Think of a tax haven and the images that spring to mind are likely of sun-kissed coastlines studded with skyscrapers and playboys posing in pleasure boats.

Anyone expecting such a scene in Andorra is destined for disappointment. The tiny Catalan-speaking principality, which nestles in the Pyrenees between France and Spain, has a population of just 80,000, no airport and only five modestly sized independent banks, none of which is housed in a skyscraper.