HomeReportsBureau of Economic and Business Affairs2017 Investment Climate Statements...Andorra

# 					2017 Investment Climate Statements: Andorra			

 In this section										/

													Executive Summary											

                -  Executive Summary 
                -  1. Openness To, and Restrictions Upon, Foreign Investment   
                -  2. Bilateral Investment Agreements and Taxation Treaties   
                -  3. Legal Regime   
                -  4. Industrial Policies   
                -  5. Protection of Property Rights   
                -  6. Financial Sector   
                -  7. State-Owned Enterprises   
                -  8. Responsible Business Conduct   
                -  9. Corruption   
                -  10. Political and Security Environment   
                -  11. Labor Policies and Practices   
                -  12. OPIC and Other Investment Insurance Programs   
                -  13. Foreign Direct Investment and Foreign Portfolio Investment Statistics   
                -  14. Contact for More Information   

## Executive Summary

Andorra is an independent principality with a population of over 85,000 and area of 181 square miles situated between France and Spain in the Pyrenees mountains. Although not a member of the European Union, Andorra is part of the EU Customs Union and, due to a monetary agreement with the EU, uses the euro as its national currency. Andorra has become a popular tourist destination, accounting for about 80% of GDP, visited by approximately 8-10 million people each year who are drawn by the winter sports, summer climate, and duty-free shopping. Andorra has also become a wealthy international commercial center because of its integrated banking sector and low taxes. As part of its effort to modernize its economy, Andorra has opened to foreign investment, and engaged in other reforms, such as advancing tax initiatives aimed at supporting a broader infrastructure.

Andorra is actively seeking to attract foreign investment, and to become a center for entrepreneurs, talent, innovation, and knowledge. In doing so, Andorra has fostered an important project with the Massachusetts Institute of Technology (MIT) on innovation and big data, employing Andorra’s unique economy as a test market.

The Andorran economy is undergoing a process of diversification centered largely on the sectors of tourism, trade, property, and finance. To provide incentives for growth and diversification in the economy, the government began sweeping economic reforms in 2006. The Parliament approved three main regulations to complement the first phase of economic openness: the law of Companies (October 2007), the Law of Business Accounting (December 2007), and the Law of Foreign Investment (April 2008 and June 2012). From 2011 to 2015, the Parliament approved direct taxes in the form of a corporate tax, tax on economic activities, tax on income of non-residents, tax on capital gains, savings taxation, and personal income tax. These regulations aim to establish a transparent, modern, and internationally comparable regulatory framework.

The principal objectives of the economic reform are to attract those investment and businesses which can contribute most to Andorra’s economic development, offering greater diversification of the economy, and contributing high added value. Prior to 2008, when the first law on investment was approved, Andorra had limited foreign investment opportunities, mainly due to concerns about the impact of foreign firms on such a small economy. As a consequence, non-citizens were allowed to own no more than 33 percent of a company; only after residing in the country for a minimum of 20 years were foreigners entitled to own 100 percent.

Even today, all employees wishing to work in Andorra must have work permits, which are subject to annual quotas. While foreigners may now own 100% of a trading enterprise or a holding company in Andorra, the establishment of any new company must first be approved by the government. For a foreign resident, the process for obtaining permissions takes up to one month and is automatically approved if there are no objections. An application can be rejected if the proposal is found to threaten the environment, the public order, or the general interests of the principality.

Andorra has per capita income above the European average and above the level of its neighbors, Spain and France. The country has developed a sophisticated infrastructure including a one-of-a-kind micro-fiber-optic network for the entire country that provides universal access to all households and companies. Andorra’s retail tradition is well known around Europe, thanks to more than 1,400 shops and business, the quality of their products, and competitive prices. Products taken out of the Principality are tax-free up to certain limits; the purchaser has to declare those which exceed the allowance.

*Table 1*

							1. Openness To, and Restrictions Upon, Foreign Investment					

**Policies Toward Foreign Direct Investment**

Andorra has established an open framework for foreign investments, allowing non-residents to create companies in the country, open businesses and invest in all kinds of assets.

