On the 12 February Andorra signed the tax information exchange agreement (‘TIEA’) with the European Union. Under the provisions of the TIEA, Andorra will automatically provide information on individuals resident in the EU who hold accounts in Andorra.
The details provided by Andorra will be the individual’s name, address, the tax information number and date of birth. In 2018 the account balance and other financial information will also be provided.
The EU will provide the same information to Andorra, on Andorran residents holding accounts in the EU.
The TIEA is in accordance with the OECD global standard and ensures that Andorra applies measures that are equivalent to those measures in force elsewhere in the EU as part of the EU wide and global move toward the exchange of information.
After the signing of the agreement, Pierre Moscovici, the EU Commissioner for Economic and Financial Affairs, Taxation and Customs, said: "Today's agreement will throw a powerful spotlight on those who try to escape taxation by hiding their money abroad. It also introduces a new level of openness and cooperation between Andorra and the EU in taxation. I warmly congratulate Andorra on the important step it has taken today."