When it comes to working opportunities, Andorra rings a bell to a good few. But the Principality also offers interesting possibilities for people who decide to settle in Andorra without developing any lucrative activity.
We are obviously talking about passive residences, an alternative of guarantees for those who want to buy a flat in Andorra to reside there, but at the same time don’t want to develop any work activity of any kind.
Do people really know how this type of residence works? What requirements must be met? To whom is it addressed? There is hand full of doubts about it, so today we want to tell you about everything you need to know if you are considering the possibility of processing a passive residence in Andorra.
As we advanced, unlike the residence and work permit, a document obtained by the vast majority of new residents in Andorra, passive residence, also called a residence without a job or without lucrative activity, allows, as the name implies, to reside In Andorra without any type of work activity.
Thus, either because the lucrative activity is carried out outside the territory or you dispose of enough assets to back up this residence, anyone who is interested in a passive residence in Andorra can choose between different modalities, according to the needs of each resident.
Regardless of the modality, passive residence is defined as the permit for non-Andorran physical persons that establish their main and effective residence in the Principality during at least 90 days per calendar year without carrying out any work or professional activity.
Requirements to apply for passive residence in Andorra
In order to be able to process a passive residence permit in Andorra, the person interested must invest, in a period of 6 months, an amount of at least 400,000 euros in one or several types of assets.
These can be located in Andorra real estate, shares in the capital or equity of companies’ resident in the Principality, or debt instruments issued by financial institutions or public authorities in the country or resident deposits in unpaid Institute Andorran National Finance (INAF).
In addition, the person in question, in order to finalize the application of his passive residence in Andorra, must pay in cash and deposit to the INAF the amount of 50,000 euros unpaid. If you have people in charge, you will also have to deposit, in case they also acquire a resident without a lucrative activity, an additional 10,000 euros per family member. These amounts will be deducted from the amount referred to in the previous section.
Once the application is accepted, the initial authorization of residence or passive jobless granted for a period of two years. Subsequently, the first renewal is granted for a period of two years, while the second is already done for a period of three years and ten years after that.
Other types of residence in Andorra
Despite having a much more minority demand, Andorra also offers other types of residence permits, which complement the standard residence and work permit and passive residences. Thus, depending on the person interested in residing in Andorra, residency permits are also offered for internationally renowned professionals, for reasons of scientific, cultural and sports interest and for income nursing homes and health care centers or private therapy.
Some of our most outstanding properties in Andorra