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Andorra
Chambre de Commerce - Fiche d'information pays Dernière mise à jour: 23.05.2017

Vos conseillers à la Chambre de Commerce

  • Violaine Mathurin
    +352423939481
  • Sabrina Aksil
    +352423939374

Indicateurs clés

Région
468 km2
Population
85,580 (July 2015 est.)
Type de gouvernement
parliamentary democracy (since March 1993) that retains as its chiefs of state a coprincipality; the two princes are the president of France and bishop of Seu d'Urgell, Spain, who are represented in Andorra by the coprinces' representatives
Langues
Catalan (official), French, Castilian, Portuguese
PIB
$3.163 billion (2012 est.)
Taux de croissance
-1.6% (2012 est.)
IHD
34
Capitale
Andorra la Vella

 

Introduction

The landlocked Principality of Andorra is one of the smallest states in Europe, nestled high in the Pyrenees Mountains between the French and Spanish borders. For 715 years, from 1278 to 1993, Andorrans lived under a unique co-principality, ruled by French and Spanish leaders (from 1607 onward, the French chief of state and the Spanish bishop of Seu d'Urgell). In 1993, this feudal system was modified, with the titular heads of state retained, but the government transformed into a parliamentary democracy. In the late 20th century, Andorra became a popular tourist destination. An estimated 10 million people visit each year drawn by the winter sports, summer climate, and duty free goods. Andorra has also become a wealthy international commercial center because of its banking facilities, low taxes, and lack of customs duties. However, recent economic hardships have required Andorra to start taxing foreign investments and to implement stricter economic policies. Andorra is not a member of the European Union, but enjoys a special relationship with it and uses the Euro as its national currency.

Source: The CIA World Factbook - Andorra

 

Indicateurs macroéconomiques

Tourism, retail sales, and finance are the mainstays of Andorra's tiny, well-to-do economy, accounting for more than three-quarters of GDP. Andorra's duty-free status for some products and its summer and winter resorts attract millions of visitors annually, although the economic downturn in neighboring countries has curtailed the number of tourists. Agricultural production is limited - only about 5% of the land is arable - and most food has to be imported, making the economy vulnerable to changes in fuel and food prices. The principal livestock is sheep. Manufacturing output and exports consist mainly of perfumes and cosmetic products, products of the printing industry, electrical machinery and equipment, clothing, tobacco products, and furniture. Andorra is a member of the EU Customs Union and is treated as an EU member for trade in manufactured goods (no tariffs) and as a non-EU member for agricultural products. Andorra uses the euro and is effectively subject to the monetary policy of the European Central Bank. Andorra's comparative advantage as a tax haven eroded when the borders of neighboring France and Spain opened; its bank secrecy laws have been relaxed under pressure from the EU and OECD.

Slower growth in Spain and France has dimmed Andorra's economic prospects. Since 2010, a drop in tourism contributed to a contraction in GDP and a sharp deterioration of public finances, prompting the government to begin implementing several austerity measures to reduce the budget deficit, including levying a special corporate tax. The Government is also planning to institute an income tax at the behest of the Organization for Economic Cooperation and Development. The new tax will apply to anyone who lives in the principality for at least 183 days in a calendar year. The first $30,000 of income will be tax free, with the next $20,000 taxed at 5%. The balance of income exceeding the initial $50,000 will be taxed at 10%, which is still less than in most West European countries. Andorra’s Government also relaxed its residency and investment laws in 2012 to make the country more attractive to foreign investors. A person now must spend 90 days a year in the principality to qualify for residency, compared with the previous 180-day requirement. Foreigners now have the same property ownership rights as citizens. In addition, three new categories of residency permits were introduced. Anyone who is retired or at least not working in Andorra can obtain a permit in the first category by making a financial investment in the country of at least €400,000, which can include a property purchase.

Source: The CIA World Factbook - Economic Overview

 

Le Luxembourg et le pays

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

Convention from 2.6.14 (Memorial 2015, A, p. 5039)

Effective as of 1.1.2017

Air Services agreement

None

Source: http://www.impotsdirects.public.lu                                                                                                                                                                                                                                                                                                                                                 

 

Plus d'informations

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact point in Andorra

Embassy of the Grand Duchy of Luxembourg in Andorra

Ambassador with residence in Madrid: Mr. Jean GRAFF

Tel : +34 91 4 35 91 64 / +34 91 4 35 92 26 / +34 91 4 35 93 18
Fax : +34 91 5 77 48 26
E-mail : madrid.amb(at)mae.etat.lu

Honorary Consul

Honorary Consul with jurisdiction in the Principality of Andorra:
Mr. Gilles SERRA

Urb. Ermengol Serra 015, 2D
AD700 Escaldes-Engordany
Principat d'Andorra

Tel: +376 33 21 99
E-mail: luxembourg(at)andorra.ad 

Country risk as defined by Office du Ducroire for Andorra

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Office du Ducroire - Country Risk Andorra 

 

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