FACTS about ANDORRA
The principality of Andorra is located in the
Pyrenees between France and Spain.
It is one of
Europe's smallest independent countries with a
population under 90,000 and an area of 468 km2.
It is not a member of the EU but has close links,
using the Euro for its currency.
There are no
exchange controls and banks still offer numbered
accounts.
Although it has strict money laundering
laws, tax evasion is not a crime.
Andorra has
signed up to the OECD exchange of information and is
on the white list.
Andorra has an excellent
climate with over 300 sunny days each year.
It
has spectacular mountain scenery with top class
skiing in the winter.
Its climate is similar to
the Alps and the Tyrol, with warm summers and
excellent skiing conditions during winter. A unique
feature is that all valleys are free of snow almost
throughout the year, enabling people to ski in the
mountains and go cycling in the valleys.
Andorra's valley
situated capital, Andorra la Vella is 1000m above sea
level.
It is one of Europe's
oldest countries founded in 1287 and independent
since 1993.
Its presidency rotates between a
French and Spanish Bishop for two years at a time,
however this is largely symbolic.
Catalan is the
official language but most Andorrans speak Spanish
and some French.
Nowadays many speak English and also
Portuguese.
The living costs are lower than
many other European countries, with a very low sales
tax on purchases and services.
Furthermore,
Andorra's excellent climate gives Andorrans the highest life expectancy in the world
with a
remarkable average of 83.5 years.
Andorra is
2.5 hours drive from Barcelona,Toulouse and Girona
airports and two hours from the recently opened
airport at Lleida in Spain.
A helicopter service
cuts the flying time to just 30 minutes.
Andorra is one of the top European tax havens, particulary for UK residents looking to move
- but not too
far away.
Andorra has no income tax, capital
gains tax, or inheritance tax.
For all intents
and purposes it is a NIL-TAX haven.
It is the
perfect place of residence for those seeking to
avoid tax burdens but at the same time
increasing their quality of life with leisure
activities and relaxation.
And with more money to
enjoy it!
PROPERTY in ANDORRA
A prerequisite for the granting of a residence
permit is that an applicant has a property in
Andorra.
Our local partner is the leading
firm in Andorra offering assistance for residence
permits and establishing Andorran companies. It is
also a fully licensed
real estate agent offering the widest selection
of residential properties in all price ranges and
locations, from inexpensive one bedroom
apartments to penthouses and luxury chalets.
Property purchase is relatively simple, but there
are some important rules to follow.
A foreigner
may buy up to two properties in their own name.
If buying a plot, its maximum size must not exceed
1000m2.
Larger properties are often acquired through an
Andorran holding company.
Permission to buy a
property currently costs 129 Euros plus a small
handling fee.
The major costs of purchase
are:
Property tax 4%
Notary fees between 0.5
and 1%
Agent's fees are paid by the seller.
Speculative purchase is discouraged.
A tax of 15% is imposed on any profit if the
property is sold within one year of acquisition;
thereafter 13% within two years and 10% within
three, reducing to nil after twelve years.
This is
amended more favourably if the owner has been
resident for five years.
PASSIVE RESIDENCY APPLICATION FEES and COSTS
Our local partner attends to all residency
application processes, from preparing the application
documents to establishing contact with the relevant
authorities.
They will accompany the applicant to
all establishments including immigration
agencies, police, bank and medical attendant.
They also arrange the registration of the applicant's
residence with the appropriate authority.
Their
fee for one EU application is 3000 Euros.
In
addition, the applicant will incur minor expenses
for the actual application and authorised
translator.
World Class Homes Ltd, 145 Sandridge Road, St.Albans,
Herts, AL1 4AH | Tel: 01727 835303
bob@worldclasshomes.co.uk
© 2012 World Class Homes. All rights reserved.
