ProGestió
Andorra
Steps, KYC documents, real timelines and refusal reasons for opening a bank account in Andorra without residing there.
Content reviewed by the legal and tax team of ProGestió Andorra — Last updated:
Opening a bank account in Andorra without residing there is not automatic. Andorran banks do accept non-resident clients, but they apply strict documentary controls driven by anti-money-laundering rules. Many applications fail not because the project is illegitimate, but because the applicant failed to anticipate compliance questions. This guide describes the real process: the documents to gather, the concrete steps, the actual timelines observed and the most frequent reasons for refusal.
A non-resident can open an account in Andorra, but rarely a standard current account with an active card and direct debits. In practice, this type of account remains reserved for Andorran tax residents. For a non-resident, the offer is oriented towards savings, investment or wealth management accounts, or a business account linked to an Andorran company.
Banks systematically require a tangible reason for the banking relationship. A simple wish to “diversify one’s savings” is generally not enough. On the other hand, a documented project — a property purchase, the creation of a company (SL or SA), or an ongoing residency application — clearly makes the file easier to process.
Andorra’s banking sector is concentrated. Both residents and non-residents can open a bank account in Andorra, provided they meet the requirements set by the banking institutions. Three commercial brands share most of the retail and private banking market: MoraBanc, Andbank and Creand (formerly Crèdit Andorrà).
Each has a distinct positioning. MoraBanc targets a diverse clientele, from residents to entrepreneurs, with a well-developed digital offering. Andbank focuses on private banking, with an extensive international network covering several European and Latin American countries. Creand, the oldest of the three, is known for particularly rigorous compliance, notably with family offices and complex wealth structures.
The sector is supervised by the Autoritat Financera Andorrana (AFA), formerly the INAF (Institut Nacional Andorrà de Finances). It is this authority that sets the due-diligence requirements banks must apply to their clients.
Documentary control is not a discretionary commercial policy. It stems from a precise piece of legislation: Law 14/2017, of 22 June, on the prevention and fight against money laundering and the financing of terrorism, as amended by Law 37/2021. This law, supplemented by its implementing regulation, requires Andorran financial institutions to carry out a know-your-customer process designed to identify the source of funds and the purpose of the banking relationship.
KYC refers to the process by which financial institutions collect, analyse and verify information and documents relating to their clients in order to prevent money laundering and terrorist financing. For a non-resident, this control is stricter than the one applied to an Andorran tax resident, whose situation is more easily verifiable locally.
Andorra also applies the automatic exchange of banking information (the OECD’s CRS standard) with the tax authorities of numerous countries, including France and Spain. An account opened in Andorra by a French or Spanish tax resident is therefore reported to the tax authorities of their country of residence, with no banking secrecy standing in the way.
The core set of documents is similar from one bank to another, with variations in the level of scrutiny:
The lack of clear proof of the source of funds at the first point of contact is identified as the main cause of delay in processing files.
The process generally follows a fairly stable sequence, whichever bank is chosen.
1. Initial contact and pre-qualification. A first exchange, by email or phone, allows the relationship manager to assess whether the profile matches the clientele targeted by the bank. This is the stage at which a significant proportion of requests are redirected or discouraged, for lack of a sufficient connection with Andorra.
2. Building the documentary file. The applicant submits proof of identity, proof of address and proof of income. An incomplete file at this stage automatically lengthens the timeline.
3. Compliance review. The bank’s compliance department checks the documents, carries out due-diligence searches (sanctions lists, political exposure) and may request additional documents if the source of funds is not sufficiently substantiated.
4. Interview and signature at the branch. The final signature almost always requires a physical presence in Andorra, in order to complete face-to-face identity verification. Andorra la Vella is a few hours away from Barcelona or Toulouse, which allows many applicants to make the trip and return the same day.
5. Account activation. Once the file is approved, the account is opened and the payment methods (card, online access) are progressively activated.
For a file that is complete from the outset, opening an account generally takes between two and four weeks. More complex profiles — wealth structures, companies with multiple shareholders, funds originating from several jurisdictions — can see this timeline extend by several additional weeks. The quality of the initial file remains the factor that most determines the actual length of the process.
Andorran banks apply different initial deposit thresholds for non-residents, depending on the type of account offered (standard savings or private banking). The following orders of magnitude, reported by specialised advisory firms, are not published by the banks themselves and should be considered indicative only:
| Bank | Indicative minimum deposit (non-resident) |
|---|---|
| MoraBanc | approximately €30,000 to €50,000 |
| Andbank | approximately €50,000 to €100,000 |
| Creand | approximately €15,000 to €30,000 |
For access to premium private banking services, some Andorran institutions reserve their offering for clients with significantly higher assets to invest, typically in the order of several hundred thousand euros. These amounts remain negotiable depending on the strength of the Andorran project presented (company, residency in progress, property purchase). Given the discrepancy between sources on this point, it is advisable to have the exact threshold confirmed directly with the institution targeted before any trip.
