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Amendments to the Law on Immigration of Latvia
On January 1, 2018, the amendments to the Law on Immigration came into effect, which provide the elimination of exceptions for certain categories of foreigners who did not have to pay a state fee for the first time by repeatedly requesting a temporary residence permit.
New changes in the Immigration Law of Latvia
On March 2, 2017 the new amendments to the Immigration Law of Latvia (hereinafter referred to as  - the Law) came into effect, according to which several new grounds for obtaining a temporary residence permit in Latvia (hereinafter referred to  as –TRP), as well as the conditions for obtaining a TRP on the basis of registration of a representative of a foreign merchant.
Член Торгово-промышленной палаты Латвии Latvijas Tirdzniecības un Rūpniecības Kameras biedrs Member of the Latvian Chamber of Commerce and Industry

About Us

Since its foundation in 1996 the law office “INLAT PLUS” has been one of the most active and leading companies providing legal service in Latvia. The variety of the qualified legal services provided by the company will meet the most demanding requirements of its clients (legal and physical persons).

Contact information

Address of the office:
E-mail:
Brivibas 40-15, LV-1050, Riga, Latvia ip@inlatplus.lv
Phone:
Fax:
(+371) 67505970
(+371) 26403577
(+371) 67505978

Andorra: a good country for opening a bank account and obtaining a residence permit

07.08.2015
In cooperation with our new partners from Andorra a law firm „INLAT PLUS” introduces Andorra – a country which is maybe not so popular yet as Switzerland among those willing to open a bank account or immigrate, still this microstate located in the eastern Pyrenees between France and Spain has a lot of advantages and in some ways is even better than Switzerland.
ANDORRA: ADVANTAGES

- Tax Free Living 
According to external independent surveys, Andorra offers the lowest overall tax rate in the developed world. Income taxes are zero as are corporation taxes. There are no wealth taxes. There is no inheritance tax. Sales taxes are very low at 4%. There is no capital gains tax. There are local property taxes which amount to around 0.05% per annum.
 
- Ease of Residency Application Process
The residency application procedure in Andorra is inexpensive, straightforward and generally quick. Government requirements are relatively minimal. Once the paperwork is completed and lodged with the immigration authorities, applicants can expect a processing time of 6-8 weeks after which they are free to reside within the principality and take advantage of all the benefits of tax free residency. 
 
- Skiing and Mountain Activities
Andorra offers a world-class mountain resort with all the activities associated with this. Activities range from mountaineering to skiing to ice climbing to motor cross to mountain biking. Andorra boasts excellent ski infrastructure having developed considerably in recent years.

- Life Expectancy 
Andorra has one of the world’s highest life expectancy rankings. More than 80% of the country is natural wilderness and it’s well known as a retreat for sufferers of respiratory and bronchial illness. Andorrans live an active, alpine lifestyle and have a healthy cuisine influenced by Spanish, Catalan, French and Portuguese residents; all of which combine to make them one of the healthiest nations in the world.

- Weather and Scenery
Andorra manages to escape the sweltering summers of Spain and while it’s warm and sunny, temperatures in summer rarely venture above the 28-32 degree range. 

- Low Costs of Living
Costs of living in Andorra are not high by European standards despite its fiscal paradise status. There are a wide range of apartments, penthouses or villas and chalets to suit all tastes. Purchasing costs and outgoing expenses are not by any means excessive compared to other European cities.

- Political Stability And Low Crime Rates
Andorra has an ultra low crime rate and no political stability issues. Its small population, mountainous nature and high standard of living mean that locals have very few security issues and the country is extremely clean and safe. 

- High living standard
Andorra has a very low unemployment rate. It has high standard healthcare facilities and a diverse education system with elementary and secondary education available via French, Spanish, Catalan and International schools. It is also one of the safest countries in Europe and the smallest to commute.
 
SETTING UP A COMPANY IN ANDORRA
According to the Andorran legislation, a new company can be founded by a physical person or a legal entity, both resident and non-resident of Andorra.
Types of Companies:
 
There are two main types of limited liability companies:
- Societat Limitada (S.L.)
This type of company is the norm for small family business enterprises with a limited number of shareholders and have a minimum capital requirement of 3.000€.
 
- Societat Anònima (S.A.)
This type of company is normally a requirement for multiple or mass shareholder situations and have a minimum capital requirement of 60.000€. 

Advantages of Andorra Company Registration

The main advantage is a possibility to obtain a residence permit allowing to work in Andorra. The documents for the residency can be submitted immediately after the company has been registered. The immigration authority normally considers the documents within 2 weeks. 
Companies incorporated in Andorra are taxed at a rate ranging from 0 to 10 % maximum:
 
– 0 % on holding companies with interests in foreign companies. Dividends paid to the Andorran holding are not taxed.
– 2 % on international companies trading only overseas.
– 10 % on companies with local operations, service activities and all other standard forms of business activity.
VAT: Andorra’s VAT rate is 4.5%.
 
RESIDENCE PERMITS IN ANDORRA
 
There are two possibilities for obtaining residence permits in Andorra. PASSIVE RESIDENCE (residence permit without work permit) and ACTIVE RESIDENCE (residence permit with work permit). The simplest option is the passive residence "Residència Passiva". 
 
Passive residence permit
 
The main documents which have to be presented with a residence application to the authorities: 
 
- Document proving that you have deposited the security of € 50,000 with the INAF (National Financial Institute) as well as € 10,000 for each dependant;
 
- Originals of the ownership deed or the rental agreement of an Andorran property;
 
- Documents proving that you have disability, health and retirement insurance;
 
- Evidence as shown by securities or bank statements of an annual income of at least € 36,000 plus € 12,000 for each dependant; 
 
- Signed document in which you commit yourself to reside at least 90 days a year in Andorra;
 
- Applicants will be required to invest an additional € 350,000 in Andorra as part of the application process. This investment can be made either in real estate, in an Andorran company, in Andorran government bonds or as an interest-free deposit to the INAF. 
 
Active residence permit
 
The active residence permit has its own rules and is much more restrictive than passive residency. To be granted active residence permit/residence with work permit, an applicant needs an employment contract with an Andorran company or has to form an Andorran company himself. Please contact us and we will send you further information.
 
ACCOUNT OPENING IN ANDORRA
 
There are 5 main local banks in Andorra and no foreign banks at all. All banks are efficient, online, and subject to due diligence and anti-money laundering directives there is no exchange control. It takes minutes to open a bank account here, only the applicant’s passport is required. 
 
Law firm INLAT PLUS in cooperation with our Andorran partners will be eager to offer you a legal support, assist in undergoing a procedure of obtaining a residence permit in Andorra, provide a detailed consultation regarding the account opening and a company formation in Andorra. 
/ Karina Katz, lawyer of the law firm INLAT PLUS /