The Foreign Investment Law came into force in July 2012, completely opening the economy to foreign investors. Since then, foreigners, whether resident or not, may own up to 100 percent of any Andorra-based company. The law also liberalizes restrictions on foreign professionals seeking to work in Andorra. Previously, a foreigner could only begin to practice in Andorra after twenty years of residency. Under the new regulations any Andorran legal resident from a country that has a reciprocal standard can work in Andorra.

**Limits on Foreign Control and Right to Private Ownership and Establishment**

As a result of the changes in the economic framework, the Andorran legal framework is also being adapted to international standards. The most relevant laws passed by Parliament to accompany the economic openness include the law of Companies (October 2007), the Law of Business Accounting (December 2007), and the Law of Foreign Investment (April 2008 and June 2012).

Andorra was removed from the OECD “tax haven list” in 2009 after signing the Paris Declaration formally committing to provide information of certain fiscal matters in the future when the requests are justified, well founded, and comply with OECD principles. From 2011 to 2016, the Parliament also approved direct taxes in the form of a corporate tax, a tax on other economic activities, tax on income of non-residents, tax on capital gains, tax on savings, and a personal income tax. These regulations aim at establishing a transparent, modern and internationally comparable regulatory framework. The tax system has a more advantageous direct tax on business profits relative to the tax policies of neighboring Spain and France, in terms of scope as well as tax rates. The fiscal pressure is approximately 10%, well below the European average.

**Other Investment Policy Reviews**

In the past three years neither the government nor any international organization has conducted an investment policy review, be it the Organization for Economic Cooperation and Development (OECD); World Trade Organization (WTO); or United Nations Conference on Trade and Development (UNCTAD).

**Business Facilitation**

The Government of Andorra has created the Office of Andorran Development and Investment (ADI) in order to provide counseling services, through their “Invest in Andorra” (ACTUA) program (www.actua.ad  ) to both Andorran companies looking to grow and foreign investors wanting to start new businesses in Andorra. The ACTUA Program has been developed in parallel with legal reforms, partnering private and public sectors with the support and participation of all economic agents, to facilitate investments and economic diversification in Andorra.

The ACTUA Program is based on three key pillars:

- Economic diversification through the development of clusters oriented towards the fields of innovation; health and wellness; education and sport.
- Attracting direct foreign investors and supporting national companies throughout their internationalization process.

Supporting entrepreneurs: promoting collaboration between the public and private sectors and giving support to the development of new business initiatives.

The Andorran Companies law establishes two types of companies: Private Limited Liability Company (Societat de Responsabilitat Limitada – SL) which have a minimum capital requirement of 3,000 euros, and Public Liability Company (Societat Anonima -SA) which is normally required for multiple shareholders and has a minimum capital requirement of 60,000 euros.

The business establishment procedures and for share acquisitions or transfers are quite similar to those of other countries, requiring the filling of a simple application form, with the additional unique condition of the presentation of any prior investment authorization. This same procedure is applicable for incorporation, establishment, extension, branching, or other form of business expansion. Once the company name is registered, the foreign investment is established, and the investor is required to deposit the share capital with an Andorran banking entity and proceed to public deed of incorporation before a Notary. The company registration before the Company Registry is automatic.

**Outward Investment**

The Government of Andorra through the program ACTUA assists Andorran companies looking to invest abroad. Similarly, the Andorran Chamber of Commerce provides its expert services to companies searching for business opportunities abroad.

http://www.chamber-commerce.net/dir/23/Andorra-Chamber-of-Commerce–Industry-and-Services-in-Andorra-La-Vella 

							2. Bilateral Investment Agreements and Taxation Treaties					

Andorra has bilateral agreements with France (2003), Spain (2003), and Portugal (2007), although these are not listed as currently in force by the UNCTAD Investment Navigator:

http://investmentpolicyhub.unctad.org/IIA/IiasByCountry#iiaInnerMenu  . No bilateral investment treaty exists between Andorra and the United States.

