How will investments in coastal areas be carried out? - New criteria/ Whoever "injects" over 50 million euros in Albania, receives status
Investors who want to inject more than 50 million euros into the Albanian economy benefit from the special status of "strategic investor", even though the proposed projects are not in one of the strategic sectors defined by the government.
The legal amendments to the strategic investment law have been published in the Official Gazette and will enter into force in mid-March.
According to the law, the Albanian Investment Development Agency (AIDA) conducts cadastral verification in cooperation with central and local government bodies, with the aim of obtaining information regarding real estate properties proposed for development, as well as their current or planned use.
This verification includes, but is not limited to, identifying whether these assets are subject to administrative procedures for property restitution or compensation; subject to a court process for ownership title; subject to administrative legalization procedures; object within the network of protected areas; object with the status of "cultural monument", "historical area" and surface with the status of "archaeological area".
If, after this verification, it results that the project is feasible to implement, the investing entity continues with further procedures for submitting the investment project accompanied by complete supporting legal, technical and financial documentation.”.
The law has also changed regarding the use of seashores, lakes, and rivers as beach resorts, in order to implement a strategic investment project in the field of tourism. Now, the decision that gives the green light to a strategic investment will be made by the Strategic Investment Committee, while previously it was made by the Council of Ministers.
The time limit for allowing use, according to the law, cannot be more than 30 years, while the fee applied for allowing the use of the shores is determined by decision of the municipal council.
In any case, the joy of using the shores of seas, lakes and rivers as beach resorts begins to take effect after the tourist accommodation structure is put into operation. The deadline for applications for investment or strategic investor status, from which many facilities are obtained, has been postponed until December 31, 2026.
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