A Country Nobody Talks About: Is Andorra 🇦🇩 Europe's Tax Haven?

[@juanignacioluquesandoval]

Hi Michael! Great video, I was living in Andorra for five years, still having my company there and just moved to Montenegro. In comparison, Andorra is like Disneyland when it comes to the banking experience and the overall infrastructure specially the internet service. Quick update about transportation, the first commercial flight to Andorra that lands at the airport of La Seu d'Urgell (closest city to Andorra on the Spanish side) started to operate last week. So far flights are available from Madrid but they plan to include other mayor cities over the next year. It is not for everyone but if your clients are outside the country it is good place to start a family. Happy Holidays! 🤗🤗🤗

[@OffshoreCitizen]

Thanks!

[@Bri-wi8kq]

5 years Juan, wow...do you feel that you know everyone there? Oh and how bad are the winter months?

[@billhennessey6374]

Juan, can you elaborate on the internet service? Is it that bad?

[@dimitrivancamp1013]

Andorra is a very nice place to live and for those wanting a bit more of life, it is only a 2 hour drive from Barcelona where you could buy an apartment for regular visits as to avoid having to stay in hotels.

[@OffshoreCitizen]

Nice! Could you see yourself living there?

[@dimitrivancamp1013]

@@OffshoreCitizen I could if I would simultaneously keep a small apartment in a good area of Barcelona for weekend getaways. Barcelona full time will bleed you dry with the wealth taxes etc, only place where you can mitigate taxes in Spain is Madrid really because of the absences wealth taxes and local income taxes. Andorra is a good place to start a family. Clean, safe and good school system and they don’t even have CFC rules !

[@stanisgmi]

Aaand Madrid is gone with that option. The Spanish introduced a new solidarity wealth tax - voted into power November 2022 and applying retroactively for the whole year - moving the wealth tax to the federal level. So everybody in Madrid was hit by it It is said to be temporary for two years but we full well know it’s going to last forever and only expand

[@trique9776]

I am in Andorra now, just talked to a lady that has lived here for 17 years, raised a family here, and said that she is leaving tomorrow for Finland to move there for good. All of her two children already left Andorra. The problem here is seniority, all of the Andorrans that were born here have all of the good jobs, and immigrants are stuck with the bad ones with low pay. Also, it is incredibly boring with no culture whatsoever.

[@VERTICALWisdom]

Like the new map background and congrats on subscriber growth. Excellent content this past year. Thank you

[@OffshoreCitizen]

Thank you! We truly appreciate your continuous support! Hope you're enjoying this holiday season

[@Mathstrade]

As a day trader this is another interesting vid ,,thanks Michael for adding another place I had never considered to my list of lesser known places , Happy New year in advance

[@OffshoreCitizen]

Thanks you too!

[@sacragon]

Hey, did you end up choosing/moving to a place, if so what were the top candidates?

[@FrozenSkyy]

Congrats on 30k Mike! With the quality of content you share and your knowledge.. I forsee this 10xing again... 300k by end 2022 😉

[@OffshoreCitizen]

Fingers crossed! :D

[@realhawaii5o]

Andorra is a weird little place. I go there almost every year for skiing and shopping and it's quite an interesting place.

[@OffshoreCitizen]

Haha what do you mean by weird? Could you see yourself living there?

[@justjan2576]

I'd like to know why you say it's weird too please?

[@Bri-wi8kq]

Having only previously driven through Andorra it has fascinated me for some time. I'm hearing that fatca reporting effectively ended the tax haven use of Andorra, so today with its old school style of banking and high costs it's just not worth it unless you start another duty-free shop... Another interesting video Michael, thank you. I have been waiting to hear your insights into Andorra, it's banking and treatment of corporations.

[@OffshoreCitizen]

Happy to deliver! When did you last visit? Any chance you'd go there again?

[@slrdave6308]

@@OffshoreCitizen I've been looking at a posting for an Eng teaching job, so I can be there and day trade hahaha. But I just watched your Bulgaria 250k start up vid, so now that's back in my top 3.

[@Pagan-hn4du]

So Andorra is the same as porto rico 2america?is there that the mortmain account for europeans is located?

[@paulsondj]

Thanks, I've always been interested in Andorra! I'm also interested in little talked about Mauritius if you would like to do a video on it.

