Diaspora seeks a safer business climate - Bialczak: More protection for investors must be guaranteed
The interest of Albanian entrepreneurs in the United States to invest in Albania remains high. However, according to entrepreneur Marsilda Bialczak, many of them see the investment mainly as a property purchase and not as a business start-up, while opening an activity in Albania is accompanied by numerous challenges.
"The majority of entrepreneurs I speak at various events I have done have the same thing, they want to invest. But when we talk about investments, they think of it as if you are buying a property. But buying a property is not an investment, it is like using money, as if its value decreases because there is experience that the value of a property increases, and it preserves the value of money, but I think Albanians want to invest but since most Albanians in America - I am talking about America because that is where I live and I know it best - have become American citizens. Being an American citizen anywhere in the world, and being an American citizen you will be taxed twice, and it makes it a little difficult for an Albanian entrepreneur to open a business in Albania where it will be more complicated than opening a business in the US, there will be greater processes, reporting for taxes to the US government, you can be taxed twice. Although there are ways if you have the right employees, the right specialists. Because there are ways that you can have tax reductions."
According to Bialczak, for Albanians who have obtained American citizenship, investing in Albania becomes more complex due to fiscal reporting procedures and obligations associated with the American tax system.
While he emphasizes that with proper professional advice these difficulties can be managed, the process remains more complicated than opening a business in the US.
"To be honest, Albania is still not open and has no legal protection for entrepreneurs. Because we see that sometimes even to buy property, forged documents emerge. Since there are still no controls for a diaspora population and Albanian entrepreneurs to come, it has become difficult. Because I know many companies that have tried to open and have gone bankrupt, because the system is such that it is not created to protect an entrepreneur who comes from abroad. They see it as "this one has money, and they take advantage instead of creating programs to help them."
According to her, strengthening legal guarantees and institutional support would be important steps to attract more investments from Albanians living abroad.
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