Automatic exchange of tax information agreement with the European Union
On February 12, 2016 Andorra signed with the EU the agreement on automatic exchange of information. This agreement renews and modifies the one signed in 2004 on savings taxation to adapt it to the advances made within the EU and the OECD in tax matters.
The agreement entered into force on January 1, 2017 and the first exchange of information took place in September 2018 based on 2017 data, in line with the new global standards for the automatic exchange of information with the international regulations of the OECD and the G20.
From this agreement, and once ratified by all parties, the EU member states and Andorra exchange the information of insurance accounts of their respective residents. The first exchange was carried out with 41 countries.
Although Andorra is not a member state of the European Union, the signing of this agreement and the development of its own legislation that will allow the introduction of automatic exchange with 95 jurisdictions underscores the commitment of the Principality of Andorra to transparency and international cooperation, also in tax matters.