Andorra will automatically Exchange tax information with the EU on 2017

Andorran banks must automatically share tax information with EU countries, as of January 1, 2017, even though the first actual exchange will take place on 2018, according to a law approved by Andorran Parliament on November 30. Esther Puigcercós, director of the Andorran Banks Association, said that with this information exchange of tax information, Andorra ends its road towards transparency.

Up to now, and due to a 2009 agreement, any exchange of information required a specific request from a country. From now on, banks must communicate information regarding its account holders to local authorities and they will send it to the countries with whom have signed information exchange agreements. According to OECD standards, the information exchanged for new accounts is made of the account holder's tax id, name, address, date of birth, income from sales of assets, and the account balance.

For existing accounts, the law differentiates between accounts of more than a million euros and those of less than this amount. For accounts over a million euros, Andorra has until June 30, 2018 for the first automatic exchange regarding account holders. For the rest, the date is June 30, 2019.