Economy

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acord-duaner

CUSTOMS UNION AGREEMENT BETWEEN ANDORRA AND THE EUROPEAN UNION                

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Andorra is one of the smallest states in Europe and the only country in the world with a parliamentary co-principality. But these are not the only peculiarities of the Principality. Its small size, its geographical enclave, its political tradition and other historical factors have given Andorra a special relationship with the European Union. Table of contents Before and after 1990 Customs Union Agreement and TEC (Common External Tariff) Customs Union and Consumption Tax Agreement Customs Union Agreement and travellers’ duty-free …

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economia-digital

Law governing the digital economy, entrepreneurship and innovation

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El 1 de diciembre el parlamento andorrano aprobó la ley 42/2022, sobre la economía digital, el emprendimiento y la innovación. El objetivo de esta ley es proporcionar los medios que permitan desarrollar y fomentar nuevas oportunidades de negocio en el sector digital y de las nuevas tecnologías en Andorra. Pretende también favorecer las condiciones para que inversores locales y extranjeros puedan impulsar sus actividades, creando un marco legal fuerte, seguro y que genere confianza. Tabla de contenidos: Regulación de espacios …

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crecimiento-economico

Andorra will prove to be Europe’s second-fastest growing country, according to the IMF   

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The International Monetary Fund (IMF) forecasts that growth in Andorra will prove to be the second-fastest in Europe in 2022, after Ireland. It also points out that its progression will be higher than that of our neighbouring countries France and Spain, and will be above the average for the Eurozone. Table of contents: Forecast growth Annual Meeting of the IMF Measures that have strengthened Andorra’s position Investing in Andorra Forecast growth Every year, the IMF report assesses the prospects for …

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digital-assets-law

New law governing digital assets and blockchain in Andorra                                                    

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Andorra has approved the digital assets law that regulates cryptocurrencies and blockchain technology. More specifically, it is Law 24/2022, of 30th June, governing the digital representation of assets by means of cryptography, distributed ledger technology and blockchain. The purpose of this law is to position the country as a reference in new technology and as an attractive place for foreign companies and investors who want to establish themselves with projects connected with this area. To that end, the Government has …

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Draft law to modify the law governing foreign investment in Andorra                            

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The draft to modify the 2012 law governing foreign investment in Andorra has been presented. The main aims of this reform are to conform to other countries’ standards in this field and to streamline the procedure for certain investments. Apart from this major change, the new regulatory framework also provides for a system of subsequent control and for a penalty system, neither of which existed previously. It is worth noting that foreign investment currently represents 18.7% of Andorra’s GDP, and …

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inversión-extranjera-andorra

Foreign investment grows for another year in Andorra

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The number of foreign investment applications in Andorra and the volume of initial investment declared grew substantially in 2021. Figures have improved compared to the pre-pandemic period, with results well above those of 2020. These are the conclusions after analysing the figures that the Government’s statistics department has shown in its report. All the relevant data are summarised for you here. Table of contents 1. Growth in the number of applications submitted 2. Nearly 1,000 foreign investment requests were approved …

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andorra-fitch-ratings

Fitch Ratings upgrades Andorra to an A- rating                              

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In its latest rating, of 8th July, Fitch Ratings upgraded Andorra to A-, with a stable outlook. This is the Principality’s highest rating to date. In the previous report, of January, 2022, the Principality was rated BBB+. Both the improvement in public finances and the reduction in the debt-to-GDP ratio were much better than forecast at the beginning of the year, and were the reasons why Fitch Ratings awarded Andorra an A- rating. Among other factors, the report also highlights …

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millores-poder-adquisitiu

Policies to improve purchasing power                       

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The Andorran government has submitted a draft law with a series of measures aimed at improving the purchasing power of its citizens. Price increases due to inflation, combined with the negative economic consequences of the COVID-19 pandemic, have caused families to experience a considerable reduction in their purchasing power. The package of economic and social proposals first appeared at the end of April, followed by the draft law to give them emergency status on 7 June, although some of these …

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fondo-monetario-internacional

The IMF forecasts a strong post-pandemic recovery for Andorra

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According to the IMF, the forecast looks good for a recovery of the Andorran economy this year, with a view to emerging from the recession caused by the COVID-19 pandemic. In this regard, the aspects that the IMF’s experts valued most in their preliminary report included the growth of GDP in 2021 and the low unemployment rates. They consider these factors to be decisive in the principality’s ability to withstand the effects and move forward despite the difficult situation. The …

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irpf-andorra

Personal income tax (IRPF) in Andorra

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The income tax campaign in Andorra began in April and you have until 30th September to file your tax return. In this article, we tell you how personal income tax works in Andorra. TABLE OF CONTENTS: 1. Income tax in Andorra 2. How much personal income tax do I pay in Andorra?3. Who has to pay income tax? 4. Income subject to personal income tax5. Personal income tax exemptions and allowances6. Andorra and the United Kingdom: comparison of personal income …

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