Passive residency in Andorra is one of the reasons why you can enjoy your retirement in this beautiful and safe country. Because, in addition, it offers many advantages if you decide to retire in Andorra.
If you have been thinking of coming to live in Andorra for a long time, passive residency is also a great choice. Remember, however, that passive residency is non-profit residence.
What does a non-profit residence mean?
This means that you will only be able to enjoy your retirement or if you are a financially independent person and can live comfortably on your passive income. This passive income can come from your assets or investments.
It is worth mentioning that this is the typical profile of a passive resident in Andorra. The passive residency is distinguished in the economic aspect as far as the residència activa a Andorra.
Benefits of passive or non-profit residence
It grants the right to live in Andorra but without exercising any professional activity. But passive residents can manage their assets from Andorra.
You could also be an administrator of an Andorran company but with the condition that this position is not remunerated for self-employment.
You must live in Andorra for at least 90 days a year, but they must be of effective residency.
Passive / Non-Profit Residency Requirements:
- Make a deposit of € 50,000 to the AFA for the holder, recoverable but not remunerated.
- In addition, make an additional € 10,000 deposit for each person in your charge at the AFA.
Demonstrate that you have sufficient financial means to support yourself and the people in your charge in Andorra without working.
- Be at the disposal of a completely transparent business and personal biography.
- Buy a home in Andorra for a minimum amount of € 400,000 or rent a home in Andorra.
- Have health insurance, disability and old age coverage in Andorra.
- As I mentioned before, reside for a minimum of 90 days a year.
- If you do not buy a home, you will have to make an investment in Andorran assets worth € 400,000.
- Compulsory unpaid deposits in the AFA are deducted from this amount at the following points:
- In participations in the share capital or equity of companies resident in Andorra.
- In financial or debt instruments issued by entities resident in Andorra.
- Real estate located in Andorran territory.
How long does this process take?
Passive or non-profit residency typically takes approximately 4 to 6 weeks to obtain a residency card. Once obtained, the passive resident has a maximum period of 6 months to prove that he has made the investment in Andorra.
What documents do you need to apply for passive residence in Andorra:
- Copy of your Passport: This must be valid. You must present your passport physically or through a certified copy in your home country.
- Criminal record certificate: Submit the criminal record certificate from your current country of residence. But if you were born in a country other than your current country of residence, you will also need a criminal record certificate from your country of birth.
All foreign documents provided must be legalized and affixed with the Hague stamp.