ANDORRA

The Principality of Andorra is a dwarf state located in Western Europe between Spain and France. It is not part of the European Union, but the Euro is used there. In terms of financial system and tax policy, Andorra is a tax haven. It attracts by its favourable taxation as well as the absence of taxes on income and investment. Financial activities in the country are controlled by the National Finance Institute (INAF). Andorra has minimized governmental interference in the business sector. Just ten years ago it was difficult to open an account in this country, but after the introduction of several legislative acts by the authorities, this procedure has been greatly simplified.

There are seven banks operating in the country, namely: Banc Sabadell d’Andorra, Andorra Banc Agricol Reig, Banca Mora, Banc Internacional, Banca Privada d’Andorra, Credit Andorra and CaixaBank Andorra. The banking institutions of the country are considered to be among the most stable and reliable in the world. The main distinguishing feature is their high solvency. They are not offshore, quite loyal to Russian business and have no problem opening accounts for clients from the Russian Federation.