Andorra is a well known offshore business place in the world. This landlocked microstate is located in eastern Pyrenes between France and Spain. Until 2009, this small state populated by around 80’000 inhabitants did not communicate any sensitive information to any states (banking secrecy) but it’s unfortunately no longer the case. Actually nowadays, due to a strong economical dependence towards the European Union, Andorra is communicating with the Union and this should continue as for instance François Hollande (the French President) is the co-Prince of the principality.
At FCBA Offshore Ltd we do recommend to open an offshore bank account or to incorporate an offshore company in the Principality of Andorra mainly for non-European resident due to the high level of communication between Andorra and the European Union. Actually due to the fact that we can’t speak anymore about any bank secrecy in Andorra towards EU members, there is a big loss of interest in this offshore jurisdiction.
Finally, be aware of the fact that the initial deposit required by the banks is quite big (but still smaller than the one requested by Swiss banks for instance) and this could prevent you from having an easy and fast running business.