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FIABCI Andorra congress – Andorra’s real estate market going global

andorrasolutions — Tue, 09 May 2017 15:28:16 +0000

Over the last years, interest in Andorra’s real estate market has been growing rapidly. Therefore, the Congress of the International Real Estate Federation (FIABCI) has decided to host their meeting in the Congress Centre of Andorra La Vella from 23 to 28 May of 2017. It will be the 68th Congress of its type and is expected to attract about 900 real estate experts from over 60 countries. The Congress is well-known in the real estate market industry and is highly appreciated by international market professionals. It provides a platform for sharing information and conducting international real estate business. Professionals of all relevant real estate disciplines like architecture, planning, insurance, brokerage, property management, appraisal, investment, development, consulting and legal matters will visit the FIABCI Andorra.

Members of the FIABCI are dedicated to many different areas of real estate business, such as commercial properties, luxury, resorts, industrial buildings, residential areas or retail. Participants from 65 countries within Africa, Arabia, South- and North America, Asia and Europe will visit the Congress. With about 3000 individual members, 100 Professional Associations and 65 Academic Institutions, FIABCI is one of the most important organization of the real estate industry worldwide. It also plays an important role in the Economic and Social Council (ECOSOC) of the United Nations and provides one of the best platforms and representations within the international real estate market.

The President of Andorra will lead the opening ceremony, followed by renowned speakers, such as the FIABCI International President, Kirkor Ajderhanyan, Secretary of State for economic diversification, Josep Maria Missé as well as the FIABCI Andorra President, Jordi Ribó. Famous French architect Jean Novel will open the technical conferences on Friday, May 26. The general theme of the conference will be Smart City and Smart Building.

The FIABCI Andorra Congress will cost about 400.000 Euros and will open its doors to members, as well as non-members interested in developing business relationships. The ACT Initiative, the Government of Andorra, Crèdit Andorr , Andorra Convention Bureau, Comú d Andorra la Vella, AGIA and On Viure sponsor the Conference, whereas Andorra Telecom will provide all necessary technological support. Before the conference, various FIABCI business meetings will take place.

Are you considering visiting the FIABCI Andorra Congress? Do you want to know more about the real estate market within Andorra? Then ANDORRE INVEST is the right partner for you. We will provide information and advice for anyone considering the creation of an Andorran holding company to maximize the return on your investment, optimize taxation and give your real estate and assets additional legal protection. Click here to contact us.

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Andorra and Latvia start negotiating a double taxation agreement

andorrasolutions — Mon, 08 May 2017 13:29:39 +0000

Negotiations will soon begin between Andorra and Latvia. At the end of April 2017, Andorra’s foreign minister Gilbert Savoy and his Latvian counterpart Edgars Rinkevic held a working meeting to close the DTA, which will avoid double taxation between the two countries. The Andorran minister has delivered the draft of the agreement, which will allow the finance ministers of both countries to formally initiate the meetings. The involved parties have already started this dialogue at the beginning of 2015. Therefore, it is their intention to begin negotiations this year and finalize the treaty as soon as possible.

Futhermore, both countries used the meeting to discuss current issues related to politics, economy, tourism, innovation and new technologies of interest to both countries.

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Double tax treaty Andorra – Liechtenstein

andorrasolutions — Wed, 21 Dec 2016 19:31:33 +0000

The agreement to avoid double taxation between Andorra and Liechtenstein came into force since both states comply with its internal requirements for mutual notification. This prevents both tax evasion related to income taxes and wealth tax. This double taxation agreement was signed on 30 September 2015 in New York by the foreign ministers Gilbert Savoy and Aurelia Frick and approved on May 26, 2016

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Andorra, the ideal destination for entrepreneurs and digital nomads

andorrasolutions — Thu, 07 Jan 2016 08:56:13 +0000

Andorra is one of the countries with the highest quality of life in Europe. This adds to the already advantageous fiscal environment and hence provides the ideal context for the entrepreneurs or freelancers such as digital nomads to call Andorra home for their business.

In fact, in a world where business can be conducted from anywhere and reach any level, it would only be logical to do it from a country where the requirements to do business are the least disadvantageous and where the potential for benefits is the greatest.

Having said that, working in Andorra brings a series of characteristics that happen to be very advantageous for professionals in comparison with other countries in the world. Therefore, the taxes for businesses can go up to a maximum of 10% and the same goes for the PIT; In comparison with other European countries that have the most generous fiscal systems, a difference of 2 and 27 points less is still present and this is not to mention that the VAT is only of 4.5% in Andorra.

Other aspects that make the establishment of one’s professional activity in Andorra is the fact that on one side, the commercial (business) tax can go as low as 2% for those who run activities such as the management of international commerce, the international management of intangibles or again financial investments on the international scale. On the other hand, the annual charges for the maintenance of an ordinary business do not exceed 500€. All of this without forgetting the fact that Andorra is one of the few countries to offer optic fiber coverage over all of its territory.

