Business news from Ukraine

Business news from Ukraine

Ukrainian Embassy Recommends Postponing Consular Visits Due to Protests in Tirana

The Embassy of Ukraine in Albania has recommended that Ukrainian citizens postpone visits to the consular section in Tirana, if possible, due to the deteriorating security situation caused by mass anti-government protests and clashes between demonstrators and police.

According to the official website of the diplomatic mission, protests are taking place, among other locations, near the Ukrainian Embassy, creating additional risks for visitors.

“Due to the deteriorating security situation during protests in the city of Tirana and near the Embassy of Ukraine in the Republic of Albania, we recommend taking the current security situation into account when planning a visit to the Embassy’s consular section and, if possible, postponing the visit until the situation stabilizes,” the statement said.

At the same time, the diplomatic mission continues to operate as normal. Ukrainians are advised to observe personal safety measures, avoid places of mass gatherings and monitor announcements from local authorities.

The deterioration of the security situation was caused by a new wave of anti-government protests that began on October 13, 2026, and spread across Tirana and other cities in Albania. Students and young people have been at the center of the protest movement, opposing the high cost of education, unsatisfactory learning conditions, difficulties in finding employment and corruption.

The protest movement had been developing over the preceding months. One of the reasons for the mobilization of activists was disputes surrounding a major tourism investment project on the Albanian coast linked to American investor Jared Kushner, the son-in-law of U.S. President Donald Trump. Environmental organizations and local activists opposed development in protected natural areas, while the government views the development of tourism infrastructure as a source of investment and new jobs.

Subsequently, the protesters’ demands expanded. Demonstrators began demanding the resignation of Prime Minister Edi Rama, measures to combat corruption and reform of the education system. Supporters of the opposition Democratic Party also joined the protests.

On October 14–15, the protests escalated into large-scale clashes with law enforcement officers. Demonstrators threw stones, used pyrotechnics and set fire to certain administrative and commercial facilities. Police used tear gas and water cannons.

According to Albanian law enforcement authorities, police officers were injured as a result of the unrest, and damage to government institutions, bank branches and private property was recorded. Some protesters were detained.

Prime Minister Edi Rama rejected demands for his resignation and condemned the violent actions. At the same time, he stated that dialogue was necessary regarding the problems that had caused dissatisfaction among young people.

The escalation of the situation has already affected the operation of government institutions and transport services in the Albanian capital. In particular, a scheduled plenary session of parliament was canceled on October 15 due to security risks.

The diplomatic missions of the United States, Italy, the United Kingdom and other European countries also issued warnings to their citizens. The foreign ministries of Bulgaria and Croatia separately recommended that their citizens avoid central areas of Tirana where demonstrations are taking place.

The most tense situation is observed near Skanderbeg Square, Durrës Street, the Ministry of Education and government buildings. Local authorities warn of possible traffic restrictions, street closures and new demonstrations.

For Ukrainians living in Albania or planning trips to Tirana, this means the need to take into account possible transport restrictions and changes in access to government and consular institutions.

Albania is a parliamentary republic and a candidate for accession to the European Union. Prime Minister Edi Rama’s Socialist Party retained power following the 2025 parliamentary elections. Political tensions are unfolding against the backdrop of negotiations on European integration, reform of state institutions and attraction of foreign investment.

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Montenegro and Albania Included in Forbes List of Best Countries for Retirement

Montenegro and Albania have been included in Forbes’ list of the best overseas destinations for retirement in 2026, according to the Experts Club information and analysis centre.

Forbes published its annual review, The Best Places To Retire Abroad In 2026, on July 31, later updating it on August 5. The publication selected 96 recommended places in 24 countries on five continents, with half of the countries represented located in Europe.

When compiling the list, Forbes took into account the cost of living, the quality and cost of healthcare, taxes, crime levels and political stability, transportation accessibility, the possibility of obtaining long-term residence status, the prevalence of the English language, as well as risks associated with climate change and natural disasters.

At the same time, no ranking from first to 24th place was compiled — the countries are presented in alphabetical order. Therefore, for example, Albania’s position near the beginning of the list does not mean that Forbes recognized it as the best country for retirees.

The list includes Albania, Argentina, Austria, Belize, Canada, Colombia, Costa Rica, Cyprus, France, Greece, Ireland, Italy, Malaysia, Malta, Mauritius, Mexico, Montenegro, Panama, Portugal, Slovenia, Spain, Thailand, Uruguay and Vietnam. Mauritius and Vietnam were included in the annual list for the first time.

In Montenegro, Forbes highlighted Podgorica, Bar, Perast and Tivat. The publication estimates the cost of living in the country at less than half the U.S. average, the level of serious crime as low, and the political situation as stable.

Forbes assesses the quality of healthcare as adequate, although it notes that foreigners with complex medical problems often turn to specialists in Italy or Germany.

