Europe is a frequent feature on our blog, with a large number of residency and citizenship by investment programs on offer to investors from across the globe. However, with such variety available, the big players often get all the attention, meaning some others fall under the radar.
Not today though, as we've got an intriguing alternative to present to you, Andorra. Why consider it? You may be wondering. Well, read on and find out everything you need to know.
So, why Andorra?
Although Andorra is not as big of an economy as its two neighbours, France and Spain, the small European nation has a lot to offer. Known for being safe and peaceful, Andorra is immediately the sort of nation you feel reassured by, in the peace of mind that your new home will offer a welcoming embrace allowing you to settle in quickly and comfortably.
Not only this, but despite their lack of EU membership, the Euro is still the currency, meaning there is more relative stability in the economy compared to other nations offering such programs with more localised currencies with greater valuation fluctuations.
Also, beyond the social factors, Andorra is simply beautiful, nestled in the Pyrenees mountains, the nation affords anyone who finds themselves within their borders endless opportunity for exploration, whether you like to hike, or perhaps even fancy yourself a bit of skiing during winter. All in all, Andorra really sets itself apart from the competition when given the spotlight on a global stage.
Am I eligible to apply?
So now that you've got an idea of what is on offer in Andorra, now's a good time to get to grips with the criteria for application and what will be required of you once you've got the relocation ball rolling.
Here's a list of requirements:
Investment of at least €400,000 (roughly US$433,000)
Be able to spend 90 days (minimum) per year within the nation
As the main applicant, prove your foreign income is equivalent to 300% Andorran minimum wage (€13,460/±US$14560
Be able to prove foreign income equivalent to 100% of Andorran minimum wage for each dependent
In addition to the €400,000, €50,000 (roughly US$54,100) must be deposited into the Andorran Institute of Finance for each applicant, as well as €10,000 (roughly US$10,815) per dependent (e.g. spouse or children). Now, this may seem like a lot of additional capital to find, but, should citizenship be your ultimate goal, this money is granted back to you once you obtain it.
If you want an idea of where you can invest your €400,000, here are some options:
Bank investment accounts
Real estate in the Andorran market
Andorran company shares
Are there any other benefits I will get access to?
Free travel movement within EU Schengen area
Citizenship is available after 10 years
Low taxes
Residency approved within 2-4 months
168 total nations accessible visa-free upon obtaining Andorran passport
So, if you are interested in finding out more about the pathway to residency through investment in Andorra, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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