Residences without work permits in Andorra (nº1)
The current legal framework on immigration develops what was known as “passive residence” until a few years ago, is currently known as residence without work permit; such authorizations differ between themselves depending on the type of access to residence: through an investment in the country (equivalent to the former passive resident), through an eminently international activity or in the case of experts in the scientific, cultural or sports field.
These types of residence soften the criterion of mandatory minimum permanence up to 90 days per year, which implies a great advantage over the family of residences with work permits, which require a much more significant physical presence in the country. The mentioned added flexibility is especially attractive for large entrepreneurs, sportsmen or scientists who, because of their profession, cannot enjoy a prolonged physical presence in a single territory.
This residence profile is designed for entrepreneurs who wish to manage their investments and their international business from Andorra, without intervening in any activity of Andorran territory.
The principal holder of a residence without a gainful activity will have to invest at least four hundred thousand euros (400,000 euros) in one of the typology of the accepted Andorran assets: real estate, financial assets or shares in the equity of a company. The non-remunerated sum of fifty thousand euros (50,000 euros), by the principal holder together with the non-remunerated sum of ten thousand euros (10,000 euros) by each of the persons in his charge, will be compulsorily paid and deposited to the National Andorran Institute of Finance (INAF). These amounts will be deducted from the total amount to be invested.
Many of the applicants to this type of residence are recently retired former entrepreneurs, who wish to enjoy the management of their heritage from a place with an extraordinary quality of life. In addition, Andorra has a friendly taxations of savings income, and the absence of a tax on wealth and a tax on donations and inheritances are added as advantages of being taken into account in relation to other countries in the area.
By Immigration Department Augé Legal & Fiscal