A picture of the “Doris Yachts and Marina” project.
Albania does not abandon its plan to grant citizenship to foreigners who invest in the marina project that the United Arab Emirates will build in Durres. With the risk of jeopardizing the liberalization of visas for the Schengen area
(Originally posted by Balkan Korean on December 15, 2022)
According to thelatest report Under the European Commission, Albania should refrain from implementing the “Golden Passport” program, also known as the “Investor Citizenship Scheme” that allows foreign investors to obtain Albanian citizenship in some cases. The Committee warns that continuing the program may jeopardize Albania’s exemption from the Schengen visa regime.
“Despite the concerns expressed by the Committee already in 2019, Albania still has rules foreseeing the possible implementation of the ‘Citizenship by Investment’ system. The Agency for Private Citizenship Programs of Albania has already established a joint working group to conduct a feasibility study for its future implementation in In 2022, the government adopted a decision that provides a legal basis for the Ministry of the Interior to initiate a public-private partnership procedure for the implementation of citizenship,” says the fifth report of the European Commission on the country’s progress in European integration.
However, the report adds, “The introduction of the investment citizenship scheme runs counter to the recommendations in the fourth report under the visa suspension mechanism and the 2021 expansion package. However, the investment citizenship scheme can be used to circumvent short-term EU residence visa procedures and requires a comprehensive risk assessment.” Immigration and security involved in this measure, including possible circumvention of measures to prevent money laundering and terrorism.This is a major concern for the European Union in the context of its visa exemption agreement with Albania.The Committee considers that if such rules pose a greater risk to internal security and order Member States, the visa waiver regime can be suspended.
This recommendation from the European Commission comes at a time when the Abu Dhabi-based company, Eagle Hills, launched the sale of apartments in the futuristic Marina Durres last December 8. Albanian Journal screens He highlighted how a special law can grant Albanian citizenship to foreign investors interested in this project.
Nothing new. In the framework agreement between the Albanian government, Eagle Hills Real Estate Development Consortium, Alban Seaports Development Company and Nshmi Development LLC for the strategic investment project Durrës Yachts & Marina, it expressly states that “Foreign investors have the right to request citizenship and/or permanent residence in the Republic of Albania on the basis of its purchase From the strategic investor, if the amount purchased meets the specific criteria, conditions and system determined by a decision of the Council of Ministers on the basis of this agreement and in accordance with the standards required by the applicable legislation.
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