Every country has a tax system of its own that all its residents/official citizens have to adhere to where tax slabs differ everywhere depending on the size and economy of the nation but this one is going to be a little different.
Today we’re going to talk about an important country that isn’t brought up in conversations very much that many people don’t even know exists so we are going to bring out an excellent point regarding its tax system.
For starters, Andorra is found between Spain and France and is perhaps the smallest of all European countries and is not even part of the European Union but nonetheless continues to enjoy many privileges that even some of its member countries don’t and for good reason.
For the unawares, Andorra being the smallest country doesn’t float the boat of many people that are not aware of its amazing double taxation agreement where the citizens of the country don’t have to pay double taxes on a single income in a fiscal year.
Its capital city, Andorra la Vella, has massive infrastructures and business projects that many investors like to capitalize upon along with many people across the globe that has heard about it.
Being bordered by Spain and France on either side, it allows the Spanish and French citizens to search for business opportunities where they amass a small fortune for which a big reason is residencia fiscal Andorra.
It won’t be an exaggeration to call Andorra a tax haven because there was a time when no taxes were pad in the country but ever since the double taxation agreement came out in 2018, things have changed completely.
Andorra disappeared from all OECD blacklists so there is no institution in Europe that can consider Andorra a tax haven, which many people continue to do so but thankfully it has brought stability to the taxation agreement.