Since 2009, Andorra has signed bilateral agreements for the exchange of fiscal information upon prior request with 24 countries. All those agreements have been ratified and are in force.

In 2014, Andorra became the 48th signatory to the OECD Declaration on Automatic Exchange of Information in Tax Matters  Declaration that commits countries to end bank secrecy for tax evasion purposes.

Andorra has signed a Non-Double Taxation agreement with France, Spain, Portugal, Luxembourg, Liechtenstein, Malta and United Arab Emirates, and is currently negotiating other such agreements.

							3. Legal Regime					

**Transparency of the Regulatory System**

The government has set out transparent policies and effective laws, with information about policies readily available to the public. The new foreign investment laws have significantly liberalized all economic sectors in Andorra. New, foreign owned businesses have to be approved by the government, and the process can take up to a month. These standards remain untested and are sufficiently broad to allow for arbitrary rejection. Nevertheless, the government is committed to a transparent process. Andorra has begun to relax labor and immigration standards; previously, foreign professionals had to establish 20 years of residency before being eligible to own 100% of their business in Andorra. This restriction has been lifted for nationals coming from countries that have reciprocal standards for Andorran citizens.

Following approval of the new Accounting Law in 2007, individuals carrying out business or professional activities, trading companies, and legal persons or entities with a profit purpose must file financial statements with the administration.

**International Regulatory Considerations**

Although not a member of the European Union (EU), Andorra, as a member of the European Customs Union, is subject to all EU free trade regulations and arrangements with regard to industrial products. Concerning agriculture, the EU allows duty free importation of products originating in Andorra.

Although the government took some steps to become a member of the World Trade Organization (WTO) in 2003, the country is not yet a full member. Andorra currently holds observer status in the WTO.

**Legal System and Judicial Independence**

Andorra has a mixed legal system of civil and customary law with the influence of canon law. The judiciary is independent from the executive branch. The Supreme Court of Justice of Andorra consists of a court president and eight judges, organized into civil, criminal, and administrative chambers; the Constitutional Court consists of four magistrates. The Tribunal of Judges and the Tribunal of the Courts are the lower courts. Regulations and enforcement actions can be appealed in the national court system.

**Laws and Regulations on Foreign Direct Investment**

The Law on Foreign Investment (10/2012) entered into force in 2012, opening the country’s economy by removing the sectorial restrictions provided in the Law on Foreign Investment (2/2008). In this way, Andorra has positioned itself on equal terms with neighboring economies, enabling it to become more competitive for new sectors and enterprises.

ACTUA is the government’s agency responsible for economic promotion and provides relevant laws, rules, procedures, and reporting requirements for investors.

**Competition and Anti-Trust Laws**

The Law on Effective Competence and Consumer Protection (13/2013) protects investors against unfair practices. The Ministry of Economy is responsible for administering anti-trust laws reviews transactions for competition-related concerns (whether domestic or international in nature).

**Expropriation and Compensation**

According to the Law of Expropriation (1993), private property may be expropriated for public purposes, in a non-discriminatory manner, and in accordance with established principles of international law, including prompt, adequate and effective compensation. As far as can be determined, no incidents of expropriation involving the United States have ever occurred in Andorra.

**Dispute Settlement**

Andorran legislation establishes mechanisms to resolve disputes if they arise. The judicial system is open and transparent. The Constitution guarantees an independent judiciary branch which is overseen by a High Council of Justice. The prosecution system allows for successive appeals to higher courts of Justice. The European Court of Justice can hear the final appeal. The judicial process is fair and efficient.

Andorra became a party to the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards in September 2015, meaning that relevant financial awards must be enforced by Andorran courts. Andorra is not a member of the International Center for the Settlement of Investment Disputes (ICSID).

