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After receiving preliminary approval for passive residency, a client from Madrid was turned down by two Andorran banks over an incomplete compliance file and unclear source of funds. We prepared a full due-diligence package: proof of the origin of capital, a Spanish tax certificate, a business plan, and reference letters. Thanks to our official agent relationships with Spanish banks, we also coordinated the parallel transfer through the proper compliance channel. The account was opened within three weeks, allowing the client to make the mandatory €50,000 AFA deposit on time.
