In Andorra at present, 5 banks operate, 4 of which are more focused on private banking than commercial banking services. This leads to a situation that seen from Spain is really disconcerting, in which there are additional services for large fortunes in a greater number than those that exist for smaller capital. In Andorra there are investment and private banking services that are larger than those in cities of hundreds of thousands of people in Spain. In fact at the level of interconnection with European entities and funds, many entities of the principality have better interconnections than other entities of the peninsula.
Of course, it is often doubted how useful is this in investing capital in Andorra, whether by opening a bank account, company or residence in the country. It implies that at the level of investment banking it is much easier to achieve high returns, and with lower minimum capital requirements deposited, than their counterparts in Spain. The main problem is more in the documentation that is required than in the general banking requirements itself.
A typical question is, can I open an account in Andorra without residing in the country? The answer is yes,as long as the account is declared in the country of origin there is no problem to open a bank account in the country and benefit from the private banking services provided. There is a lot of respect for the privacy of private banking customers in general. Andorra is no exception, but this does not apply in the case of the Ministry of finance, so the tax savings are discardable. That is, with the exchange of information, the Ministry of Finance in Spain can see the yields of the account, balances etc ... So opacity is not an option.