EU and Andorra - Automatic Exchange of Tax Information
On 4 November a new Tax Transparency Agreement was finalised between the European Union and the Principality of Andorra.
The Transparency Agreement provides for the automatic exchange of information between Andorra and EU Member States.
The information exchanged will comprise the name, address, date of birth and tax identification number of residents of EU Member States who maintain accounts in Andorra. The information provided will include financial information and account balances held in Andorra by non-residents.
It is intended that the exchange of information will commence in 2018.
The information exchanged is in accordance with the new international standards of the OECD and G20.
It is expected that the Agreement with Andorra will be signed in early 2016 following the signature of similar agreements with Switzerland and Liechtenstein. An agreement has also been initialed with San Marino. It is anticipated that an agreement will be finalised in the near future with Monaco.