New Criteria for Investors that Need Permanent Residency in Albania

TIRANA, June 27

Tougher criteria for obtaining a permanent residence permit for foreign businessmen that invest in Albania were adopted by the Albanian government. A draft-law, which proposed changes to the existing Law on Foreigners, was adopted during the last meeting of the Council of Ministers.
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.
Even though the requirements for permanent residence permits for businessmen got tougher, it will be easier for foreign companies that have invested in the country to transfers their staff or workforce in Albania. The time and procedures for obtaining the necessary residence and work permit will be reduced for them.
At the same time, this new draft-law for the first time paves the way for foreign freelance professionals to offer their services in Albania. Those are natural persons that are registered as self-employed out of the territory of Albania, but they own a contract for providing their service in the country.

News Source: TCh