The Andorra brand: growth and stability
The Andorra brand, the country’s DNA, has many attributes. But today I think we should underscore two of them which, in my view, give the Principality its own undeniable character and uniqueness: the growth seen in recent years (despite the pandemic) and its political and legal stability.
Growth and stability are two essential factors for generating trust in the progress of countries. Andorra’s tireless efforts over the last decade to bring itself in line with international standards, based on an open, diversified economy and with legal certainty—all conducive to business and investments—have certainly borne fruit. Indeed, legal certainty is an asset for investors and companies looking to expand in a stable and predictable environment.
Andorra has adopted a number of measures to foster foreign investment and attract professionals. This includes a competitive tax system appropriate to our size and idiosyncrasies, and a network of international trading agreements that facilitate global trade. Andorra is also an ideal place for professionals seeking a balance between work and quality of life, with excellent public services and a very safe environment for their families.
Moreover, the country’s stable political framework ensures a promising future, with the expected association agreement with the European Union, which is currently under negotiation and we trust will be a step towards Andorra’s future integration into the European single market.
Today, more than ever, Andorra is a country of opportunities. A country with its own limitations that should not jeopardise its future, where, among other aspects, the strong weight of tourism causes some imbalances, especially in the housing market, as occurs in other territories with a strong presence from this economic sector. It is in this context that the temporary suspension of foreign real estate investment, pending a new law adapted to current needs, will help to consolidate a legal framework to curb speculative property investments. This initiative is in addition to the agreement signed by the “Comuns” (local councils) to evaluate and set limits on real estate construction in the country in the medium to long term—one of the most pressing social issues. Andorra’s economic growth is no fluke; the Principality has opened itself up to the world, has managed to rethink and consolidate its financial centre and has strategically established itself as a very attractive global destination for snow sports and competitive skiing. This is not to mention the commitment to other sports for all families to get involved in, including hiking routes, mountain biking or simple walks in the great outdoors.
All the other elements that make up the Andorra brand, such as cultural events, commerce, gastronomy and leisure, have contributed to this growth.
Andorra has come a long way along the path of growth and stability. It is still on an exciting and challenging journey, with a clear roadmap that is continuously evolving and adapting.
Published in Dinero (La Vanguardia) 01.10.23