In the last year, there has been an increase in passive residences in Andorra. Many people of different nationalities choose the Principality to make the country their habitual residence.
Passive residents are those people who live in the country but do not work in the principality. One of the differences between passive residents and those who have residency because they work in the country is that the latter are entitled to Andorran social security.
Therefore, one of the requirements for passive residence is to have medical, disability and retirement insurance that has coverage in Andorra:
Reimbursement of all medical expenses in the country (CASS rate) + in all centers arranged in Spain by the company.
Total disability coverage and savings policy redeemable over 5 years.
*Minors and those over 60 years of age will only need medical insurance.
In addition to healthcare for passive residents, we have a range of more than 50 products, both in the personal and business sphere, which can complement the needs of all passive residents, beyond meeting the legal requirements demanded by the passive residence permit ( car, home, investment, company , etc.)
In order to apply for passive residence, in accordance with current legislation, the following requirements must be met:
- Minimum investment of €400,000 in the country.
- Live in the country for a minimum of 90 days a year.
- Bail to the Andorran Financial Authority (AFA) for an amount of 50,000 euros. In addition, the holder must also deposit the amount of 10,000 euros for each of the people in his/her care (partner, children, etc.)
- Certificate of criminal record and that it is evidently clean.
- Certificate confirming that you have a home in Andorra (purchase or rental)
- Certificate of medical and disability insurance and retirement.
- Have a medical check-up.
- Demonstrate that your income is higher than 300% of the minimum wage in Andorra and 100% for each of the people in your care (partner, children, etc.)
Finally, once the entire process has been approved and our residency has been validated, it is granted for a period of two years, then renewed for two more years, the next renewal for three years, and the subsequent ones for a period of ten years.