Andorra –The Principality welcomes President Macron

President Macon of France received a warm welcome on his recent visit to the Principality of Andorra of which he is the Co-prince together with the Archbishop of Urgell in neighbouring Spain.

The President praised the natural beauty and environment of Andorra, while nonetheless taking the opportunity to criticise the Principality’s taxation regime, which he described as light, as the taxation imposed on its citizens and companies is lower than elsewhere in Europe. However, the criticism was tempered by the President’s encouragement of Andorra’s continuing modernisation and reforms to the taxation system which recently culminated in the automatic exchange of information.

Though the Principality appeared in the OECD ‘grey list’ of jurisdiction that were considered by the OECD to be tax havens, it was removed in 2010 and subsequently introduced a wave of reforms, which included the progressive introduction of personal and corporate taxation.

On a more positive note, the President encouraged Andorra in its negotiations with the EU to finalise an association agreement to strengthen the economic fabric of the nation, in its continuing move to expand and diversify its economy. He also expressed the wish to continue to improve transport and communications between Andorra and France and rebalance commercial relations between the countries which in recent years has seen Andorra develop a closer commercial relationship with Spain than France.

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Credit Pictures Agence Française de Presse