Passive Residency in Andorra
If you are considering to live in Andorra without actively working the passive residence also called non-lucrative residency might be the best choice. You are enjoying maybe your retirement or are financially independent and living from the return on your investments or assets. This is the typical profile of a passive resident in Andorra.
The passive or non-lucrative residency permits give you the right to live in Andorra without exercising any professional activity. However, a passive resident can manage their own wealth and investments and also could be a director in an Andorran company under the condition that the position is not remunerated with a salary or considered as active employment. The minimum effective residence in Andorra of a passive resident must be 90 days per year.
Specific requirements for the Passive Residency :
- Deposit at the INAF (Andorran National Finance Institute) in the amount of 50.000€, returnable and non-interest-bearing deposit;
- Deposit at the INAF of 10.000€ for each additional dependent (spouse or minor children);
- Proof of sufficient resources for the titleholder and dependents’ living expenses in Andorra;
- Purchasing or renting a housing space in Andorra;
- Medical, disability and retiree insurance with coverage across Andorra (underage and people over 65 years-old only need medical insurance);
- Minimum of 90 days of residence in Andorra per year;
- Investment of 400.000€ in Andorran assets which may be in:
- Real estate property in Andorra;
- Shares in the capital of Andorran resident companies;
- Debt or financial instruments issued by Andorran resident companies;
- The non-remunerated deposits at the INAF are deducted from this amount.
Quick facts - Passive Residency
The passive residence requires about 4 weeks of processing time to get the residence card and you typically have up to 6 months to show proof of the investment made in Andorra.
Summarizing the passive residency:
You have the following profile:
- You are receiving passive income through general wealth management, investments or any type of other passive income
- You have a liquidity of 400.000 EUR to invest in Andorra
- You are not actively working in Andorra
- Have a clean police record
- Spend a minimum of 90 days living in Andorra
- Have your personal residence (rental or property) in Andorra
What documents are needed?
- Criminal Records I. – Your criminal records / police records certificate of your country of residence
- Criminal Records II. – If you were born in a different country than the one of your current residence then we also need your criminal records / police records certificate of your country of birth
- Copy of your passport – Please bring your passport on your first visit to Andorra or have it copied and notarized in your country
- Proof of private insurance coverage in Andorra
- NOTE: – Any foreign documents have to be notarized with an apostille of The Hague