Newly established tax haven beckons foreign investment in Europe (AL)

The announcement of a ground-breaking tax free zone being established by the Albanian government around the port city of Durrës marks an exciting new phase for the country, as it beckons more and more foreign investors to look to its shores. The Albanian Ministry of Economy is set to create a 22 hectare economic zone whereby businesses, both home-grown and overseas-founded, will be able to operate without having to pay tax.

In line with this, Santander’s Trade arm has noted Albania as ranking higher than Germany (5.0), the United States (7.0), and Eastern Europe & Central Asia (7.0) in terms of its ‘Index of Transaction Transparency’, with a rating of 8.0, where ‘the greater the index, the more transparent the conditions of transactions’. This indicates that the country has overcome historic concerns and is now striving ahead in economic gains and practices, encouraging FDI and international focus.

• 22 hectare tax-free economic zone established around port of Durrës, Albania, expected to generate millions of Euros in new investment
• Albania ranks higher than Germany, the United States, and Eastern Europe & Central Asia in ‘Index of Transaction Transparency’ (Santander Trade)

The Durres zone will be established for a 35-year period and the move will also create new jobs and positively impact on both the regional and national economy. Paying special attention to logistic services, such as imports and exports, the loading of ships and the processing of products, this pioneering step looks set to open Albania’s doors to growing international interest, further building relations with neighbouring Italy and beyond, ensuring Balkan borders become increasingly transparent within Europe and further afield.

The regional tax haven that will be created by this new move is also a further step in establishing this part of the world as a growing economic powerhouse, as Peter Walshe, Marketing Director of Albania’s first high end resort, Lalzit Bay Resort and Spa, explains,”The founding of the new Durrës tax haven is certainly a very good thing for Albania’s industry in general terms as the city is the long-established gateway to the Balkans for sea-freight and, in turn, international investment. The economic zone will also further play into the notion of the country’s ‘Golden Triangle’ of which Lalzit Bay is a vital part alongside Durrës and the Albanian capital of Tirana.

These three pillars of Albania’s economic miracle are driving the country forward: towards an already emerging bright future of financial strength, economic optimism and hopeful EU ascendancy.”