Andorra MOF Announces Government Approval to Increase Tax on Foreign Investment in Real Estate

The Andorran Ministry of Finance Feb. 26 announced government approval to amend the regulation on the tax on foreign investment in real estate. The proposed amendments include measures to: 1) increase the tax on the acquisition of a first property to 6 percent from 3 percent, and to 10 percent from 5 percent on the purchase of a second home; 2) eliminate the obligation to submit the tax payment declaration to the Department of Taxation and Borders in cases of exemption, ...