The Andorran Government approves draft law on foreign investments

14.03.2012

On the 13th of February, 2012, the managing partner of «Honest and Bright Ltd» held a meeting with representatives of one of the largest banks in Andorra where they discussed the draft law on foreign investments.

The Cabinet of Andorra approved 02/29/12 the bill for foreign investment on its meeting.

Minister of Finance and Public Service George Sinca, and Minister of Economy George Alkobe said on a press conference: "The situation with economy of Andorra is able to compete with economies in transition neighbors, as well as an attractive place to attract new businesses and development of key industries".

The bill passes in review a number of objective factors to estimate the investment model and training, issues of cost of investment products, possible ways to expand plans to increase foreign investment and raising the investment level of Andorra's nearest "neighbors". The bill establishes restrictions on foreign investment in certain industries the right to exclude the possible influence of foreign investors on government policies. The bill also deals with the reform of property rights acquired in obtaining temporary right of residence in the Principality. The bill provides for the abolition of restrictions on foreign individuals for investment in real estate. It is also expected to reduce the time limit for consideration of applications for foreign investment, from one month to fifteen days. 

Expert’s opinion

"Andorra has shown itself over the last year as the country with a stable economy and a relatively low crime rate. Therefore, it is time to declare itself as an alternative site for the preservation of capital to invest in different forms of ownership. At present, Andorra is ready to compete with many countries and the last step to achieve the objectives is precisely the adoption of this bill".

On the basis: www.govern.ad

Irina Andrianova ( leading lawyer of the Department of legal support and banking consulting company Honest & Bright)