The only thing you can provide is the physical share certificate or some correspondence with your lawyers regarding that ownership. There is no way that is a public info as of now.How do you mean? we supplied a physical document. But they don't accept. needs to be "online". Do you think the "register" will seriously change their website for us?(as they somehow ask for) Don't think thats realistic.
Can you recommend several Spanish banks that open accounts with residence Andorra with no or few fees? I need a Spanish IBAN. Also the list with EMIs for residence Andorra. Thank you!Only 1 bank charges your mentionned sum for incoming SEPA, the others are free. For outcoming, it will be around 30 € for SEPA and 30€ + 0.65% for SWIFT, along those lines. But negotiating is common and some "good clients" obtained as low as 0.1% eventually.
Workaround, typically for smaller amounts, Paysend and Wise can get your money out of the country to the SEPA zone for free or quasi via card payment (one bank in particular set my debit card's limit to 50k /day without a fight). Anyway, lit people bank abroad while keeping the minimum to live inside, for the sake of convenience. I do maintain a list of all foreign banks and EMIs compatible with local residents and the choice is still quite large despite restrictions
Andorra Solutions - Tax advisors, company formation + residency AndorraDo you mind to share which lawyer advised you through PM ? In fact, other friends confirmed me the 2% discounted tax regime was abolished
About the 4% holding regime, almost no juridiction worldwide fit in, Romania at 5% but only matching specific conditions, Barbados at 5.5% but requiring economic substance, Uzbekistan, Turkmenistan, Montenegro, Hungary, not financially interesting (7.5%-9%) to be noticeable.
Andorra is nice overall (there since 10 years)
About local banks, they disregard the SEPA norm fee wise outbound, so it's not economical to get money out of the country. No SEPA Instant. Their risk appetite can be picky. I.e. crypto handling is manageable to some extent but tricky but I was also invited to leave 3 out of the 5 banks for just transfering money to Forex brokers abroad years ago, which were deemed as "bridge accounts", making me a criminal, ah. Instead, as a fix for this blockage, I was proposed to trade through their desk via phone, no terminal, at outrageous 10 fold fees hahaha.
Even commercial traders can be bothered because half the banks target private banking and now with merger & acquisitions, there will soon be left only 3 institutions to serve the country. All in all, you're better off to bank abroad (even in nearby Spain), which is doable but with limited choice since being outside of the EEA zone often closes doors.
There is no legal fundamental right to be granted owbership of at least one local bank account, unlike in France. It remains a privilege. It's your duty to maintain at least one since it's going to be mandatory to function here (for instance, tax refunds cannot happen on foreign accounts, but not only). So watch out, because if they ever decide to kick you out following a mistep judged in their eyes, there is no turning back. If your activities are commonly typical though, there should be no problem if you select the right horse to partner with.
Plane was to keep 1 bank in Andorra as it is an obligation, then a second offshore neo bank for daily stuff. Private and business. Not usre if Paysera business offshore is available for Andorra?Banks and authorities must comply with the SEPA rule and also transfer refunds outside of Andorra.
But the banks in Andorra and everything else are pretty bitchy. I know they charge at least 50€ and more for a SEPA transfer. Incoming SEPA money costs about 12€. Rip off! Do not keep your wealth in Andorra!!
hahaha exaclty!!The only thing you can provide is the physical share certificate or some correspondence with your lawyers regarding that ownership. There is no way that is a public info as of now.
I'd treat that as the "modern-world-way" of saying: No - gtfo - Panama no mas.
https://augelegalfiscal.com/en/the-firm/our-team/This is the other one I contacted, they claim to be lawyers. I'm waiting for their response.Andorra Solutions is not a lawyer but a gestoria or a general advisor without a licenced qualification if you prefer. Anybody can open a gestoria since the activity is not regulated here.
Contact a real lawyer for accure advices > Relació d'advocats
Paysera welcomes customers from Andorra, as well as BBVA or Santander in nearby Spain
Your last frase is interesting, but it says "local residents', you mean Panama company Panama resident?Only 1 bank charges your mentionned sum for incoming SEPA, the others are free. For outcoming, it will be around 30 € for SEPA and 30€ + 0.65% for SWIFT, along those lines. But negotiating is common and some "good clients" obtained as low as 0.1% eventually.
