The principality of the Valleys of Andorra is also known in Western
Europe as Andorra. It is a small landlocked country approximately 181 sq.
miles in size bordered by France and Spain, with Andorra la Vella as its
capital city.The majority of its 84,488(est. 2008) citizens speak
Catalan, while a smaller portion of its population speak French or
Spanish.It has a close proximity to both France and Spain, which makes
their languages the ones most likely to be encountered in the banking
community.Andorra is growing in prosperity everyday as seen by it GDP per
capita of $42,500. This has come about because of its growing prominence
as both a tax haven, and the increase in its popularity as a destination
for tourist.Andorra has a solid infrastructure, with a hydro-electric
industry which supplies over 40% of the country's electricity, making it
less dependent on its neighbors for power.Like a lot of the smaller
counties in Western Europe, Andorra has a parliamentary representative
democratic form of government. It has a co-principality shared by the
President of France and the Bishop of Urgell. The Prime Minister is head
of government and of a pluri-form multi-party system.Its legal system
combines codification used by France and Spain in making and interpreting
laws.The Parliament, also known as the General Council has between 28 and
42 members in its legislative branch, known as Councilors. These
Councilors each serve four-year terms. Half of the Councilors are chosen
through elections by the seven administrative parishes, and the other
half come from a single national constituency. The Councilors elect a
Prime Minister from their ranks.While Andorra has gained recognition as a
tax haven and an offshore banking center, Andorra is a better choice for
sheltering personal income, than it is for businesses looking for
offshore investment opportunities, used to minimize their corporate tax
burden.Individuals can open offshore bank accounts identified by name or
number, and funds can be transferred to the account in any
currency.Andorran banks are known for their efficiency, and have never
defaulted on their depositors, possibly due to the fact that they have
very conservative policies, along with close ties to Swiss banks.While
there are many reasons to invest your money in Andorra, There is one very
good reason for living there: The citizens have the highest life
expectancy in the world, at 85 years.