Welcome back! Today we interview Araminta’s father, Jock, and talk with him about his decision to move to Andorra to avoid paying taxes in his home country. He talks about the many reasons why he chose Andorra and how all the process developed, giving valuable insights throughout. Enjoy!
We also talk about:
- Inheritance taxes
- Andorra’s tax regime
- Offshore trusts
- Benefits of a multilingual society
- Tax regimes across Europe
- Types of residence in Andorra
’Passive residence’: what it is and why it’s worthwhile
Jock is a Scot from the North of Scotland, has started two businesses from scratch and is currently living in France but actually a ‘passive resident’ in Andorra. He explains how this helped him secure his assets, both in cash and investments, from a high taxation level in the UK. Family reasons also contributed, as Andorra lies between France and Spain, where his wife’s parents lived.
Alternative sources of information
Jock mad his move in 2006, where information on this type of topics wasn’t easily available on the internet, or was missing at all: he makes an interesting excursus of the sources he had available at the time, from books about tax ‘enclaves’ in Europe to local visits and direct contact with people that could give first hand information, magazines and so on.
The process of moving to another country
Moving all your family to another country could be a very daunting task, involving both material and emotional challenges: actually Jock went through the process quite easily, the assets were mostly liquid at the time and it was mostly a matter of transferring from one bank account to the other, and renting a house in Andorra was easy and cheap.