The Passive Residency in Andorra is one of the reasons why you can enjoy your retirement in this beautiful and safe country. Because it also offers a multitude of advantages if you decide to retire in Andorra.
If you have been thinking about coming to live in Andorra for some time, the passive residence is also a great choice. But remember, passive residence is non-profit residence.
What does a non-profit residency mean?
This means that you will only be able to enjoy your retirement or if you are a financially independent person and can live comfortably on your passive income. This passive income can come from your assets or from your investments. It should be said that this is the typical profile of a passive resident in Andorra. Passive residence is distinguished in the economic aspect with respect to the Active Residency in Andorra in 2023.
Benefits of passive or non-profit residence
Grants the right to live in Andorra but without exercising any professional activity. But passive residents can manage their assets from Andorra.
Also, you could be an administrator of an Andorran company but with the condition that this position is not paid for being self-employed.
You must live in Andorra a minimum of 90 days a year, but they must be of effective residency.
Passive / Non-profit Residency Requirements:
- Make a deposit of €50,000 in the AFA for the holder, recoverable but not remunerated.
- In addition, make an additional deposit of €10,000 for each person under your care at the AFA.
- Demonstrate that you have sufficient financial means to support yourself and your dependents in Andorra without working.
- Being at the disposal of a completely transparent business and personal biography.
- Buy a home in Andorra for a minimum amount of €800,000 or rent a home in Andorra.
- Have medical, disability and old age insurance that has coverage in Andorra.
- Indispensable condition, reside a minimum of 90 days a year.
- If you do not buy a home, you must make an investment in Andorran assets for a value of €800,000.
- The mandatory non-remunerated deposits in the AFA are deducted from this amount at the following points:
- In shares in the share capital or own funds of companies resident in Andorra.
- In financial or debt instruments issued by entities resident in Andorra.
- Real estate located in Andorran territory.
- The mandatory non-remunerated deposits in the AFA are deducted from this amount at the following points:
How long does all this process take?
The Passive or non-profit residence normally requires approximately 4 to 6 weeks to obtain the residence card. Once it is obtained, the passive resident has a maximum period of 6 months to demonstrate that they have made the investment in Andorra.
What documents do you need to apply for Passive Residency in Andorra:
- Passport copy: Your passport must be valid. You must present your passport physically or by legalized copy in your country of origin.
- Criminal Record Certificate: Submit the criminal record certificate from your current country of residence. But if you were born in a country other than the one that appears in your current residence, you will also need a criminal record certificate from your country of birth.
IMPORTANT NOTE:
All foreign documents that are provided must be legalized and apostilled with the seal of The Hague.
