Andorra was considered a tax haven by 10 countries, according to the previous list published in 2015. This week, Bulgaria, removing Andorra from its list of countries with preferential taxation, joined other states such as Belgium, Italy, Estonia and Latvia who did so over the last two years. Therefore, Andorra now only appears on the national lists for Lithuania, Croatia, Poland, Portugal and Greece.
The current DTA ratification occurred this week between Portugal and Andorra also suggesting that the latter will be removed from Portugal’s list as well.
These decisions demonstrate the efforts being made by Andorra in favour of a greater cooperation and transparency in tax matters, along with progress in the consolidation of an internationally recognized tax framework.