Parties to a dispute can also, through a contract, decide to resolve disputes by means of arbitration of an international organ. Contractual disputes between American individuals or companies and Andorran entities are generally rare, but when they arise these disputes are handled appropriately. There have been no reported cases of U.S. investment disputes.

**Bankruptcy Regulations**

Andorra’s Bankruptcy decree dates back to 1969. Other laws from 2008 and 2014 complement the initial text and protect workers’ rights to salaries as well as monitor the implementation of judicial resolutions. Additionally, Law 8/2015 dictates urgent measures to introduce mechanisms for the recovery and resolution of banking institutions.

							4. Industrial Policies					

**Investment Incentives**

Andorra has long been known for its favorable tax regime which has been used to promote sales of products such as tobacco, alcohol, jewelry, cosmetics, and dairy. In recent years, Andorra has reached agreements with neighboring countries to limit and regulate duty-free sales with a view towards promoting economic integration, though smuggling continues to be an issue. Andorra is a member of the European Customs Union and therefore has no tariffs on EU manufactured goods.

The government through its program ACTUA provides investment incentives based on three key priorities:

- Economic diversification through the development of clusters oriented towards the fields of innovation; health and wellness; education and sport.
- Attracting direct foreign investors and supporting national companies throughout their internationalization process.
- Supporting entrepreneurs: promoting collaboration between the public and private sectors and giving support to the development of new business initiatives.

The ACTUA Tech Foundation was created in 2015, in collaboration with the Media Lab of the Massachusetts Institute of Technology (MIT), with the aim of employing the country as a “living lab” to promote innovation. Andorra, thanks to its size, recent liberalizing legislation, relative affluence, and its 8-10 million visitors per year offers ideal conditions to test this technology.

The Andorran Chamber of Commerce, Industry, and Services of Andorra (www.ccis.ad ) is a public body that aims to promote and strengthen Andorra’s financial and business activity as well as supply services to foreign companies. The Chamber’s activities include the creation of a census of commercial, industrial and service activities; the protection of the general interests of commerce, industry, and services; promoting fair competition, and issuing certificates of origin and other commercial documents.

**Foreign Trade Zones/ Free Ports/ Trade Facilitation**

Although not a full member of the European Union (EU), Andorra, as a member of the European Customs Union, is subject to all EU free trade regulations and arrangements with regard to industrial products. Moreover, the EU allows duty free importations of products acquired by visitors in Andorra in the framework of the franchises covered in the Customs Union Agreement (1990). Concerning agriculture, the EU allows duty free importation of products originating in Andorra. No free trade zones exist in the country.

**Performance and Data Localization Requirements**

All employees wishing to work in Andorra must have work permits. Annual quotas are established by the government for new issues of renewable work permits.

Both domestic and foreign private entities have the right to establish and own business enterprises. Foreigners may now own 100% of a trading enterprise or a non –trading holding company in Andorra. However, the establishment of any new company must first be approved by the government. For a foreign resident, the process for obtaining permissions takes up to one month and is automatically approved if there are no objections. An application can be rejected if the proposal is found to threaten the environment, the public order, or the general interests of the principality. As soon as the foreign investor receives authorization to invest in the country, national laws are applicable just like any other national investor.

The government does not follow a “forced localization” policy.

							5. Protection of Property Rights					

The Constitution guarantees the right to private ownership for citizens and residents. Both domestic and foreign private entities now have the right to establish and own business enterprises.

**Real Property**

Andorran law protects property rights with enforcement carried out at the administrative and judicial levels. Foreign investments for the purchase of property are possible in Andorra, subject to prior authorization. There is a 4% asset transfer tax.

Secured property loans are available through the Andorran banking sector. Mortgage oversight is conducted by the Andorran National Institute of Finance (INAF).