A separate advantage of Montenegro is the possibility of obtaining a residence permit through the purchase of real estate. According to the conditions cited by Forbes for American retirees, the path to permanent residence begins with a renewable one-year residence permit, for which it is necessary to confirm pension income of more than $19,000 per year.

At the same time, Forbes draws attention to the risks of wildfires, floods and earthquakes — an especially relevant factor against the backdrop of major fires on the Adriatic coast in the summer of 2026.

In neighboring Albania, Forbes recommends considering Tirana, Durrës, Sarandë and Vlorë.

According to the publication, the cost of living there is approximately half the U.S. level. Among the advantages cited are the Mediterranean climate, the seacoast, a relatively low crime rate and a relatively simple procedure for legalizing residence.

For Americans, it is particularly convenient that they can stay in Albania for up to a year as tourists, which provides enough time to arrange a longer-term status. Forbes states that for retirement immigration, a couple will subsequently need to confirm about $20,000 in annual income from abroad.

Among the traditional European destinations, Forbes retained Portugal, Spain, Italy, France and Greece.

Portugal is assessed as a country where the cost of living is approximately one-third lower than in the United States, with relatively affordable healthcare and a comparatively simple D7 program for financially independent foreigners to reside in the country.

In Spain, expenses, according to Forbes, are approximately 30% lower than in the United States, while healthcare is characterized as high-quality and inexpensive. At the same time, the publication pays particular attention to wildfires, extreme heat and flooding. As a result, some areas, including the Costa del Sol, were removed from the list of specifically recommended locations this year, while in France, Bordeaux was removed.

Vietnam became one of the most affordable destinations: Forbes estimates living expenses at approximately one-quarter of the U.S. level. However, a significant disadvantage is the absence of a dedicated retirement visa, which means foreigners have to use successive 90-day electronic visas.

Mauritius entered the list for the first time thanks to its relatively low cost of living, affordable healthcare and a special permit for foreign retirees. Forbes estimates the cost of living at more than 50% below the U.S. level and states that a couple must confirm about $18,000 in annual retirement income.

Thus, one of the notable results of the list for the Balkans was the inclusion of both Albania and Montenegro, while Serbia was not included in the Forbes 2026 list. At the same time, this does not mean that the publication considered it less suitable for retirees: Forbes compiles an editorial selection rather than a comprehensive comparative ranking of all countries in the world.

The study itself is primarily aimed at US citizens – Forbes compares expenditure with US levels, takes into account tax treaties with the US, Social Security rules and eligibility for Medicare. For citizens of other countries, the financial, tax and immigration conditions may differ significantly.

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Albania Attracted  Record 1.63 Billion Euros in Direct Investment

According to The Serbian Economist, foreign direct investment inflows into Albania rose by 3.4% in 2025 to 1.63 billion euros, up from 1.58 billion euros in 2024, the country’s central bank reported. Amid a decline in FDI in several countries in the region, Albania became one of the few markets in Southeast Europe where foreign investment continued to grow.

The Netherlands was the largest source of investment, contributing 201.9 million euros. Next were Italy with 186.9 million euros and Kosovo with 186.4 million euros. This geographic distribution differs from that of Montenegro, where the largest sources in 2025 were Serbia, Turkey, and Germany.

The main sector for foreign capital in Albania is real estate. In 2025, it attracted 560.9 million euros, or approximately one-third of total FDI. Insurance and financial services ranked second with 291.14 million euros, while wholesale and retail trade ranked third with 161.89 million euros.

The Albanian example demonstrates the same regional trend as Montenegro, but on a larger scale: foreign investors are actively investing in real estate, especially against the backdrop of growing interest in the coast, tourism, relocation, and infrastructure development. For Tirana and coastal cities, this means an increase in construction activity and prices, but at the same time, it exacerbates the issue of housing affordability for the local population.

Until recently, the Albanian market was viewed as peripheral, but now it is competing for capital with Montenegro, Croatia, Greece, and other Southern European destinations. At the same time, the volume of foreign direct investment in Albania already significantly exceeds that of Montenegro: 1.63 billion euros versus 531 million euros in net inflows in Montenegro.

Albania’s strengths lie in the size of its market and growing interest in real estate, tourism, financial services, and trade. Its weakness lies in the high concentration of investment in sectors that do not always ensure rapid productivity growth. As in Montenegro, the key question for long-term development is whether the country will be able to transform interest in real estate and services into more substantial greenfield projects, industry, logistics, and export capacity.

Albania is cementing its position as one of the most dynamic investment markets in the Balkans. But growth driven by real estate creates the same dilemma as in Montenegro: money flows in quickly, but the lasting impact on employment, exports, and productivity depends on whether more complex investment projects follow construction.

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Albania May Double Property Tax for Homeowners

According to The Serbian Economist, Albania’s Ministry of Finance has submitted a draft bill for public discussion that would increase property taxes and revise the system of tax breaks for homeowners.

