Andorra’s head of government, James Bartumeu, welcomed French Budget Minister, Eric Woerth, on September 22 to Andorra to sign an agreement to allow for the exchange of tax information between the two countries.
The agreement is Andorra’s fifth in five days, having signed agreements with Austria, Monaco, Liechtenstein and San Marino. Speaking after concluding the agreement, Woerth acknowledged Andorra’s commitment to transparency and information exchange, and noted that it has reinforced the jurisdiction’s position as an international financial center.
The French delegation’s visit, Andorra’s government declared, will lead to greater cooperation between the two countries. Welcoming the signing, Woerth presented a letter from the French government expressing the country’s willingness to establish an agreement to avoid double taxation with Andorra, provided Andorra continues its drive towards transparency and information exchange.
According to Bartumeu the agreements involve only a partial lifting of banking secrecy, noting that tax information need only be exchanged when there is solid evidence of the perpetration of a tax crime, and not in so-called "fishing expeditions" and not on a retrospective basis.
James Bartumeu added that Andorra has reached an agreement to exchange tax information with Belgium, and is currently negotiating texts with Spain and the Netherlands. Andorra is also in discussions with the United Kingdom, Germany, Denmark, Iceland, Norway, Finland, Sweden, Australia, and Argentina.
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