Economy

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Llei-Protecció-Dades-Andorra

Andorra’s new data protection law comes into effect in May 2022

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Andorra’s new data protection law, “Llei 29 2021, del 28 d’octubre, qualificada de protecció de dades personals” (LQPD), will enter into force this May to replace the law from 2003. The text and structure are based on the European General Data Protection Regulation (GDPR), which includes new obligations to which Andorran companies will have to adapt their processes. Among others, these requirements include: keeping a detailed record of data processing operations, creating an impact plan and appointing a Data Protection …

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Sentencia

Changes to the Spanish tax form 720 for declaration of assets and rights abroad    

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On 27th January, 2022, the Court of Justice of the European Union ruled on the Spanish tax form 720, which obliges holders of accounts in financial institutions, securities, assets, property, virtual currencies or life assurance with a purchase value that exceeds 50,000 euros, and who are resident in Spain, to inform the Spanish Tax Agency about their property and other assets abroad. According to the CJEU, the terms of the form are contrary to EU law, so Spain will have …

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Andorra is second in Europe in terms of its employment rate

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A study on the main indicators of the Europe 2020 strategy was presented by Andorra’s statistics department at the end of March. Andorra has the second highest employment rate of any European country This report shows that in 2019 the employment rate of the workforce aged 20-64 was 84.9%. This was almost the highest in Europe, second only to Iceland with 85.8%. Moreover, this percentage is almost 10 points higher than the European indicator, which sits at 75%. This study, …

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medidas-económicas

Andorra receives positive assessments from the rating agencies

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Despite the crisis caused by the pandemic, thanks to the economic measures implemented by the Andorran government, international agencies have given a positive assessment of the country’s credit rating. According to Standard & Poor’s and Fitch Ratings, the country’s credit rating is BBB/A-2 and BBB+, respectively, with a stable outlook, and it is also believed that the principality can weather the negative effects of the pandemic.   Fitch Ratings emphasised that the increase in unemployment has been modest despite the …

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Andorra is to extend the list of countries it has a double taxation agreement with

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In 2021, Andorra plans to extend the list of countries it has signed a double taxation agreement (DTA) with. These treaties are essential to avoiding double taxation on the same basis in the company’s country of origin and the country where the economic activity takes place. New treaties to avoid double taxation Several EU states, such as the Netherlands, Belgium and Hungary, are interested in signing a double taxation agreement with Andorra. At present, it has signed agreements with 8 …

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Andorra becomes the 190th member of the IMF

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[vc_row][vc_column][vc_column_text]Andorra is now an official member of the International Monetary Fund. Last September, the Consell General (the Andorran parliament) approved the submission of its application to become a member of the IMF. Although negotiations began in January of this year, Andorra’s relationship with this institution is not new. Last Friday, October 16th, the process culminated with the accession of the Principality to the Fund. Andorra’s accession to the International Monetary Fund Becoming part of the IMF is important to Andorra …

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Horitzó 23: Andorra’s economic plan for meeting the challenge of COVID-19 recovery

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Andorra is preparing to deal with the consequences of the crisis caused by the COVID-19 pandemic. As a result, the Andorran government has unveiled a new action plan entitled “Horitzó 23 (H23)”, which outlines a series of measures for reactivating the country’s economy. What does “Horitzó 23” include? This strategic plan comprises 77 actions, spread across 20 initiatives, which are based on three main pillars: social welfare, the economy and innovation, and other measures focused on digital transformation and internationalisation. …

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Viure-Andorra

Living in Andorra: a country that’s safe from COVID-19

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Living and settling in Andorra has always been a great option due to its many attractions and the quality of life it provides its inhabitants. And now it’s a safe country that has proven its ability to fight the coronavirus pandemic and emerged with an enhanced international image. All this is thanks to the safety and prevention measures that were implemented over the last few months, and the new ones that continue to be applied to contain the spread of …

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Andorra

Andorra could leave the coronavirus behind in less than a month

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If the situation continues as it has so far, Andorra will be among the first countries in the world to leave the coronavirus behind, making it one of the safest countries in which to establish a permanent residence. Andorra, one of the first countries in the world to leave the coronavirus behind According to a study by the University of Singapore, the principality could be declared free of COVID-19 on 3 June this year. In contrast, Spain and France are …

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Additional economic measures to deal with the effects of Covid-19

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Following the first economic measures, approved on 23rd March, Andorra has just approved a second package of aid and benefits to complement and reinforce the initial measures. The aim of these changes is to protect jobs as far as possible, to preserve the productive fabric and guarantee the continuance of the welfare state. These measures are taken in accordance with the principles of joint responsibility and proportionality. The main innovations are listed below: Measures affecting employment Approval has been given …

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