Albania to Issue a Residence Permit for Investments
January 12, 2023
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Foreigners can now apply for residence in Albania by investing in the economy of the Balkan country from 10 million leks ($92,430).
Foreigners can now apply for residency by investing in the economy of the Balkan country from 10 million leks ($92,430 at the exchange rate at the time of publication of the news). Together with the residence permit, they can issue a work permit.
Details. The minimum investment amount is determined by a joint instruction of the Ministry of Finance and the Ministry of Internal Affairs, supplementing the recently introduced amendments to the law "On Foreigners".
Initially, it was assumed that applicants would be granted a one-year residence permit and work permit in Albania, but later the authorities increased the validity period of the residence permit and work permit to five years.
What else? Recent amendments to the law "On Foreigners" additionally stipulate immigration benefits for digital nomads engaged in remote work. Foreign pensioners are also among the beneficiaries of legislative innovations. Now they can live in Albania as legal residents by applying for a special pension residence permit. Previously, these citizens were forced to buy housing in the Balkan country. This is no longer necessary, rental real estate will do too.
Realty. The purchase of real estate in Albania is now also considered the basis for granting a residence permit to a foreign buyer who does not belong to any of the above groups (investors, digital nomads, pensioners). It is enough to buy an apartment or cottage of arbitrary value, the living space of which is considered sufficient to accommodate one person (an individual applicant for a residence permit) or several persons (a collective application).
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