[@bradgrasl3483]

He did recently, past few months

[@OffshoreCitizen]

I did a couple videos on Mauritius a while ago, should be able to search for them

[@BradleyAhrens]

Thanks for the video Michael! I really appreciate it :) And, I'll take your last point to heart. I plan on visiting in 2022. (Then... you and I may be in touch ;) ) Thanks again!

[@OffshoreCitizen]

Always our pleasure! Looking forward to that :) What do you think about Andorra?

[@BradleyAhrens]

@@OffshoreCitizen While I haven't visited quite yet, from the outside it seems perfect for me. I'm really looking for a place that's great for hiking, cycling, and skiing, and pretty much anything outdoors. I speak Spanish, Portuguese, and French. So, learning Catalan doesn't seem like too big of a challenge. I guess the only downside that I see is a lack of a train station to be able to get around, but if there's a bus to Barcelona, then within a few hours, you are back connected to the rest of Europe. My plan is to visit for a few months this summer, when Covid has calmed down a bit, and see what I think. Then, I'll report back ;) Thanks again Michael! And congrats on the 30k followers 🥳

[@seamusp5991]

Congrats on 30k!

[@OffshoreCitizen]

Thank you so much 😀

[@nascobas2038]

I love the art work on the background

[@OffshoreCitizen]

Thanks! :)

[@billhennessey6374]

Excellent video as always, Michael. Congratulations on 30,000 subscribers.

[@OffshoreCitizen]

Thank you, Bill! Appreciate your support! What do you think about Andorra?

[@billhennessey6374]

@@OffshoreCitizen , hey Michael, interestingly enough, I think I would enjoy a couple months there in the summer when I could enjoy some hiking. I grew up near the Canadian border and I got my fill of snow (no offense to you as a Canadian, haha)! Andorra in the summer would allow me to be away from Panama during two of its rainiest months.

[@sebtube1]

Sounds like an interesting place for peace, quiet, nature and lower taxes.

[@OffshoreCitizen]

Could you see yourself living there?

[@sebtube1]

@@OffshoreCitizen No

[@ahmedeltaib6559]

@@sebtube1 🤣🤣

[@cyborgge1]

As I'm debating to move / retire back from Canada to Europe Andorra sounds like where I should go because of the no tax on gains from selling shares. As an investor / trader it seems that Andorra is much better than Portugal even under the golden visa that gives 10 years low tax and tax treaty with Canada. What are your thoughts between Portugal and Andorra for a investor / trader.?

[@snterp]

Well, you're definitely right, if you that's where you want to be. Andorra is small and relatively boring, but very close to some very nice places in Spain and France. Just don't get sucked into the tax nets in either of those places!

[@bradgrasl3483]

Tax planning will be much more expensive to have a similar tax experience in Portugal as Andorra, probably 2 orders of magnitude more

[@bradgrasl3483]

As an investor in public shares

[@dlukton]

Appears that Portugal is somewhat better than Andorra for crypto traders (zero percent tax vs 10% tax).

[@OffshoreCitizen]

From a tax standpoint yes, there or Cyprus. Personally I'd prefer Cyprus but to each their own.

[@bringolaselvapoto7418]

I am interested in a DN visa. what are the montly requirments regarding salary please? have things been finalized yet please?

[@bradgrasl3483]

Awesome video, Michael. Would you mind sharing where you have seen it suggested Andorra is raising their tax rates?

[@nomadcurator]

Good informative video. Keep up the good work and use manual exposure as the video changes from warm to cold. Just a tip.

[@OffshoreCitizen]

Thanks!

[@davidbakker72]

You mention favourable tax for share trading. Do you know if that also applies to futures trading?

[@stevemyers2092]

Congrat's Michael on the 30K ! I have been doing my best to assist your numbers, albeit negligible in the big picture, but 1 brick at a time builds a wall. Question: I would like to take advantage of tax treaties with Canada and USA etc. so I pay tax in the country my new company will be registered in. Are there any Zero Tax countries that fit the bill? Canada/USA it's the W-BENe form... what if I was to register my company in the UAE or St Kitts or...?

[@rogersan4352]

it has airport now shared with spain in spanish ground

[@stevemyers2092]

EXCELLENT - yes juan has since stated: La Seu d'Urgell (closest city to Andorra on the Spanish side) started to operate last week.

[@OffshoreCitizen]

Nice! Have you been there?

[@KladosVentures]

Daytrading will create no tax? Great! Any difference in how options trading is treated and/or characterized?

