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Andorran banks apply strict compliance procedures, comparable to those of leading European financial centres. Opening an account typically requires: a passport copy, proof of address, a detailed explanation of the source of funds (employment income, sale of a business, inheritance, etc.), tax certificates from the previous country of residence, and, where relevant, a business plan or the company’s audited accounts. The most common reason for refusal is an incomplete or inconsistent file on the origin of the capital. Since an account is often needed even before applying for residency — to make the mandatory €50,000 AFA deposit — it’s worth starting compliance preparation early, alongside the legal work on residency or the company, and, where possible, using verified transfer channels through partner banks.
