TIRANA, May 10
All subjects interested in obtaining the special status of investors in four and five-star accommodation facilities have to meet a list of criteria adopted by the Albanian Council of Ministers on Wednesday. The government’s decision defines the eligibility criteria, the investment value, and the application procedures for all interested subjects.
The minimum investment value is set Euro 8 million for four-star hotels and Euro 15 million for five-star hotels. In the meantime, the turnover for the last three fiscal years should be as much as 40 percent of the total investment value.
An investor can apply for the special status for the construction of a 4-star hotel in case he previously invested or is currently managing five licensed accommodation facilities rated with four or five stars.
In the meantime, investors can apply for the special status for the construction of five-star accommodation facilities if he has constructed or manages five licensed accommodation facilities all with a five-star rating.
Another condition defines that the accommodation facilities should be a property of the investor and they have to be present in three countries of the European Union. Otherwise, the investor has should have invested in the construction or management of eight accommodation facilities with a four and five-star rating.
Further on, the decision defines the application fee that is Lek 200,000 for the special status of an investor in 4-star hotels and Lek 300,000 for the special status of an investor in five-star hotels.
Applications are open for Albanian and foreign investors interested in the hospitality industry.
Read the full decision for more details.
Read also: Hotel Industry in Albania Growing Steadily
News Source: PM’s Office
Photo credit: Bougainville Bay