It is estimated that in the personal income tax return Andorra 2024 campaign, 23,000 people will file their personal income tax return. It is estimated that the resulting income from the 2024 campaign will reach 22.5 million euros.

This is the time of year when tax and accountancy firms in Andorra prepare the necessary documents for taxpayers to file their income tax returns. If you would like to find out more about who has to file your income tax return in Andorra, what the withholdings are like, whether you are entitled to any reduction in the tax base or just want to find out more about the Andorran income tax return, you can find more detailed information on our page on the Personal Income Tax Declaration in Andorra.

If you have to file your income tax return this year and would like more information on the services offered by Abast Global – ANDORRE INVEST, associated with the Andorra 2024 tax return, please fill in our contact form and one of our advisors will get back to you as soon as possible.

On the Andorran Government website, in the section Taxes – Personal Income Tax, you will find general information on the Andorran Personal Income Tax return.

The post Personal Income Tax return in Andorra 2024 appeared first on ANDORRE INVEST.

At this time of year, tax and accounting consultancies in Andorra prepare the necessary documents for taxpayers to file their tax returns. If you would like more information on who must make the tax return in Andorra, what the withholdings are like, whether you are entitled to any deductions or just want to find out more about the tax return in Andorra, you can find more detailed information on our page on the Personal Income Tax Declaration in Andorra.

If you have to make your tax return this year or would like to obtain more information about the services offered by Abast Global – ANDORRE INVEST, related to the Andorra 2023 tax return, please fill in our contact form and one of our advisors will get back to you as soon as possible.

The post Personal Income Tax return in Andorra 2023 appeared first on ANDORRE INVEST.

The Council of the European Union has published on 22 February 2021 the revised list of non-cooperative jurisdictions for tax purposes, also known as tax havens. The changes to this list are based on the ratings published by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. For the purposes of this list, the EU requires jurisdictions to comply extensively with the international standard for transparency and exchange of information on request (EOIR).

The criteria for including jurisdictions on this list are failure to meet agreed commitments related to reforms to bring them in line with good tax governance objectives, or that have not yet entered into a dialogue with the EU in this regard.

This report is published after the controversy in Spain about the ” escape ” of Spanish YouTubers to Andorra for the alleged sole purpose of saving taxes and the proposal by Spanish politicians for Andorra to be included in the list of tax havens. As expected, Andorra is not on this list published by the Council of the EU as it meets all the criteria of good governance and fiscal transparency.

Andorra, through its head of government, Xavier Espot, has stressed that the proposal from Spain starts “from a false premise that is based on prejudices” and made it clear that Andorra “is no longer a tax haven”. Furthermore, the criteria for granting tax residency in Andorra are clear, strict and must be fully complied with. There are no shortcuts for having large fortunes.

It is important to emphasize that Andorra offers much more than tax advantages: an enviable natural environment, high quality of life, privileged geographical location between Spain and France accessible by road, excellent health care, multilingual education system, high-speed Internet, signed tax information exchange and double taxation agreements… and for all these reasons we invite you to visit us and get to know Andorra better.

The post Andorra is not a tax haven appeared first on ANDORRE INVEST.

IMF Managing Director Kristalina Georgieva reported that she is pleased to welcome Andorra as a new member and that the organization will work closely with the Andorran government to achieve its growth objectives, in cooperation with other partners in the international community.

Interesting fact: only 4 member countries of the UN are not members of the IMF: Cuba, Liechtenstein, Monaco and North Korea.

Andorra becomes the 190th member country of the International Monetary Fund

Although Andorra has had relations with the International Monetary Fund (IMF) for years, with this incorporation, Eric Jover ensures that Andorra will improve its reputation and international approval. It also affirms that Andorra will “have access to more and better technical assistance and training in financial matters, and opens the door to having a financial safety net in case of need”.

The IMF executive consists of 24 directors. These represent the constituencies and member countries. Andorra enters the group formed by Belgium and the Netherlands. The Finance Minister explained that he chose this group due to the financial similarities they have with the other countries that make up it. Andorra, being a full member, participated on Friday in its first vote for the election of the new executive director of its group, Paul Hilbers.

In a nutshell, the entry of Andorra to the IMF has a positive impact on the reputation and prestige of the country, improving its rating worldwide. The country will be able to receive an annual review or “health check” of its economy by the IMF; it will be able to access training and technical assistance in addition to possible loans in case of emergency.

The post Andorra becomes the 190th member of the International Monetary Fund appeared first on ANDORRE INVEST.

Since the approval of Law 10/2012 on Foreign Investment in 2012, which allows 100% of the capital of an Andorran company to come from abroad, foreign investments have continued to grow. The purpose of this law is to promote economic openness for both the new and traditional sectors of the country.

It should be noted that Andorra, in its effort to adapt to European regulations, is very strict regarding the origin of foreign capital. For this reason, Andorra dismisses foreign investments:

• of resident, domiciled or national natural persons, or legal entities from some of the countries that do not cooperate with the International Financial Action Group (FATF), the entity in charge of developing and promoting policies to combat money laundering and terrorist financing.
• of individuals or legal entities that obtain an unfavorable report related to the prevention of money laundering and terrorist financing.
• that interfere or harm the exercise of public power, sovereignty and security of the country, public and economic order, the environment, public health or the general interest.

Since 2017, an upward trend has been observed, however, the increase in investment volume of 82% in 2019 compared to the previous year is impressive. It should be noted that 94% of the applications received have been approved and 77% of the companies have formalized the investment. It is a capital of around 790 million euros. The investment made in 2019 is 10 times that registered in 2013.

Truth be told, the capital investment was the one that attracted the most capital to the country, followed by the provision of services and real estate development and construction. Most of the investments that have been formalized in Andorra come from neighboring countries: Spain with 45.5% and France with 25.2%.

The post Foreign investment in Andorra on the rise appeared first on ANDORRE INVEST.

Gilbert Saboya explained the invited delegations the opportunities of investment and business in Andorra and the current possibility of creating companies with 100% foreign capital. He also explained that, thanks to foreign investment, was created close to 1000 jobs and started about 700 new businesses in the Principality. For this reason the clear intention to attract more foreign investment besides the one coming from France and Spain.

China is the second largest economy in the world and expects foreign investment of 750 billion dollars by 2017 and interestingly, 700 million Chinese will go out to do tourism outside their country. Andorra hosted last year 5000 Chinese tourists.

The post Business Meeting Andorra – China appeared first on ANDORRE INVEST.

Andorra and the EU exchange tax information from 1 January 2017 automatically, although the first communication will be made in 2018. In this way the agreement signed in February 2016 between Andorra and Brussels is applied with the aim of preventing tax fraud. It is also a clear message for potential evaders that hiding income or values in other countries is becoming more difficult. Andorra had previously provided this type of tax information on request but is now joining the annual automatic international exchange agreement. The operation will not be complex as both banks and managers of Andorran investments are obliged to know the fiscal residence of their clients. There will be an adjustment period to obtain the necessary data from accounts prior to January 1, 2017.
Andorra will have substantial advantages by committing to the international exchange. This step opens the door to signing more double tax treaties which will allow companies and individuals resident in Andorra to trade beyond Andorra and declare their income in Andorra without substantial withholding taxes.

The post Andorra is on track for fiscal transparency appeared first on ANDORRE INVEST.