**Intellectual Property Rights**

Andorra has been a member of the World Intellectual Property Organization (WIPO) since 1994. In 2004, Andorra became party to the Paris Convention, the Bern Convention, as well as the Rome Convention. Although the government took some steps to become a member of the World Trade Organization (WTO) in 2003, the country is not a full member. Andorra holds observer status in the WTO and has yet to ensure compliance with the Agreement on Trade Related Aspect of Intellectual Property Rights (TRIPS).

Protection of intellectual property in Andorra is weak. The legal framework includes the Law on Trademarks of May 1, 1995 and the Law on Patents 26/2014 of October 30. As per copyright, the legal framework includes the Law on Authors’ Rights of June 1999 and Law 23/2011, of December 29, 2011, on the Creation of the Society of Collective Management of Copyright and Neighboring Rights.

In 2012, the Society for the Administration of Authors’ Rights (SDADV) was created for the protection of intellectual property. The main function of the SDADV is to manage the economic rights of copyright holders and neighboring rights and the interests of account holders by a contract of mandated management. Right holders have the opportunity to choose whether or not to participate in this voluntary collective arrangement.

Businesses may seek a trademark at the Andorran Trademarks Office which was established in 1996:

Trademarks Office of the Principality of AndorraMinistry of EconomyEdifici Administratiu del Prat del RullCamí de la Grau s/nAD 500 Andorra La VellaTel. (376) 875 600www.ompa.ad 

Andorra is not listed in USTR’s Special 301 report or in the notorious market report

The World Intellectual Property Organization (WIPO, headquartered in Geneva) oversees an international system of registration. Applicants must designate the countries where they wish to obtain protection. However, this system only applied to U.S. firms with an establishment in a country that is a party of the agreement or the Protocol. For additional information about national laws and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/  .

							6. Financial Sector					

**Capital Markets and Portfolio Investment**

The Andorran financial sector is modern and efficient and is currently the main pillar of the Andorran economy, representing 21 percent of the country’s GDP. Created in 1989 and redefined with more responsibilities in 2003, the Andorran National Institute of Finance (INAF, www.inaf.ad ) regulates all aspects of the integrated financial system promoting and endorsing its correct functioning and stability. The INAF is a public entity with its own legal status, functionally independent from the government. INAF has the power to carry out all necessary actions to ensure the correct development of its supervision and control functions, disciplinary and punitive powers, treasury and public debt management services, financial agency, international relations, advice, and studies.

The Andorran Financial Intelligence Unit (UIF) was created in 2000 as an independent organ which deals with the tasks of promoting and coordinating the prevention of money laundering and the financing of terrorism (www.uif.ad ).

The State Agency for the Resolution of Banking Institutions (AREB) (http://areb.ad/ ) is a public legal institution created by Law 8/2015 to take urgent measures to introduce mechanisms for the recovery and resolution of banking institutions.

**Money and Banking System**

Andorra adopted the use of the Euro in 2002 and in 2011 signed a new Monetary Agreement with the European Union (EU) making the Euro the official currency. Since July 1, 2013, Andorra has had the right to coin Euros. No exchange or capital controls exist.

The Andorra banking system is sound and considered to be the most important part of the financial sector. The Andorran banks offer a variety of services at market rates. No exchange or capital controls exist. The country also has a sizeable and growing market for portfolio investments.

All the Andorran banks are certified as qualified intermediaries by the Internal Revenue Service (IRS) of the United States.

Founded in 1960, the Association of Andorran Banks (ABA) represents all the banks in the Andorran financial sector. Among its tasks and responsibilities are representing and defending interests of its members, watching over the development and competitiveness of Andorran banking at national and international levels, improving sector technical standards, co-operation with public administrations, and promoting professional training, particularly dealing with money laundering prevention. At present, a total of four banking groups, representing all the banks operating in the country, are members of the Association of Andorran Banks (www.aba.ad ). According to the most recent (2015) financial reports published by the ABA, the estimated total combined assets of the four banking groups was 45 billion Euros.

