Last updated: May 2026
Does Andorra have a Golden Visa? Passive residency and real estate investment 2026
Andorra doesn't have a "Golden Visa" program like Spain or Portugal, but it does offer something. more robust and with a lower investment threshold: the passive residencewhich allows you to live legally in the Principality starting from a deposit of €15,000 at INAF (functionally equivalent to the Central Bank) and proof of sufficient income or assets. This guide explains the real difference with European Golden Visas, the exact requirements, and why many investors prefer Andorra to Spain or Portugal for their tax residency.
Key data on passive residence in Andorra (2026)
- Mandatory INAF deposit: €15,000 (first person) + €3,000 per family member
- Minimum income required: 300% of the Andorran minimum wage (~3x the SMI, ~€2,100/month in 2026)
- Minimum presence in Andorra: 90 days/year (vs 183 in active residence)
- Maximum income tax in Andorra: 10% (upper tier, vs 47% in Spain)
- Golden Visa Spain: Minimum real estate investment €500,000 (suspended until 2025)
- Golden Visa Portugal: minimum investment €250,000–€500,000 (renovated 2024)
Source: Govern d'Andorra — INAF / Ministeri d'Interior
What is a Golden Visa and why doesn't Andorra have one?
Golden Visas are residency-by-investment programs that several European countries created to attract foreign capital, usually linked to real estate purchases. The best-known are those of Spain (suspended in 2025), Portugal, Greece, Malta, and Italy. In exchange for investing a minimum amount—typically €250,000–€500,000 in real estate—the investor obtains a residency permit and, eventually, a European passport.
Andorra does not have this program for a structural reason: It does not belong to the EU And it doesn't need to attract foreign capital through visa incentives, since its main appeal is its tax regime. Instead, it offers passive residency—which has a much lower entry threshold and isn't tied to real estate investment.
Comparison: Golden Visa vs Passive Residence in Andorra
| Feature | Golden Visa Spain (suspended) | Golden Visa Portugal | Passive Residence Andorra |
|---|---|---|---|
| Minimum investment | €500,000 (property) | €250,000–€500,000 | €15,000 (INAF deposit) |
| Linked to property | Yes (mandatory) | Yes or funds | No (deposit only) |
| Minimum presence | 7 days/year | 7 days/year | 90 days/year |
| maximum personal income tax rate | 47% (Spain) | 48% (Portugal) | 10% (Andorra) |
| Access to Schengen | Yes (EU) | Yes (EU) | No (Andorra is not in the EU)* |
| Citizenship deadline | 10 years | 5 years | 20 years (naturalization) |
| State 2026 | Suspended | Active (reformed) | Active |
*Andorran residents can enter and move freely within the Schengen area as tourists (90 days in 180), but they do not have the right to work or reside in the EU.
Passive residency in Andorra: complete requirements 2026
- Deposit at INAF€15,000 for the primary resident + €3,000 for each additional family member. This deposit does not generate interest and is refunded upon cancellation of the residency permit. It serves as a "guarantee" ensuring that the resident is not dependent on Andorran public funds.
- Proof of income or assetsAnnual income exceeding 300% of the Andorran minimum wage. In 2026, the monthly minimum wage is approximately €1,371, so it is necessary to demonstrate approximately €4,100/month (€49,200/year) in passive income (dividends, rent, pension, interest) or equivalent assets.
- Private health insuranceFull coverage in Andorra. Passive residents do not automatically have access to CASS (social security). Estimated cost: €150–400/month depending on age and coverage.
- Address in AndorraRental agreement or property deed. There is no obligation to buy—the rental is valid.
- Minimum presence: 90 days/year in Andorra. You don't have to reside for 183 days as with active residency, but you do have to maintain the minimum documented presence.
- Criminal record: certificate of background check from the country of origin and residence for the last 5 years, apostilled.
Can a real estate investor qualify for passive residence?
Yes, and it's one of the most common combinations. An investor who buys a property in Andorra—whose average price in 2025 exceeds €5,000/m² in Andorra la Vella- can:
- Using the property as a residence (requirement for residency)
- Rent out part of the property and use that income as proof of earnings
- Benefit from the revaluation of the Andorran real estate market (+8.31TP3Q in 2024)
- Tax real estate gains in Andorra under the Corporate Income Tax (if a company) or the Andorran Personal Income Tax (max. 10%)
However, unlike the Spanish Golden Visa, buying property in Andorra It is not enough on its own. To obtain residency: you also have to demonstrate minimum income and make the deposit at INAF.
Why might Andorra be better than a Golden Visa?
- Entry threshold 33x lower: €15,000 vs €500,000 of the defunct Spanish Golden Visa
- Maximum IRPF of 10%For high incomes, the tax savings outweigh any structural costs in the first year.
- No wealth taxA net worth of €5 million generates €0 in wealth tax in Andorra (in Spain it could exceed €100,000/year)
- No inheritance tax: transfer of assets between generations without tax cost
- Very high quality of life: index of safety, health, natural environment and relatively low cost for high incomes
The downside: Andorra does not offer access to the EU labor market or EU residency. For those who do not need to work in an EU country and are looking to optimize their tax situation, Andorra offers superior value for money compared to any European Golden Visa..
