Law on Residence Permit for Businessmen Gets Parliament’s OK

Law on Residence Permit for Businessmen Gets Parliament’s OK

TIRANA, July 15

The new draft law on residence permit criteria for foreigners was adopted by the Albanian Parliament during Thursday’s session. The draft law that consists of tough criteria for obtaining a temporary residence permit for foreign businessmen that invest in Albania passed in a 74-0 vote. According to the draft-law, a foreign businessman may obtain the permanent residence permit in Albania only if he has made an investment with a minimal value of Euro 2 million and created at least 100 new job places. According to the existing law, the required investment amount was Euro 1 million while the number of new jobs is ten.
Moreover, the lawmakers adopted the changes to the law ‘On social housing programs’. This law is expected to provide a final solution to over 400 families that were displaced from their houses after the construction of Bovilla water supply plant in 1994.
Further on, the Parliament ratified the Paris Agreement on Climate Change, which aims at reducing greenhouse gas emissions by 11.5 percent for the period 2020-2030.
Another decision adopted on Thursday foresees an accelerated scrutinizing procedure for the agreement signed between the Albanian state and a British company on planning, building and operating the Port of Karpen, Durres area.

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