**Foreign Exchange and Remittances**

Andorra adopted the use of the Euro in 2002 and in 2011 signed a new Monetary Agreement with the European Union (EU) making the Euro the official currency. Since 2013, Andorra has the right to coin Euros. There are no limits or restrictions on remittances provided that they correspond to a company’s official earning records.

**Sovereign Wealth Funds**

Andorra has no Sovereign Wealth Fund (SWF).

							7. State-Owned Enterprises					

Andorra has twenty-nine state-owned enterprises (SOEs) associated with health, social services, and energy and telecommunication, which are generally allowed to compete with private enterprises without restriction. The only exception is in the telecommunications industry; since 2015, the government-owned company, Andorra Telecom SAU, has enjoyed a monopoly in handling phone and internet services as well as maintaining the television and radio broadcast infrastructure.

The Andorran public sector is made up of the central Administration and seven local administrations, one for each of the country’s seven parishes. The public sector employs 18.9 percent of Andorra’s workforce, or approximately 6,127 employees.

**Privatization Program**

Andorra has no current plans to privatize any of its SOEs.

							8. Responsible Business Conduct					

In general, there is an increasing interest among the business community in responsible business conduct. Local enterprises follow generally accepted accounting principles and the government has taken some measures to promote responsible business conduct, including Law 35/2008 which establishes a protocol for acknowledging companies that excel in their behavior policies, especially regarding non-discrimination and equal opportunities for men and women.

Over the years, the Andorran banking sector has been consolidating its voluntary responsible business conduct practices, mainly through their foundations. Rather than focus on a due diligence approach to lower risks, as promoted by international guidelines such as the OECD Guidelines for Multinational Enterprises or UN Guidance on Business and Human Rights, the banking sector initiatives reaffirm their commitment to the country through ad hoc projects in a variety of areas like culture, sports, solidarity, education, and the environment.

							9. Corruption					

Andorra’s laws penalize corruption, money laundering, drug trafficking, hostage taking, sale of illegal arms, prostitution, terrorism, and the financing of terrorism. Additional amendments were added in 2008, 2014, 2015 and 2016 to the Criminal Code and the Criminal Procedure Code that modify and introduce money laundering and terrorism financing provisions.

In 1994, Andorra joined the Council of Europe, an institution that oversees the defense of democracy, the rule of law, and human rights. That same year, the Justice Ministers of the Member States decided to fight corruption at the European level after considering that the phenomenon posed a serious threat to the stability of democratic institutions.

In early 2005 Andorra joined the Council of Europe’s Group of States against Corruption (GRECO) and, consequently, the fight against corruption. The government has gradually built its internal regulations and relevant legal instruments, and has undertaken numerous initiatives to improve the State’s response to reprehensible acts and conduct committed internally and internationally.

The government created, within the Ministry of Finance, the Unit for the Prevention and the Fight against Corruption (UPLC) in 2008 to centralize and coordinate actions that might concern local administrations, national bodies, and entities with an international scope. UPLC is in charge of implementing the recommendations made by GRECO in the framework of periodic evaluation reports.

Andorra has not signed the UN Anticorruption Convention or the OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions.

There are explicitly defined rules for the ethical behavior of all participating bodies within the Andorran financial system. The Andorran National Institute of Finance (INAF) has also established rules regarding ethical behavior in the financial system.

The Andorran government has modified and implemented new laws in order to comply with international standards on corruption. The Andorran Financial Intelligence Unit (UIFAND) was created in 2000 under the Law for International Cooperation on Criminal Matter and the Fight against the Laundering of Money or Securities arising from International Crime, as an independent body established to foster and coordinate measures to prevent money laundering and terrorist funding (www.uifand.ad ).

Resources to Report Corruption:

Unitat de Prevenció i Lluita contra la CorrupcióMinisteri de FinancesGovern d’AndorraC. Prat de la creu, 62-64AD500 Andorra la VellaPhone: +376 875 700

							10. Political and Security Environment					

Andorra has not experienced any politically motivated damage to projects or installations, or destruction of private property. There are no nascent insurrections, belligerent neighbors, or other politically motivated activities. The likelihood of widespread civil disturbances is very low. Civil unrest is generally not a problem in Andorra. No anti-American sentiment is evident in the country.

