New draft law proposed by gov't stipulates abolition of pension tax for foreigners in Albania

Tirana Times
By Tirana Times January 22, 2020 19:32

New draft law proposed by gov't stipulates abolition of pension tax for foreigners in Albania

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  • The government’s initiative comes at a time when Albania is facing massive population immigration towards EU countries.

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TIRANA, Jan. 22 - The Ministry of Diaspora in Albania recently proposed a draft law on the abolition of pension income tax for different categories of foreign citizens living in Albania. The draft law suggests the abolition of the pension income tax for pensioners of EU countries who are currently living in Albania, by obtaining a residence permit. On the other hand, retirees from other countries outside the EU benefit from the tax abolition only by obtaining Albanian citizenship.

Moreover, according to the draft law, Albanian nationals who receive a pension from a foreign country but currently reside in Albania, including immigrants, also benefit from the income tax exemption. 

The government's initiative comes at a time when Albania is facing massive population immigration towards EU countries. Nevertheless, lately Albania has become an attractive place for retirees from several EU countries, especially Italy. Many Italian seniors who receive pensions from their home country come to live in Albania because of the low cost of living in the country.

In addition to the increasing number of Italian citizens, the Ministry of Finance reported that there has also been a lot of interest from the Nordic countries lately. Many seniors from these countries have started to buy properties on the Albanian coast due to the favorable climate and low living costs.

 

Tirana Times
By Tirana Times January 22, 2020 19:32