Get Albania Residency Through Real Estate Investment
/The Parliament of the Republic of Albania has published a package of amendments to the text of the law on foreigners. The innovation can have a positive impact on the local housing market.
According to the innovation in Article 84, foreign citizens can apply for a residence permit based on the acquisition of real estate in Albania:
A temporary residence permit for the use and disposal of immovable property in the Republic of Albania may be issued to a foreign citizen in accordance with this law and which confirms the ownership of such immovable property in accordance with the current legislation, in respect of which (s)he is the owner at the time of obtaining the residence permit.
The body in charge of migration grants the foreigner a “residence permit for the use of real estate owned” for up to 1 year for the first time with the possibility of renewal every year if the foreigner meets the criteria established by law.
The permit specified in clause 1 may be issued to a foreign citizen who is a co-owner of 1/2 of the immovable property.
The procedures and criteria are determined by a decision of the Council of Ministers.
You can renew a residence permit only five times, and you can apply for citizenship after five years of permanent residence in the country and after passing a language exam.
Previously, it was possible to obtain a residence permit in Albania only on the basis of work, study, etc., and the acquisition of real estate was not a good reason for obtaining residency.
As for the cost of housing, it is quite low, from 30,000 euros.
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Source: parlament.al
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