the management of Andorran banks (01/01/2018): 44.982 mln euro

2. Solvency: 21.22%

3. Liquidity: 65.46%

4. Return on equity: 12.6%

5. The share of outstanding debts: 3.33%

6. Liabilities makeup (cumulative): zero debt. The banks are mostly backed up by means of customer inputs (75% of cumulative liabilities) and joint-stock funds (10% of liabilities).

7. Banking sector is managed by the Financial Agency of Andorra (AFA, former Institution of Andorra (INAF).

8. The banking secrecy is regulated by the legislation: the Law on Banking Secrecy with amendments from May 11, 1995.

9. Tax information exchange presupposes the format of individual applications (the Law 9/2009—September 7), i.e. automatic information exchange is prohibited.  All applications should be reasoned or should have a legal confirmation  of the fact that an applicant has got an account at the given Andorran bank.

10. Currently one in five banks in Andorra – Banca Privada d’Andorra, SA – is still in the process of restructuring in connection with the scandal related to the US Treasury Department’s accusation of money laundering. On the basis of “clean assets” of the bank, a new banking structure Vallbanc was created.

Open bank account. Checking account

“Compliance” procedure. Such meetings may take place with the representatives of the banks in Andorra, Moscow, Kiev, Athens, Zürich, London and Nicosia.

The documents for “compliance” procedure: a copy of passport with the registration at the place of residence, the confirmation of money origin source (for example, the certificate on real estate sale), tax office statement on the absence of debts, the portfolio of corporate charter documents and finance statements (for legal bodies).

Accounts: personal, digital personal (without name for internal usage), corporate and saving (up to 30 global currencies).

Account opening and support: any of 5 banks of Andorra.

Minimum deposit:  no (the recommended minimum account balance—250 000 euro)

The amount of transactions: up to 10 large-scale transactions per month, discussed with a personal manager. Look here for cash import and export border limits in Andorra

The limits on maximum turnover: no

Account service: 500-600 euro annually

Transfer rates: 0.50-0.60% of transfer sum. Discussed with a personal manager

Account dealing: 0.3-0.5% of face value

Banking cards (annual service): from 20 euro (visa “electron”) – to 200 euro (visa “platinum”). ATM cashing terms are from 4% in euro up to 5% in other currencies. The insurance of any card type is available.

Banking cards credit limit: 1500 euro per day. Discussed with a personal manager

Account management: e-banking is free. Interface is English and Spanish. It is preferable to confirm transactions by phone or e-mail.

The selection of the bank: is determined after the consultation with a client, when the preferences are clear

International expansion: EU countries, Southern and Northern America (depending on the bank)

Major services offered by Andorran banking system:


Classical fixed deposit

–Simple structured products

–Credit cards

–The list of recommended bonds

–The list of recommended shares

–Credit line or “shoulder”


–The list of recommended hedge funds

–Futures and warrants

–Exchange traded funds


Source: Department of statistics. 

Banking system  2000 2005 2010 2013 2014
Number of Branches 53 53 56 40 42
Number of employees 1.134 1.180 1.703 2.462 2.804
Network of cash dispensers 134 151 151 153
Financial aggregate (million EUR)
Balance Sheet 10.572,0 9.994,9 13.142,2 15.869,7 14.046,6
Shareholders’ equity 972,3 1.202,0 1.325,6 1.524,2 1.376,8
Credit investment (gross) 2.114,3 4.804,2 7.136,0 7.148,9 6.337,8
Managed resources 19.868,9 25.736,9 27.866,9 41.267,8 43.965,8
Financial margin 162,4 129,9 181,3 198,2 148,3
Ordinary margin 452,6 520,4 523,7 681,0 608,8
Net profit 288,6 285,1 200,5 205,2 183,3
Solvency 33,99% 23,65% 21,58% 22,00% 20,75%
Liquidity 85,82% 59,97% 71,90% 66,71% 68,11%
ROE 29,68% 21,26% 14,24% 12,61% 12,36%
Efficiency 26,15% 0,36 40,03% 47,96% 45,35%
Doubtful debts 0,52% 2,93% 4,77% 4,12%

See here bank offices, ATM and cash machines on a map of Andorra

See here full business guide