Residence permit in Andorra

Residence permit in Andorra for investment in local economy

People want to get a passport in Andorra because it lets them enter European countries without a visa, saves them money on taxes, and lets them live in a small but economically developed state. You have to live here for a long time before you can become a citizen and get an Andorra passport. Getting a residence certificate in Andorra makes this much more accessible. Getting a residence permit in the country is possible if you help the economy grow. Investing in land, a business, state assets, or a bank deposit are ways to get a residence permit for investing in the local economy.

You must spend at least €400,000 to get a residence permit. This can include buying a house, putting money into local businesses, or buying stocks. You can also open a savings account at a nearby bank that doesn't pay interest. It is important to remember that all investments must be legal and backed up by the proper paperwork.

The process of obtaining a residence pass in this country is straightforward. It begins with filling out an application and providing the necessary documents, including proof of legal income, a clean criminal record, and good health. Once these are submitted, you receive a temporary residence permit, which can be extended upon acceptance of your application.

Getting an investor's residence pass can help you save money on taxes. For example, the corporate tax rate is 10%, and the capital gains tax rate is 10%. People who want to minimise their taxes will be interested in this state. Aside from that, the country is known for being safe and having good medical and educational services.

While citizenship by investment in Andorra requires a 20-year residency, the benefits are worth the wait. In the meantime, owners and their families can enjoy the perks of living in the country by renewal of residence permit in Andorra. This investment program is a promising and cost-effective choice for those looking to relocate to Europe and start a business.

How to get investor's residence permit in Andorra

The candidate must meet the following conditions:

• Age and legal income. The person must be at least 18 years old and show proof of a legal way to make at least €39,000 a year;
• Criminal record. You need to show proof that you don't have a criminal record in your home country;
• EUR 350,000 must be put into property, businesses, or state assets (EUR 350,000 must be put into the chosen area, plus EUR 50,000 must be put into a security deposit at the Central Bank);
• Health insurance. This type of medical insurance covers all health risks;
• The owner must either own or rent a place to live in.

With these requirements met, investors and their families can get a residence pass and enjoy living there.

Documents to obtain a residence permit in Andorra

To get a residence permit, the owner needs to show the following papers:

1. a current passport that is good for at least 1 year;
2. certificate that you have never been convicted of a crime: from where you live permanently;
3. proof that you have put at least 400,000 euros into land, a business, or other assets;
4. health insurance is a plan that covers all possible health problems;
5. income documents: proof of income, like pay stubs or tax returns;
6. rental deals or property papers: evidence that you have a place to stay.

Cost of residence permit in Andorra

There are many costs that investors should be ready for. These are the main costs:

1. EUR 350,000 must be put into real estate, businesses, or stocks, and EUR 50,000 must be put up as a protection deposit with the Central Bank. Investments must be backed up by paperwork and follow the law.
2. Banking costs: You must open an account with an Andorran bank. There are fees for opening an account and keeping it open and possibly extra fees for transfers and other activities. On average, bank fees can be anywhere from €500 to €1,000 per year.
3. Legal and notary services are crucial in this process. A lawyer and a notary will meticulously fill out and notarize all necessary paperwork, ensuring a smooth and secure investment journey. While the prices for these services may vary, they typically range between €2,000 and €5,000.
4. Insurance for medical care is non-negotiable. It's essential to have comprehensive coverage that protects against all risks. The cost may vary based on age and health, but on average, it's around €1,000 to €2,000 per year, providing peace of mind for your health and well-being.
5. Some administrative fees and taxes go along with the application. These fees include handling the application, giving out the card, and other administrative costs. The total fees for management can be anywhere from €500 to €1,000 per person.
6. Housing and other costs: besides the above expenses, the owner also needs to think about housing, food, transportation, and other day-to-day expenses.

Getting citizenship in Andorra

Acquiring Andorran citizenship is a complex process, requiring at least 20 years of residence in the country. If you want to immigrate to Andorra, it is also necessary to renounce your previous citizenship. Nevertheless, obtaining a residence permit will allow you to enjoy all the advantages of your decision to move to Andorra.