For those who have already invested in an Andorran property the benefits of buying a second home, a rental or investment property or moving altogether are detailed below. For more information contact us and our advisors will discuss your options.
British community living in Andorra: conditions and advantages
There has been an established British community in Andorra for many years. +800 British residents are living in the country, attracted by the lifestyle and easy access to skiing, mountain biking, and cycling, as well as its financial sector; many British residents are also retired.
The Andorran government is taking protective measures in both banking and legal security and in the field of privacy and data protection. Hard or Soft Brexit, your rights are guaranteed.
Andorra is a country with a vested interested in the British entrepreneur with an ever closer collaboration between the UK’s International Trade Ministry and Actua. Andorra encourages innovation offering several growing sectors for British companies, for example the Smart Cities sector.
An outstanding fiscal framework adapted to the British resident
Andorra has one of the lowest tax rates in Europe.
In order to improve its international relations and end its ‘tax haven’ status, Andorra has opted for OECD approval of its tax regulations since 2009, although tax rates remain very competitive. The signing of bilateral agreements to eliminate double taxation further strengthens the system, with a corporation, income and non-resident tax at a maximum of 10% and where the indirect general tax (IGI) is 4.5%. British citizens will also be pleased to know that there is no tax on inheritances or donations.
Andorra has also alleviated its residence and investment laws to make the country more attractive to foreign investors. According to international consultant Bradley Hackford, in 2017 it was considered the second most attractive fiscal country in the world for investors.
The volume of foreign investment has grown 268% to 3.8% GDP since the new regulations for the opening of FDI in 2012 were approved, higher than the average in neighbouring countries.
An association agreement with the EU is currently being negotiated that will provide British citizens access to the European internal market and its more than 500 million consumers.
No-Deal Brexit, Hard Brexit, Soft Brexit…its uncertainty is being felt on both sides of the English Channel. While the UK’s future relationship with the EU is being discussed, we can suggest a solution completely isolated from both sides. For those looking for a nation with a soft taxation framework and an inspiring mountainous destination, we suggest The Principality of Andorra; where you can benefit from passive citizenship and a maximum tax cap of 10%.
Enter PRINCIPALITY OF ANDORRA.
The perfect destination for British citizens
Andorra is politically and socially a stable country with an extraordinary standard of living, the Principality of Andorra is a popular destinations for British citizens. Here’s why:
- Favourable tax and tax legislation, open to foreign investment.
- High solvency of the Andorran banking system.
- Nominal GDP per capita higher than the EU average.
- An unbeatable location between France and Spain.
- The official currency is the euro.
- One of the highest incomes per capita in the world.
- The driving forces behind the Andorran economy: mainly the services sector, followed by the financial and the construction sectors.
Quality of life in Andorra
- A safe country with low crime rates.
- Ranks 2nd in terms of highest life expectancy and is 4th in the world in health.
- 3 free educational systems: Andorran, Spanish and French.
- It is also home to the British College of Andorra, which teaches the British National Curriculum.
- 90% of the country is forests and green areas, with three national parks and hundreds of kilometres of ski runs.
- Two ski resorts in Europe’s Top 10 for high quality and low prices.
As we are now well into the summer season many of us will have enjoyed long or short holidays by the sea. Many people desire to buy by the sea for its particular lifestyle, wonderful scenery and exceptional leisure facilities. There is a variety of property in coastal locations. It ranges from coastguard and fisherman’s cottages, new build developments, estuary mansions and converted dockside buildings.
As a result of this differing range of property types living by the sea appeals to a wide range of buyers. Often many coastal properties will be sold to local buyers looking to upsize or downsize within the area. However coastal living also attracts buyers from further afield, particularly those moving from London in search of a complete lifestyle change. Interestingly a significant portion of buyers are aged 50 and over and are buying with cash, which means the coastal markets are less effected by mortgage constraints.
There is clearly a cost attached to coastal living. People buying homes in close proximity to the coast are willing to pay over the odds for the benefits. Property located within 100m of the shoreline costs an average of 13% more than that located up to 1km further inland. However, the premium paid for frontline positions with direct views of the water can be considerably more. The most expensive coastline can be found in the south west of England closely followed by the south east. Surprisingly the area with the greatest premium within the 1km distance is the Welsh coast.
There is no doubt of the many benefits to be had from coastal living and with the now swift links to the capital, it is well within the reach of many.
Be the proud owner of Starwood, the private waterfront estate was home to the late, great, legendary 5-time Oscar Winning Director/Producer Michael Anderson. Some of his most famous movies include Around the World in 80 days, The Dam Busters, Orca, and Logans Run. His daughter is Laurie Holden, actress of The Walking Dead.
I met Michael back in the summer of 2012 August 9th to be exact and I was to be one of the lucky ones to have been invited to his home and be his special guest. What a beautiful day and memory spending it with Michael and his beautiful wife, Adrianne Anderson. Michael was a true gentleman full of class and charisma. We all spent the afternoon by the pool and it was one of my favourite memories that I will always remember and cherish. Michael was 90 at the time and he could walk but had a cane. When I was leaving we were all at the bottom level by the pool. I said my goodbyes, but he insisted to walk me all the way up the stairs to the front door even though he had his cane. I will never forget his true class and character.
His former home is currently on the market for $4,488,000 in Gibsons, British Columbia, Canada, and sits along the beautiful Sunshine Coast waterfront. It’s just a 40-minute ferry ride from the natural and coveted community of West Vancouver, Canada. Fresh air, pristine waters, a private serene setting with spectacular 180 degree Ocean views from all rooms. Imagine waking up to see whales, seals, and eagles. Tie up your boat at high tide or swim in your own private ocean oasis.
There are 4 bedrooms and 4 bathrooms spread across 3 floors. Having been a grand celebrity estate, this house is meant for a multi-generational family holiday. Drive down a private gated driveway with lavish landscaping, split granite walls and lilied ponds to this waterfront jewel in “Soames Point”, Gibsons. The Lower level suite features a sun-drenched pool. Later, tie up your boat at high tide or swim in your own private ocean oasis. Build a second dwelling. Foreshore lease included. No foreign buyer/empty homes tax.
The Sunshine Coast is a safe and beautiful community boasting some of the best outdoor natural activities in all of Canada.
By Holly Wood, Sales Representative, Certified Luxury Homes Marketing Specialist, Sotheby’s International Realty Canada
Summer is in full swing and this is the time when London sees an increase in lettings activity. This increase is due to two reasons. Firstly, with more people traveling to London for the summer months the number of holiday short lets have risen with recent transactions ranging between £5,000 to £25,000 per week from anywhere between 2 weeks to 2 month stays. This trend has been particularly strong from our Middle Eastern clients enjoying of the cooler temperatures and Americans taking advantage of the UKs proximity to Europe. Secondly, this is the time of year when we begin seeing corporate companies relocating their staff to London. We’ve recently had relocations from New York and Turkey, and this is a positive sign that London remains a top destination for professionals. That combined with the student market which coincides with the new academic year starting in September, we’ve seen a steady stream of international students who will pay premium rents to be walking distance to central London universities often paying 6 months to a year upfront and upwards of £1,000 per week!
We’ve taken on +20 new instructions within the last month from penthouses, to multiple units in new build developments and boutique schemes helping with increased demand at this time of year. Since June the increase in quality stock is noticeable. Renters now have better options and there is balance in competitive pricing.