On September 12, 2022, the session of the General Council (parliamentary chamber of the Principality of Andorra) held the political orientation debate, which began with the intervention of the Head of Government, Xavier Espot.
In this intervention, the Andorran president communicated a series of measures aimed, according to Mr. Espot himself, at moving towards a more harmonious and balanced model of the country with resources and a tourism model. Espot himself, to move towards a more harmonious and balanced model of country with resources and a more sustainable and quality tourism model.
In this programmatic context, the Head of Government announced measures to enable the Principality to opt for value-added foreign investor profiles, in areas such as innovation and sustainability.
Specifically, Mr. Espot announced the increase in the amount of economic investment or deposit to be made by the applicants in the passive or self-employed residence who decide to settle in Andorra.
Thus, in the case of passive residents, the necessary investment would increase from 400,000€ to 800,000€ and in the case of self-employed residents, the deposit to be made would increase from 15,000€ to 50,000€.
The Head of Government clarified that limitations will be introduced in the case of investments in real estate in order not to introduce further tension in the housing market.
It was also announced the intention that these announced legal changes should be imminent and approved through the urgency procedure instead of the ordinary legislative procedure.
At the time of writing, there is no record of any legal initiative having been presented in this regard, so we will be ready to follow up on any developments in this regard. If you need more information, please do not hesitate to contact us.