							11. Labor Policies and Practices					

For many years unemployment was non-existent in Andorra; rather, there was a shortage of workers especially during the high tourist seasons. The economic crises, however, has increased the unemployment rate in Andorra. All employees wishing to work in Andorra must have work permits. Annual quotas are established for new issuances of renewable work permits. The tourism sector is the largest labor sector.

The Constitution recognizes workers’ rights to form trade unions to defend their economic and social interests. However, the law does not provide for collective bargaining or the right to strike. Alternative dispute mechanisms such as mediation and arbitration do exist. Despite these rights, union membership is relatively low.

Andorra is not a member of the International Labor Organization (ILO).

There were a total of 39,554 employed workers in Andorra in January 2017. The global financial crisis, however, has adversely affected the employment rates in Andorra; as of March 2017, 542 people were receiving unemployment benefits. As of January 2017, the national minimum wage is 5.72 euros (roughly US $5.27) per hour and 991.47 euros (roughly US $914) per month.

							12. OPIC and Other Investment Insurance Programs					

Andorra does not participate in government risk insurance programs such as those offered by the U.S. Overseas Private Investment Corporation (OPIC) or the World Bank’s Multilateral Investment Guarantee Agency (MIGA).

							13. Foreign Direct Investment and Foreign Portfolio Investment Statistics					

Due to foreign investment limitations up until 2012, FDI statistics are too negligible to be available through the U.S. Bureau of Economic Analysis. However, Andorra’s Investment Promotion Agency, ACTUA, has compiled available data on foreign direct investment at: http://www.actua.ad/en/foreign-direct-investment-data-andorra 

*Table 2: Key Macroeconomic Data, U.S. FDI in Host Country/Economy*

Note: Host country statistical source is the annual report from the Office of the National Public Auditor (http://www.fsmopa.fm )*Table 3: Sources and Destination of FDI*

There is no data available from the IMF’s Coordinated Portfolio Investment Survey regarding sources and destination of FDI in Andorra.*Table 4: Sources of Portfolio Investment*

There is no data available from the IMF’s Coordinated Portfolio Investment Survey regarding sources of Portfolio Investment in Andorra.

							14. Contact for More Information					

MGT/POL Officer, Adam Smith smithAL3@state.govPOL/ECON Specialist, Eulalia d’Ortado; ortadoe@state.govUnited States Consulate General Barcelonatel. (34) 93 280 22 27

## View report by:

### On This Page

                    -  Executive Summary 
                    -  1. Openness To, and Restrictions Upon, Foreign Investment   
                    -  2. Bilateral Investment Agreements and Taxation Treaties   
                    -  3. Legal Regime   
                    -  4. Industrial Policies   
                    -  5. Protection of Property Rights   
                    -  6. Financial Sector   
                    -  7. State-Owned Enterprises   
                    -  8. Responsible Business Conduct   
                    -  9. Corruption   
                    -  10. Political and Security Environment   
                    -  11. Labor Policies and Practices   
                    -  12. OPIC and Other Investment Insurance Programs   
                    -  13. Foreign Direct Investment and Foreign Portfolio Investment Statistics   
                    -  14. Contact for More Information   

Tags

AndorraBureau of Economic and Business AffairsBureau of European and Eurasian Affairs

Back to Top

01 / Select a Year

02 / Select Sections	

                  -  Select All Sections 

03 / Select Countries You can add more than one country or area.

                - White House
                - USA.gov
                - Office of the Inspector General
                - Archives
                - Contact Us

follow us
FacebookXInstagramYouTubeFlickrGovDelivery

              - Privacy Policy
              - Accessibility Statement
              - Copyright Information
              - FOIA
              - No FEAR Act

## U.S. Department *of* State

#### The Lessons of 1989: Freedom and Our Future