This category of residency is the “bread and butter” form of Residency in Andorra, in fact more than 85% of Passive Residents living in Andorra have completed this process to obtain their residency status.
For individuals who choose to obtain Residency in Andorra, (fiscal or non fiscal*) this is the easiest manner to achieve residency, on the condition that a €400 000 investment into Andorra is not too much to ask. This investment can be taken in Property, Sovereign Debt, Investment Portfolios or in shares of an Andorran Public Company. If an applicant is uncertain of where they would prefer to invest their money, they have the option of signing a declaration stating that the investment will be made within the first 7 months after the presentation of their documentation to the Immigration Department of Andorra
The first applicant will be required to pay €50 000 deposit (subtracted from the initial €400 000) and each family member of the applicant will be required to pay €10 000 (also subtracted from the total investment) as a deposit into the Andorran Central Bank (INAF Institut Nacional Andorrana de Finances) which will be held in a non interest baring account until such a time that you depart from the principality, and/or renounce your Andorran Residency.
In order to apply for Andorran Residency, you will also require the following documents;
- Police Certificates from your place of birth and you last place of residence (The certificates must carry the Apostille or be internationally legalized). To see if your Country has signed the Treaty of The Hague, and therefore use the Apostille for International Legalization, click here.
- Proof of an address in Andorra (A rental contract, or a Title Deed stating the address where you are currently domiciled). If a new applicant prefers to use the €350 000 investment in Andorra on Property, but wants to fast track their Passive Residency, then they are able to supply the Department of Immigration with a “Private Contract; Promise of Purchase” at which time the client will have 12 months to present the Title Deeds of Purchase to the Immigration Department.
- Proof of Insurance covering Health, Accident and a Pension Plan. (This can be organized with a local Insurance Company. The local Banks also can arrange these policies at very competitive rates).
- A copy of your passport (Information Page)
- A Passport Photograph.
- Proof that you have 300% of the Annual Minimum Wage (hence you can support yourself for one calendar year) on deposit with one of the local banks. (Be careful here, the different banks interpret this law in different ways, therefore there are some banks that are more “user friendly” than others). This quantity is increased by 100% of the Andorran Annual Minimum Wage for each “dependant” who applies for residency with the first applicant (roughly €10 809.60 for 2016).
- Sign a declaration that the applicant (and their family) will reside in Andorra for at least 90 days per annum.
If the applicant is Relocating to Andorra with their spouse and family, documents of proof will have to be supplied (Apostilled) to provide the Department of Immigration of Andorra of family connection (Marriage Certificate for Husbands, wives etc.) and Birth Certificates for children.
*To be considered a fiscal resident of Andorra, you must reside in the Country for 183 days. To discover more about Fiscal and Non Fiscal residency in Andorra, contact Andorran Premier Properties at email@example.com