Estonia vs Andorra: which jurisdiction wins?

Estonia vs Andorra — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Estonia	Andorra
Tax headline	0% on retained earnings, 20% on distributions	10% corporate, 10% personal
Formation days	1	30
First-year cost	$1,500	$6,500
Treaties	60+	9+
Substance	Real management required for tax residency	Real residency required
Banking	LHV, Swedbank, EMIs (Wise)	Andorran banks (Andbank, Crèdit Andorrà)

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