Benefits of an investor, according to new tourism law

Benefits of an investor, according to new tourism law

The new approved law on tourism was discussed at the parliament since it provides a range of changes for the tourism sector, aiming to transform it into one of the most important economy sectors in the upcoming years.

According to it, a foreign company chosen by the Ministry of Tourism will evaluate, classify and standardize businesses in the tourism sector in Albania, by issuing certificates of evaluation for each business (restaurants, hotels, hostels, guesthouses, ect). Another novelty of this law is the vast support and facilities provided to strategic foreign investors in this sector.

Article number 33 foresees that every real estate owned by the state or the local power becomes a property of the Ministry of Tourism within two months after the area has been declared as “a priority area for the development of tourism”. The Ministry has the right to give this area to a private investor for investments purposes, by applying “Albanian 1 Euro” lease scheme for a period of 99 years. The fifth point at Article number 34 foresees that the Council of Ministers may give a property to a strategic investor if the investment plan for the development of the area is fully implemented (100%).

In both cases, the Ministry of Tourism is the link between the government and strategic investors and plays the monitoring role in the implementation of the signed agreements for different investments in this sector. In other words, the law favors big investors which seek to implement vast touristic resorts and the provision of the state owned land by applying “Albania 1 Euro” scheme is justified by the vast amount of an investment, according to tourism experts.

News source: Scan TV
Photo credits:
Nentor Oseku 

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