Background Of
Albania

Albania has a rich and diverse history, with periods of domination by different empires and regimes. However, in the mid 20th century, the country found itself under the control of a centralized regime derived from the socialist party, which would last until the year 1990.

Under this regime, the government held absolute control over all aspects of life in Albania. The state controlled and owned all property and resources, and private ownership was not allowed. This resulted in a heavily centralized economy, with little room for innovation or entrepreneurship.

The regime was not without its supporters, however. Many Albanians saw the socialist government as a way to improve their standard of living, particularly in the rural areas where poverty was rife. The regime invested heavily in infrastructure, education, and healthcare, and there were significant improvements in these areas during its tenure.

Despite these improvements, the socialist regime was not without its flaws. The government was accused of corruption, and there were reports of human rights abuses and political oppression. Dissent was not tolerated, and anyone who spoke out against the government was at risk of imprisonment or worse.

However, with the collapse of the Soviet Union in the late 1980s, the tide began to turn against the socialist regimes in Europe. Albania, like many of its neighbors, began to embrace capitalism and free market principles. This was a significant shift, as the country had been under socialist rule for over four decades.

Today, Albania is a candidate for acceptance into the European Union, which would be a significant achievement for the country. While there is still work to be done in terms of economic and political reforms, the fact that Albania is being considered for EU membership is a testament to the progress that has been made since the collapse of the socialist regime.
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Top Nine Reasons for Americans to Invest in Albania

1. Liberal Investment Climate – the Albanian government is eager to increase direct foreign investments, allowing 100% ownership for foreign companies. Albania is committed to developing a stable business climate, implementing reforms, investing in infrastructure, and reducing national debt.

2. Competitive Labor Cost – Albania has one of the most competitive rates of wages in the region, with minimum monthly wages around 250 Euro and average monthly wages under 450 Euros. Requirements are competitive for income and social security tax and overtime pay.

3. Young and Well-Educated Population – 47% of Albania’s population is under 35 years old, with over 120,000 students enrolled at Albanian universities.

4. Competitive Taxation and Incentives – Albania has an innovative tax system compared with most EU countries facilitating online business registration and tax payments. New businesses can be registered online in 24 hours for a small fee (the 1 Euro contract scheme). Albania also provides incentives for sectors such as energy, tourism, agrotourism, manufacturing, agriculture, aquaculture and Technology and Economic Development Areas (TEDA).

5. Optimal Geographic Location – Albania is strategically located within the Balkan region, acts as a bridge between northern and southern Europe, and is connected to European markets through ports along the Adriatic and Ionian seas. Albania boasts three UNESCO World Heritage sites and has 362 kilometers of coastline. The climate is typical for the Mediterranean region with up to 300 sunny days per year.

6. Strong Growth Potential – the Albanian economy is rebounding quickly from the pandemic and offers a wide range of public-private investment opportunities.

7. Free Access to Large Markets – Albania has signed free trade agreements with key markets within the region, offering customs-free access. Albania is a member of the UN, NATO and is a candidate for membership in the EU.

8. Macroeconomic Stability – The macroeconomic situation in Albania is characterized by stable prices and exchange rates and has experienced relatively low inflation of 1% to 3% for more than a decade. The unemployment rate is still high, but moving lower, reaching 11.7% in 2020.

9. English is Widely Spoken – approximately 60% of the younger generation speaks English well with an accent that is easy for Americans to understand. 40% of the population speaks at least one foreign language well, with Italian and Greek also spoken widely.

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Future Assessment

“S&P assesses that Albania’s performance is expected to remain relatively strong throughout its forecast horizon until 2022, and notes that Albania is fiscally ahead of similar Western Balkan countries in the same assessment category.”
-Standard & Poors

“Albania’s economic growth remains strong. The country has benefited from implementing new reforms.”
-The International Monetary Fund

Uniting Old and New

Let me take you on a journey to the heart of Tirana, where a unique building stands tall and proud, symbolizing the harmonious coexistence of old and new. When the property developers identified this prime real estate, they were faced with a perplexing dilemma: a historical building with centuries of stories and memories attached to it stood firmly in the way of their plans.

However, instead of resorting to the common practice of demolishing the old structure to make way for the new, the developers chose to honor the heritage and culture of the Albanian people. They opted to integrate the historical building into their plans and built a new structure around it, creating a fusion of the old and the new that is now a hallmark of modern-day Tirana.

At Tirana Actuarial Consulting, we strongly believe in the spirit and ingenuity of the Albanian people, and we are committed to utilizing their strengths in conjunction with cutting-edge technology and training to create innovative solutions. Our approach mirrors the creative thinking displayed by the developers of this unique building.

We are convinced that this approach is both elegant and practical, and it embodies our philosophy of collaboration and respect for the past. So, if you are seeking a partner who shares your values and has the expertise to help you achieve your goals, look no further than Tirana Actuarial

Consulting. Contact us today, and let us help you turn your vision into reality.
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