[@smm24hpanel9]

Great video thankyou for the nice ℹ️ information, would you recommend Andorra for a Internet marketing company and webdesign?Greets Miloo

[@OffshoreCitizen]

Depends if it's the type of place you want to live and how you're accepting payment

[@lucchese20]

Thanks Michael. Was always curious about Andorra. Is Liechtenstein on your radar as well? Both are great stamp-collecting countries.😁

[@OffshoreCitizen]

Tough for most people to move there, might do a video about it in the future, have a friend who lives there

[@ghassanjneinaty4421]

Can i come to this beautiful country through digital nomad visa ?

[@arthurlp6381]

I live in Andorra and it is a medical apartheid. I can only go to the supermarket and be locked at home. No restaurants, gyms, pools, libraries, shopping malls.

[@jamess2483]

Is it from not having the sh0t?

[@themothers]

😢 sad. But to open a company and not live there could be a better option. Hope things are better now

[@themothers]

@@jamess2483no fro fear of the spread of the virus, even with the shot. I’m sure the shot is another tragic story as well

[@danielmartin8847]

Hi can I leave in Uk the rest of the year and be the rest in Andorra and pay personal taxes in Andorra?

[@jesusgil9971]

Hey! I am curious about why you wouldn't like to live in Andorra... Cheers!

[@manishmendon5068]

Is Andorra a good place to open a company which mostly trades outside Andorra. And also keeping in mind that i would probably want to move there permanently !

[@Carrie1111-j9x]

Yes . Also depends on what you trade .what do u trade , I live here .

[@AbdulaiLebbie]

Am interested to travel in Andorra i

[@oseiyaw1431]

I want to come to Andorra for work is it good?

[@AbdulaiLebbie]

How to travel in Andorra?

[@PAULDEEP]

You will use either car, bus or taxi. Oh, helicopters are there too. However, there is no railway system or airport in the country. The best nearest international airports are Barcelona Airport (BCN) and Toulouse Airport in France. Both airports are approximately 3 hours away by road.

[@billhennessey6374]

Michael, I like Andorra and could spend 90 days in the summer (I love hiking) and I can also work online there. What are the costs associated with getting residency there? Thanks.

[@OffshoreCitizen]

Best to email us about this

[@ozairakhtarcom]

How to register an IT company remotely in Andorra?

[@Carrie1111-j9x]

Hi not related to topic , but just a question about uae .. is it possible to set up business in uae in a lesser known emirate like ras al khaimah where it is cheaper to live ?? Or is there any advantages to Dubai compared to rak ?? I prefer a quieter place than the buzz of Dubai ..??

[@OffshoreCitizen]

Yes, of course it's possible. Well, there are different requirements and pricing for different free zones, Dubai being the most expensive place to incorporate. You can absolutely incorporate in another Emirate.

[@phili175175]

what is tax haven?

[@stevemyers2092]

what does the passport cost there...?

[@OffshoreCitizen]

You can't buy the passport there and getting citizenship by living there takes super long, not a good option

[@RichRichie-h8q]

What's with the slab of concrete with gold coloured graffiti on it? Did you renovate & leave a slab of the old wall exposed?😂If you look closely you can see a puppy on the left side👍

[@stuartmacpherson7948]

Not sure if it's your mic or just the way you're speaking in this video but your voice sounds extremely low and croaky, it's annoying to listen to. Your other video for example here "Can a Foreign Owner of a US LLC pay ZERO US Tax?" is much easier to understand.

[@PAULDEEP]

.

[@Sweetgirlsofia]

It is horrible country ! When you are owner of appartement you are not protected by law and police from non legal occupant , which is can brock the door and live in your appartements many years withount paying anything, till you wanting justice answer from remove them out of your appartement !

[@phili175175]

oh that sounds horrible

[@PAULDEEP]

I think what you are saying is not correct. The rights of squatters is what you are referring to.... and what you have described is more prevalent in Spain, not Andorra. Infact, in Andorra, if a third party breaks into your apartment they will be removed by the police. I have lived in Andorra for 5 years now, and I have never heard of a single case of squatters successfully inhabitanting a property owned by another individual. According to statistics, Andorra is a VERY safe country with virtually zero crime. They have a jail in the country, but I hear it is empty.

[@micomarinas2753]

what's your opinion about offshore banking in Lebanon?