Andorra is a candidate to become a member of the IMF

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General view of Andorra la Vella, the capital of the principality of Andorra. PASCAL PAVANI / AFP

A candidacy supposed to help the tiny State of the Pyrenees to give credibility to its financial system known for its very light taxation.

Andorra wishes to become the 190th member of the International Monetary Fund. The information comes from the director of the institution, Kristalina Georgieva, who announced it on her Twitter account.

Today, I am pleased to announce that Andorra has filed an application to become IMF's 190th member! I have conveyed # Andorra's interest to the IMF's Executive Board, which will consider the request in due course. https://t.co/1JpKsd3dFD

Andorra has only 75,000 inhabitants, but that may be its strength. Small and efficient, the principality provides for its needs. Its great asset: very low tax rates. Some therefore consider it a tax haven.

According to the OECD, a country is considered uncooperative in tax matters when it imposes no tax, protects financial information and lacks transparency. Since 2009, Andorra no longer meets these criteria , so it has been removed from the organization's blacklist.

Admittedly, Andorra's tax system is light, with a tax capped at 10% on income over € 40,000 and on companies. The country applies a VAT of 4.5%, which makes it the lowest on the European continent and the property tax is very reasonable.

Nothing illegal, in short. But there is a slight scent of tax haven that the small state would like to get rid of by becoming a member of the IMF. His candidacy must be examined by the institution's Board of Directors before being submitted to the Board of Governors.