Unsung IM Programs Part 1: Andorra Residence Without Lucrative Activity
In this first installment of a new series about less-known investment migration programs, Ahmad Abbas evaluates Andorra’s golden visa.
A low-tax, safe, peaceful, and tiny country, Andorra straddles the Pyrenees mountains on the border between France and Spain.
The Residence Without Lucrative Activity visa is popular among French and Spanish HNWIs because of its limited physical presence requirements, flexible investment options, and – naturally – proximity to two of Europe’s largest economies.
Though Andorra is not part of the EU, the official currency is the Euro and holders of residence permits in the country are afforded visa-free travel (though not settlement) throughout the Schengen area.
Program Type | Golden Visa Program |
Time to citizenship | 20 years |
Time to permanent residency | 7 years |
Minimum investment | EUR 400,000 |
Physical presence requirement | 90 days a year |
Application processing time | 2-4 months |
Citizenship grants visa-free travel to | 168 destinations, including Schengen countries and the United States |
Contribution types available | Property Investment, Business Investment, Securities Investment, Bond Investment |
General program requirements
There are multiple investment options for the Residence without Lucrative Activity in Andorra. Total investment must amount to no less than EUR 400,000.
Regardless of the investment type chosen, all applicants must deposit €50,000 cash in the Andorra Institute of Finance (AFA) and an additional €10,000 per dependent included in the application. These amounts are returned when residency is relinquished or the applicant becomes a citizen. The remaining balance of the EUR 400,000 may be invested in:
Investment accounts with Andorran banks;
Shares in Andorran companies;
Other investments in the Andorran property market;
Public company bonds;
Further deposits with the Autoritat Financera Andorrana (AFA).
The applicant needs to prove 300% of the annual minimum wage from revenue from sources outside of Andorra, as well as an additional 100% of the minimum wage for each dependent. The Andorran minimum annual salary is €13,460. For a family of three, for example, annual revenue from foreign sources would then need to be equivalent to 500% of the minimum wage, i.e., €67,300.
Program benefits
Requirements to qualify for citizenship
The applicant will have 6 months to make the initial investment after being approved for residency and will need to undergo a medical exam before being able to collect the residency permit.
The initial permit is for a 2-year period, which can be renewed for another 2 years, and then 3 years after that. After completing 7 years of residency, the applicant can apply for a 10 year permanent residency permit. An application for citizenship would require being a permanent resident physically present in Andorra for a minimum of 10 years. In most cases, the process for citizenship takes up to 20 years.
Before applying for citizenship, an applicant must pass an exam in Catalan language, geography and the history of Andorra. Dual citizenship is not permitted in Andorra. Applicants need to prove they have renounced their previous citizenship within 5 years of obtaining Andorran citizenship.
Applications for this program may be directed to:
Ministry of Justice and Interior/Immigration Department
Legislation upon which this program is based:
Immigration Act qualified, and Law 16/2013, of 10
No statistics available yet for this program.
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In this first installment of a new series about less-known investment migration programs, Ahmad Abbas evaluates Andorra’s golden visa.
Several prominent RCBI firms contacted IMI last week, warning that emails promoting three nonexistent CIPs were circulating and had led
Update, July 3rd, 2018: After several email exchanges, the firm has informed IMI’s editor that they have removed the “programs”
Programs that offer citizenship within months in exchange for investments or donations, with minor/no physical presence requirements.
Programs that offer citizenship in exchange for investments following a 1-2 year period, with minor/no physical presence requirements.
Bulgaria Investor Program (discontinued)
Malta MEIN
Programs that offer residence permits within months in exchange for passive investments, with limited physical presence requirements.
Andorra Residence Without Lucrative Activity
Anguilla Permanent Residency Program
Australia BIIP Investor Streams
Bahamas Economic Permanent Residence
Barbados SERP Program
Bermuda Economic Investment Certificate (EIC) Program
Brazil Investor Visa (VIPER)
Cambodia My 2nd Home
Cayman Islands Investor Visa
Colombia Investor Visas M and R
Costa Rica Investor Visa
Curaçao Investor Permit Program
Cyprus Golden Visa
Georgia Investor Visas
Greece Golden Visa
Guernsey Investor & Entrepreneur Residency
Ireland Immigrant Investor Program (discontinued)
Italy Investor Visa
Latvia Investor Visa
Luxembourg Investor Visa
Malaysia M2H Visa
Malta Permanent Residence Program
Mauritius Permanent Residency Program
Monaco Carte de Séjour
Netherlands Investor Visa
New Zealand Investor Visa
Nicaragua Investor Permanent Residency Program
Panama Qualified Investor Visa
Philippines Special Investor Residence Permit
Portugal Golden Visa
Russia Investor Visa
South Korea Investor Visa
Spain Golden Visa
Taiwan Golden Visa (APRC Plum Blossom Card)
Thailand Elite Residence Program
UAE Golden Visa
UK Investor Visa (discontinued)
United States EB-5
Programs that offer residence permits within months to those who can demonstrate income or personal wealth above a certain level, usually requiring that the holder not take up employment locally.
Argentina Rentista and Pensionado Residency
Austria Independent Means Visa
Barbados Welcome Stamp
Gibraltar Category 2 HNWI Residence
Greece FIP Visa
Indonesia Retirement Visa (KITAS)
Ireland Independent Means (Stamp 0)
Italy Elective Residency Visa
Jersey High Value Residency
Mexico Legal Residency Visa
Nicaragua Pensionado and Rentista Visas
Panama Rentista Retirado Visa
Paraguay Permanent Residency Program
Portugal D7 Visa
Spain Non-Lucrative Visa
Uruguay Independent Means Visa
Programs that offer residence permits within months to those who physically relocate to start and/or run a business. Startup and entrepreneur visas fall under this category.
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