Refusal is not the exception in Andorra for non-resident profiles. Several causes recur regularly:
No concrete connection with Andorra. A request motivated solely by a tax objective, without a documented property, professional or residency project, is generally screened out at the first filter.
Insufficiently justified source of funds. A significant transfer without clear documentation of its origin (sale of assets, inheritance, professional income) triggers additional requests, or even a refusal if the grey areas persist.
Simultaneous approaches to several banks. Approaching two Andorran institutions in parallel for the same file is seen by compliance departments as an unfavourable signal. It is preferable to target a single bank, consistent with the applicant’s profile, rather than multiplying requests.
Overly complex legal or financial structures. Arrangements involving several companies, trusts or low-transparency jurisdictions complicate verification and increase the risk of refusal.
Inconsistency between the declared profile and the expected financial flows. A mismatch between the stated professional activity and the amounts or frequency of the planned transactions draws the attention of the compliance department.
For an entrepreneur setting up an SL or an SA in Andorra, opening a bank account is a mandatory step, since the share capital must be deposited there before registration. This scenario is generally the smoothest for a non-resident: the Andorran company creates a clear legal link with the country, justifies the banking relationship, and the business account is opened first, followed if applicable by a personal account.
The applicant’s administrative status weighs directly on the processing of the file. A non-resident who has simply initiated a residency application (file submitted to the Andorran government, lease agreement or property purchase agreement) presents an intermediate profile, easier to defend with a bank than a request with no local project at all. Conversely, an Andorran tax resident already settled, with a social security number (CASS) and a lease in their name, benefits from significantly faster banking treatment, with most banks even offering resident account opening online in a few minutes.
For a non-resident applicant, it is therefore useful to present, from the first contact, the progress of their Andorran project: residency application submitted, company being registered, or a signed property purchase agreement. These concrete elements reassure the compliance department about the intended lasting nature of the banking relationship.
Faced with a demanding KYC process, many non-resident applicants turn to a local firm to prepare their file before approaching a bank. This support covers three specific points: choosing the institution best suited to the client’s profile, building the documentary file in the order and format expected by compliance departments, and preparing for the branch interview.
This preparation does not guarantee that the account will be opened — the final decision remains the bank’s — but it significantly reduces the risk of rejection due to an incomplete or poorly presented file, and limits the number of back-and-forth document exchanges that lengthen timelines.
Opening the account is not the end of the due-diligence process. Andorran banks regularly request an update of the client’s situation — income, activity, source of funds — at regular intervals. A client who anticipates these requests and proactively submits up-to-date documents avoids the temporary account blocks that these periodic reviews can trigger in the event of a delayed response.
For everyday spending in Andorra without going through a local bank, a foreign card or a multi-currency account such as Wise remains usable, since the euro is Andorra’s currency. However, this solution does not replace a local account for matters related to residency, a company or a property project, where an Andorran bank account becomes essential.
Can a non-resident French or Spanish national open a standard current account in Andorra? In practice, no. A current account with an active card remains almost exclusively reserved for Andorran tax residents. A non-resident is offered a savings, investment or business account linked to a company instead.
Do you need to travel to Andorra in person to open an account? Yes. The final signature almost always requires a physical presence in order to complete face-to-face identity verification, even though some preparatory steps can be carried out remotely.
How long does it take for a non-resident to open an account? Generally between two and four weeks for a file that is complete from the start. The main cause of delay remains the lack of clear proof of the source of funds.
Can you approach several Andorran banks at the same time to increase your chances? This is not recommended. A file submitted simultaneously to several institutions is seen as a negative signal by compliance teams. It is better to target a single bank suited to your profile.
What is the minimum amount to deposit to open a non-resident account? It varies depending on the bank and the type of account, from a few tens of thousands of euros for a savings account to significantly higher amounts for access to private banking. These thresholds are not public and should be confirmed directly with the institution.
Does Andorran banking secrecy still protect non-residents? No, not in the historical sense of the term. Andorra applies the automatic exchange of banking information with numerous countries, including France and Spain. An Andorran account held by a tax resident of these countries is reported to their tax administration.
Figures and thresholds based on the regulations in force as of the publication date (15 September 2026), subject to legal changes. To be verified with your advisor before any decision.
To go further: Setting up a company in Andorra, Becoming a tax resident in Andorra, Residency in Andorra, Investing in Andorra: real estate and businesses.
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