List of Banks offshore in Andorra
 

Andorra, officially the Principality of Andorra (Catalan: Principat d'Andorra), also called the Principality of the Valleys of Andorra, is an independent microstate in southwestern Europe, located in the eastern Pyrenees mountains and bordered by Spain and France. It is the sixth smallest nation in Europe having an area of 468 km2 (181 sq mi) and an estimated population of 83,888 in 2009. Its capital is Andorra la Vella. The official language is Catalan, although Spanish, French, and Portuguese are also commonly spoken.

The Principality was formed in 1278, and sovereignty is shared between the President of the French Republic and the Bishop of Urgell, Catalonia, Spain. It is a prosperous country mainly because of its tourism industry, which services an estimated 10.2 million visitors annually, and also because of its status as a tax haven. It is not a member of the European Union, but the euro is the de facto currency. The people of Andorra have the 2nd highest human life expectancy in the world — 82 years at birth.

Tourism, the mainstay of Andorra's tiny, well-to-do economy, accounts for roughly 80% of GDP. An estimated 10.2 million tourists visit annually, attracted by Andorra's duty-free status and by its summer and winter resorts. Andorra's comparative advantage has recently eroded as the economies of adjoining France and Spain have been opened up, providing broader availability of goods and lower tariffs.

The banking sector, with its tax haven status, also contributes substantially to the economy. Agricultural production is limited—only 2% of the land is arable—and most food has to be imported. Some tobacco is grown locally. The principal livestock activity is domestic sheep raising. Manufacturing output consists mainly of cigarettes, cigars, and furniture. Andorra's natural resources include hydroelectric power, mineral water, timber, iron ore, and lead.

Andorra is not a member of the European Union, but enjoys a special relationship with it, such as being treated as an EU member for trade in manufactured goods (no tariffs) and as a non-EU member for agricultural products. Andorra lacks a currency of its own and uses that of its two surrounding nations. Andorra used the French franc and the Spanish peseta until 1999 when both currencies were replaced by the EU's single currency, the euro. Coins and notes of both the franc and the peseta, however, remained legal tender in Andorra until 2002. Andorra is negotiating to issue its own euro coins.

 

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