Under the proposal, the tax on residential real estate could rise from the current 0.05% of the property’s value to 0.1–0.2%. Higher rates are also proposed for commercial properties, with the total tax burden depending on the property category and its intended use.

One of the key changes concerns owners of second and subsequent properties. If the property is not their primary residence, tax exemptions will not apply. Thus, owners of vacation homes, investment apartments, and additional housing will have to pay the full rate.

In effect, the government is attempting to distinguish between social housing and investment real estate. For families who own only one apartment, the tax increase may be partially offset. For owners of multiple properties, the tax burden will rise more significantly.

The reform is particularly important for Albania’s real estate market, where housing prices have risen rapidly in recent years in Tirana, Durres, Vlora, Saranda, and other locations linked to tourism and investment demand. Amid active construction, interest from foreign buyers, and the growth of short-term rentals, the government is seeking to increase local budget revenues and align property taxation more closely with the market value of assets.

Albania is gradually transitioning from the old model of fixed or low taxes to a more modern system where the tax base is tied to the property’s value. This approach is in line with the recommendations of international financial organizations, but it could prove painful for property owners, especially if the cadastral and market valuations of residential properties are revised upward.

For foreign investors, these changes mean that the annual cost of maintaining a second home on the coast or an investment property in Tirana will become somewhat more expensive. That said, even after the increase, the tax burden in Albania will remain relatively moderate compared to many EU countries.

The key question for the market is how exactly the authorities will assess property values and how quickly the new system will be implemented in practice.

The Albanian real estate market remains one of the most dynamic in the Balkans. Growth in tourism, the development of coastal cities, and interest from foreigners are sustaining demand; however, the tax increase could gradually cool speculative purchases and widen the gap between residential housing and investment real estate.

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Albania Becomes 37th “Transport Visa-Free” Country for Ukraine

Ukraine and Albania have signed an agreement on international road transport, which provides for regular freight and passenger transportation, according to Deputy Prime Minister for Recovery and Minister of Community and Territorial Development Oleksiy Kuleba.

“In practice, this means more opportunities for exporting Ukrainian goods, simplifying operations for carriers, developing new transport routes through the countries of Southeast Europe, and improving transport accessibility for citizens of both countries,” Kuleba wrote on Telegram on Tuesday.

According to him, Albania has now become the 37th country with which Ukraine will have “transport visa-free travel.”

It is noted that the ministry is also continuing to work on expanding Ukraine’s international transport links and opening new markets for carriers.

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Albanian environmentalists may block construction of resort linked to Trump family

According to Serbian Economist, a project to build a large resort on the Albanian coast linked to Jared Kushner and Ivanka Trump has faced protests and environmental criticism due to its proximity to protected natural areas inhabited by flamingos, sea turtles, and other species.

The project in question is a tourism development on Albania’s Adriatic coast, in the area of Vlorë, Sazan Island, and the Vjosa-Narta zone. Thousands of Albanian residents took to the streets in Tirana to protest against a resort complex worth approximately EUR 1.4 billion linked to Jared Kushner’s investment firm, Affinity Partners. The project involves the creation of a luxury tourist complex on one of the most valuable stretches of the Albanian coast.

Environmentalists’ main concerns stem from the fact that construction could impact natural areas near the Narta Lagoon and the Vjosa-Narta region, which is considered a critical habitat for migratory birds and other species. Activists point out that the region is home to pink flamingos, seals, and sea turtles, and that large-scale development could damage coastal ecosystems.

BirdLife International stated that work related to the resort threatens one of Europe’s most important coastal habitats. The organization claims that construction and preparatory work could damage areas critical for biodiversity and migratory birds.

The protests have been dubbed the “flamingo revolution” by Albanian and international media. Protesters are using flamingos as a symbol of the protection of the natural area. According to media reports, the protests intensified after fences and construction equipment appeared on part of the site, as well as following reports of clashes between activists and security guards.

Albanian Prime Minister Edi Rama defends the project, stating that it is important for the development of high-end tourism and attracting foreign investment. According to Reuters and AP, authorities view the development as part of a strategy to transform Albania into a more prominent destination for premium tourism on the Adriatic.

Critics, for their part, point to the need for greater transparency, environmental impact assessments, and public debate. At the heart of the controversy are not only flamingos and sea turtles, but also a broader question: can Albania develop luxury tourism without losing natural areas that are themselves part of the country’s tourist appeal?

The project has also taken on a political dimension due to its connection to the family of U.S. President Donald Trump. Jared Kushner is his son-in-law, and Ivanka Trump has publicly supported the idea of developing a tourism project in Albania. At the same time, international media emphasize that this is a private development project linked to Kushner’s investment firm, not a U.S. government project.

For Albania, the conflict surrounding the resort has become a test for its entire model of tourism development. The country is actively promoting the Adriatic and Ionian coasts as an alternative to the more expensive Mediterranean markets, but the growth in investment is increasing pressure on natural areas, infrastructure, and local communities.

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