Albania to Postpone CBI Plans Pending Outcome of EU Court Case Against Malta

Albania has decided to delay its plans to introduce a citizenship by investment (CBI) program, pending the outcome of a case against Malta currently being heard by the European Court of Justice (ECJ).

The decision was announced by Albanian Prime Minister Edi Rama, who explained that the country would hold off on its CBI plans until the ECJ makes a ruling on the legality of Malta’s program. Rama emphasized that Albania is committed to joining the European Union and wants to ensure that its policies are in line with EU regulations.

The case against Malta centers on allegations that the country’s CBI program violates EU law by granting citizenship to individuals without requiring them to have a genuine link to Malta. The program, which has been in place since 2014, has been criticized by some EU officials as being a way for wealthy individuals to buy EU citizenship without actually residing in the country or contributing to its economy.

Albania had previously announced its intention to launch a CBI program in 2021, with the aim of attracting foreign investment and boosting the country’s economy. However, the decision to delay these plans demonstrates a commitment to ensuring that any program introduced is in line with EU regulations and avoids the legal challenges currently being faced by Malta.

The delay is likely to disappoint investors and potential applicants who were interested in Albania’s CBI program. However, the government’s decision to wait for the outcome of the ECJ case shows that it is taking the issue seriously and is committed to developing a program that is both legally sound and beneficial to the country’s economy.

It remains to be seen how long the delay will last and what form Albania’s CBI program will ultimately take. However, the government’s decision to wait for the outcome of the Malta case is a prudent move that demonstrates a commitment to following EU regulations and protecting the integrity of the citizenship by investment industry.