Furthermore, entrepreneurs that operate in the sector of information technology or consulting can enjoy specific fiscal advantages relevant to their fields as this type of business does not require the country of origin to be the one where the business is performed or where the residency is established. On top of the flexibility this entrepreneur status brings, this type of worker has the opportunity to enjoy the fiscal conditions and life conditions that Andorra brings to the table. Moreover, they possess the full powers to control their businesses and act upon factors that affect the subsistence of their company, itself a motive to establish their business in the Principality. This way, an entrepreneur registers the address of its business in Andorra; takes the executive decisions within the country; has a registered office as well in Andorra; has at his or her disposal a sufficient number of qualified workers to perform the work that their business entails; completes his or her executive meetings, the accounting tasks and all of the other principal financial activities.

In the sense, the monthly social security payment for entrepreneurs is of 408€ with the possibility of a bonus or premium reaching up to 50% the first year. This payment must be made to the Andorran Social Security Agency (CASS), a process similar to the one for Spanish entrepreneurs.

If you are an entrepreneur, do not hesitate to contact us so we can advise you on how you can open a business and start enjoying the numerous advantages that Andorra has to offer to both you and your business.

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The 5 lowest VAT rates in Europe

andorrasolutions — Wed, 16 Sep 2015 16:29:07 +0000

There is no agreement between the European Union countries that guarantees a harmonization of the Value Added Tax rates existing within the Community. As a consequence, each country can freely choose to have one or several VAT rates on some goods or services.
It leads to a great difference between the rates charged in each country, especially if the scope of comparison is expanded to the whole European continent. ANDORRE INVEST presents you the 5 lowest VAT rates charged in Europe, taking into account also the non-EU countries.

#5 – Standard VAT rate of 19% charged in Germany, Cyprus and Romania

Germany charges a standard VAT rate of 19% and a reduced rate of 7%. The reduced VAT rate applies for basic goods such as bread, medicines, equipment for people with disabilities, people transportation, admissions to sporting events, social works, jewelry, works of art and collectibles, among others.
There are also several VAT rates in Cyprus. Even if the standard rate is of 19%, two reduced VAT rates of 5% and 9% are also charged in the country. The 5% rate is charged on basic foods and medicines, books, newspapers and magazines, as well as on entrance tickets to theatres, museums, circuses, festivals, sporting events, and on refurbishment works after at least three years of residency. With regard to the 9% VAT rate, it is charged on catering services, hotel accommodation and tourist apartments.
Romania charges a standard VAT rate of 19%, but two reduced VAT rates of 5% and 9% for basic foods, medicines, hotel accommodation, restaurants, books, among others.

#4 – Standard VAT rate of 18% charged in Malta, Belarus and Macedonia

Malta is part of the group of countries with a standard VAT rate of 18%, but two reduced rates of 5% and 7% also exist in the country.
Belarus has the same standard VAT rate, however its reduced rate is of 10%.
The situation is the same in Macedonia for the standard VAT rate, but the reduced rate is of 10%.

#3 – Standard VAT rate of 17% charged in Luxembourg (the lowest of the European Union) and Bosnia-Herzegovina

The standard VAT rate charged in Luxembourg is of 17% now, whereas it was only of 15% until January 1st, 2015. Nevertheless, that increase doesn’t affect the leading position of Luxembourg as the first European Union member state with the lowest standard VAT rate.
Luxembourg also has several reduced VAT rates: an intermediary VAT rate of 14% is charged on goods deliveries and services, a 8% rate charged on sewing alteration services, shoemaking, window cleaning and cleaning in private households companies, but also on energy distribution companies (electricity, heating and gas). Finally, Luxembourg is keeping its ‘super-reduced’ VAT rate of 3% on foods, soft drinks, the acquisition of a principal residence or for refurbishment works.
There is a standard VAT rate of 17% charged also in Bosnia-Herzegovina, however some transactions are exempt from VAT: some public services, medical and health services, as well as some financial services are exempt from VAT in Bosnia-Herzegovina.

#2 – Standard VAT rate of 7.7% charged in Switzerland

Switzerland positions itself as the second European country with the lowest VAT rate with a standard VAT rate set at 7.7%. However, there are several reduced VAT rates charged in Switzerland. A reduced rate of 3.7% is charged on accommodation and tourist services. In the meantime, a 2.5% VAT rate is charged on basic foods and agricultural products, as well as on water and cultural and sporting events.

#1 – Standard VAT rate of 4.5% charged in Andorra

Andorra is the most attractive country on the European continent in terms of VAT rates. The standard rate is the only one charged in the Principality, there is no reduced rate in Andorra. The standard rate of 4.5% is charged on all goods and services without distinction. This is one of the reasons why the Andorran taxation system is one of the most attractive in Europe, so creating a company in Andorra has many advantages.

Rates effective July 1, 2021

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