The Law on Albanian Citizenship by Investment Gets Real
January 19, 2022
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The new law is on the list of government projects approval for 2022.
What happened? The long-term discussions about the possibility of granting Albanian citizenship to investors in the economy of the Balkan country have not yet led to a specific law that would regulate such a mechanism.
But it seems that the program has finally become much closer to implementation. The government prepared a list of projects for 2022, which reflects information on the new laws or amendments to existing regulatory legal acts. It provides for the approval of the relevant bill.
Details. The new law supposes to regulate the procedure for obtaining Albanian citizenship by foreigners who invest in strategically essential national projects implemented in the national interest.
The draft law should be ready for consideration in Parliament and voting no later than the fourth quarter of 2022.
Note that the current legislation already allows for obtaining Albanian citizenship by foreigners who have the status of a strategic investor. But the process is not standardized, and there are no clear rules. For example, the deadlines for reviewing applications and other important variables are not specified.
It seems that at the end of 2022 there will be special legal provisions defining the minimum allowable amount of investment and industries, the financing of which will be considered as a support for projects implemented in the national interest.
Current state. At the beginning of 2021, the number of foreigners with an Albanian residence permit reached 13,609, which is 0.8% more than at the beginning of 2019. 64% of the holders of a residence permit are men. From January to December of this year, another 7,661 applicants submitted for residency (7% less than two years ago). According to experts, the negative trend is associated with COVID-19 lockdowns and restrictions on movement.
The main reason for obtaining a residence permit in Albania is employment. In 2020, 47.5% received permits on this basis. Next in popularity is family reunification (24.5%), humanitarian goals (19.7%), study (2%).
In the summer of 2021, the Albanian Parliament approved a law that will simplify the process of applying for a residence permit for immigrants. This made it possible to expand the category of foreigners eligible to obtain a residence permit, including pensioners and digital nomads.
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