With few exceptions CEO's of the leading banks in Europe and the U.S. are having to deal with the fallout of the recession - a recession blamed by many on the excesses in recent years of the banking industry.
They are more than aware that much of the blame for the current economic downturn affecting most of the world lies at their doorstep, and the public image of banks and bankers is at its lowest for generations.
How to address this is being implemented now, and with new people at the top of some of the major banking institutions that the new faces will sweep away the current public perception of their industry to a more positive one.
Whether the public who entrust the banks with their money are prepared to listen is another matter. But if they want to look at a country where their counterparts are still seen as an asset rather than potentially dangerous they could do a lot worse than analysing what has happened in Andorra.
While Andorra might be small both geographically and in terms of population, it is well known as a financial centre, and where taxes are low.
Compliance and due diligence ensure that the banks in Andorra are an integrated part of the global financial system, but it's when they are compared for security, liquidity and confidentiality that they stand out from the rest - along with the personal touch and serving the community that other countries are only now trying to emulate.
One of the leading credit rating agencies have ranked Credit Andorra as A- and noted their high solvency compared to the international average. The solvency and liquidity rates are over 17% and 51% respectively. Mortgages for those wanting residency and for buying a property in Andorra are available too.
The public perception of the banks in Andorra is quite different from most of the world as they are and have been for years customer friendly, helpful, offer mortgages for international visitors interested in taking residency in Andorra as well as the local population - and unlike some countries that have effectively nationalised their banks they remain independent.
For the outside investor, interest rates aren't particularly attractive but it's when someone wants residency in a low tax environment that property in Andorra along with residency really adds up to making financial sense.
Typically the kind of person who will be taking this up is someone who has run their own business for a number of years and are in the process of selling it. With some European countries taking up to 60% of the sale price in tax it makes sense for the seller of the business to move to Andorra, where they will pay no tax and be able to keep the money achieved from the sale of their business themselves.
There are both houses and apartments available to buy in Andorra, and the most popular area for those taking residency is the town of La Massana. The town has all the amenities expected, including shops and restaurants.
And the banks in Andorra have branches there too of course, as they do in each town and village.
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