Andorra is a country which, in 2012, first opened its doors to business immigration opportunities. However, despite low taxation, over the past eight years, the country has not been able to attract a single large foreign investor.
Since the amendment of the Law on Foreign Investments, which allowed foreigners to create companies with 100% participation in Andorra, and after which foreign investors were actively attracted to Andorra, there have been several significant changes that have led the Andorran immigration model to lose its former attractiveness. https://all-andorra.com/living-in-andorra/
Firstly, when registering a company today, a deposit of €15,000 is required at the AFA (Autoritat Financera Andorrana). This amount is refunded only if the business is cancelled. Secondly, a private entrepreneur, having registered his business in Andorra and applying for the residence of Andorra, is obliged to live in the principality for at least 183 days a year. The price of an “admission ticket” for obtaining Andorran resident status without the right to work has also increased. Today it is necessary to invest from €400,000 in the country’s economy (securities) or in real estate on its territory.And since recently the prices on the Andorran real estate market have unreasonably increased, for this amount at today’s prices it is hardly possible to buy a decent two-bedroom apartment not even in the prestigious area. Among the main difficulties in the modern Andorran model of immigration—to open a bank account—the number of applicants who have not passed the compliance procedure is constantly increasing.