Workaround, typically for smaller amounts, Paysend and Wise can get your money out of the country to the SEPA zone for free or quasi via card payment (one bank in particular set my debit card's limit to 50k /day without a fight). Anyway, lit people bank abroad while keeping the minimum to live inside, for the sake of convenience. I do maintain a list of all foreign banks and EMIs compatible with local residents and the choice is still quite large despite restrictions
The effective general tax rate in Andorra is 10% over the tax profit, but there is a special tax rate for collective investment vehicles, which is 0%. Likewise, there is a special effective tax rate of 2% (this is the result of a deduction over the tax basis) for companies that are: (i) international trading companies; (ii) financial intragroup companies; and (iii) intellectual and industrial property management companies. Nevertheless, these special regimes have been amended or eliminated according to Act 6/2018, amending Act 95/2010 of 29 December, regulating Corporate Income Tax, approved as law on 19 April 2018 by the General Council of Andorra. Notwithstanding, in the case of elimination of the special regimes, they will be gradually reduced until the end of the financial year 2020. The regime for holding companies (subsidiaries of which may be either resident or nonresident) is still very attractive, since the tax rate for profits distributed by subsidiaries in the form of dividends, or capital gains arising from the sale of shares of foreign subsidiaries, is 0%. Nevertheless, the new law establishes that non-resident subsidiaries must be subject to a tax rate of at least 40% of the Andorran corporate tax rate or must be resident in a country which has a Double Tax Treaty with Andorra.
mAzzy, hope you laugh about this one.For reference
The list is much longer with banks that rejected, I now end the topic now with only banks that work. Hope it helped you.That's a great list of services that accept your business. Thank you for updating this thread that frequently.
These are no banks but Financial Institutions - they are limited in there options of receiving funds in the name of the company and - depending on how desperate they are - charge you everything between a leg and arm or only a leg.hi mAzzy, the other (real) lawyer already confirmed, I posted that little days ago.
I'm in the process now, I'll try to update here in few weeks or months. Let's see, I'm sceptic like you!
More good news:
ARIVAL.com APPROVED our PANAMA company!!!
Expensive bank? yes, not the opening but the rest yes.
https://arival.com/pricing
So after 200 hours of work I can now finally confirm that it is not true what people say that it is impossible to open "bank" account for Panama.
Bankera
Wittix
Arival
Accept Panama. Arival approved for free no costs.
The list is much longer with banks that rejected, I now end the topic now with only banks that work. Hope it helped you.
We now use Transferwise account based on other company in Colombia, with almost the same company name as the Panama company.
Transferwise is super simple and no CRS.
So our clients get an invoice from Panama, with payment details Belgium IBAN. Then when we receive the money we send it to Panama.
Maybe not fully legal but the best method.
My tax lawyer said that as long as invoice is correct and legal, and the money ends in the Panama bank account, the only one who can make a problem is transferwise.
But they can close the account, no more.
There is no tax evasion, and...
Transferwise is no real Bank where you long-term store the money which you have to report to tax-government, u just use it as passthrough.
so no issue with Colombia or Panama government.
hi mAzzy, the other (real) lawyer already confirmed, I posted that little days ago.
I'm in the process now, I'll try to update here in few weeks or months. Let's see, I'm sceptic like you!
More good news:
ARIVAL.com APPROVED our PANAMA company!!!
Expensive bank? yes, not the opening but the rest yes.
https://arival.com/pricing
So after 200 hours of work I can now finally confirm that it is not true what people say that it is impossible to open "bank" account for Panama.
Bankera
Wittix
Arival
Accept Panama. Arival approved for free no costs.
The list is much longer with banks that rejected, I now end the topic now with only banks that work. Hope it helped you.
We now use Transferwise account based on other company in Colombia, with almost the same company name as the Panama company.
Transferwise is super simple and no CRS.
So our clients get an invoice from Panama, with payment details Belgium IBAN. Then when we receive the money we send it to Panama.
Maybe not fully legal but the best method.
My tax lawyer said that as long as invoice is correct and legal, and the money ends in the Panama bank account, the only one who can make a problem is transferwise.
But they can close the account, no more.
There is no tax evasion, and...
Transferwise is no real Bank where you long-term store the money which you have to report to tax-government, u just use it as passthrough.
so no issue with Colombia or Panama government.
Yeah Wise seems the best to receive in the company name, no weird bank names like with Arival, but just the real company name.These are no banks but Financial Institutions - they are limited in there options of receiving funds in the name of the company and - depending on how desperate they are - charge you everything between a leg and arm or only a leg.
Arival is some kind of Mercury.
It's right when people claim it's close to impossible to get a decent reliable retail bank account for a Panama Company.
Agree and even if not, I would not post here in a public forum how you trick TransferWise and with such obvious details, will take them 2 minutes to find your company and close.Transerwise would likely close the account after you start acivity.
there are no bank in bermudaThere is a bank in the Bahamas that will take you, but it needs an introduction.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?