It is misleading to describe Andorra as 'offshore', not because it is landlocked, which it is, but because it does not particularly set out to offer such classical 'offshore' products as trusts (it doesn't have any), international business companies (ditto) or specialised tax regimes for insurance, banking or investment funds. It doesn't need to, because there isn't any income tax anyway, for individuals or companies, indeed hardly any taxes at all except for customs duties, local property taxes, and corporate registration fees. Insistence on Andorran majority ownership of all business and trading activities is the key factor in understanding the development of the Andorran corporate sector, and accounts for the fact that, successful as Andorra is at attracting private client business for its banking sector, there is very little foreign involvement in financial services. This could be about to change, however, with the introduction of new laws in 2008.
