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ANDORRA

Andorra is a micro-state with an income per capita higher than the average value in European Union. The economy is based on tourism, retail sales and finance, which constitutes more than 75% of the GDP. Andorra has been considered as a tax haven, since it offered comparative fiscal advantages, but recently the government has eased the bank secrecy laws under pressure of the other European countries.

 

CYPRUS

Cyprus has an open, free-market, service-based economy with some light manufacturing. Cyprus promotes its geographical location as a "bridge" between East and West, along with its educated English-speaking population, moderate local costs, good airline connections, and telecommunications. Government policies do not significantly interfere with foreign investment. In the following years, Cyprus had managed the problems with its financial system by using strong measures and recovered from the crisis in 2015.