ALBANIA Trends and Developments Contributed by: Arlind Ahmetaj and Nikol Halimi, Halimi Ahmetaj Law and Tax
Foreign Investments in Albania: Legal Risks in Private Partnerships and Strategic Concessions – Lessons From the Zvërnec Project and Vlora International Airport For years, Albania has promoted a narrative of open - ness to foreign direct investment, particularly in the tourism, infrastructure, and energy sectors. Succes - sive governments have frequently highlighted judi - cial reform, anticipated European integration, and the ambition to attract strategic capital. However, two high-profile cases – the luxury tourism project in Zvërnec (valued by the government at USD4 billion) and the Vlora International Airport concession (valued at over EUR104.3 million) – demonstrate that foreign investors still face serious legal, institutional, and political risks (Shqiptarja.com, 7 June 2026; Ministry of Finance, 2025). Although different in structure, these two cases reveal systemic weaknesses regarding the protection of property rights, judicial predictability, contractual sta - bility, and the practical application of the principle of good faith (bona fides). They are not merely isolated disputes but symptoms of a reality where legal cer - tainty remains fragile and where the state often fails to protect legitimate investors – sometimes deliberately, and at other times due to negligence. Complex investments with private partners: the case of the Zvërnec project and “Flamingo Revolution” The Zvërnec project , a luxury tourism venture by several foreign companies in the Narta Lagoon area, valued by the government at USD4 billion, took an unexpected turn after private security guards clashed with a group of citizens raising concerns regarding property ownership and environmental impact (Reu - ters, 11 June 2026). The confrontation was broadcast live via cameras and social media, quickly becom - ing the focal point of the largest environmental and anti-government protest in Albania in recent decades, known as the “ Flamingo Revolution ” (Reuters, 8 June 2026). The project involved foreign capital and prominent international names, including ties to Jared Kush - ner’s Affinity Partners and investors from Qatar. Affin - ity Partners denied involvement in Zvërnec , stating
instead that they are involved in the Sazan project – where the land is state-owned – and are collaborat - ing with the government on that initiative (CNBC, 22 June 2026). According to business registry records consulted at the time of writing, the foreign investors are brothers of Syrian origin based in Qatar. The situation soon became more complicated for the investors. Significant tracts of land in Zvërnec had been acquired through various transactions; they had signed purchase agreements for over 200 hectares with sellers in Albania who had provided state-guar - anteed property titles valued at over USD300 million. They were unaware that the property titles held by some of the sellers had been under investigation for months by the Special Structure Against Corruption and Organized Crime (SPAK) and turned out to be disputed or subject to ongoing inquiries (Reuters, 11 July 2026). SPAK blocked USD198 million in investor funds destined for the sellers at a commercial bank. That same day, the Prime Minister came to the investors’ defence, describing the freezing of their funds as a major mistake (Ora News, 2 June 2026). Later that evening, SPAK and the Special Court revised the deci - sion, opting instead to seize the account of one of the sellers – containing approximately EUR128.3 million – while the government issued property ownership cer - tificates to the foreign investors, the buyers (CNA, 12 June 2026). Meanwhile, the government is reviewing the necessary permits for the project, which it values at EUR4 billion. The story of the foreign investors remains complex. SPAK suspects that the sellers may be implicated in what is known in Albania as the Aruba case – an investigation into large-scale money laundering linked to drug trafficking, involving individuals with notori - ous criminal records and high-ranking officials whose identities have not yet been disclosed to the media (Balkan Insight, 17 June 2026). While the buyers aim to invest USD4 billion in these properties, USD128.3 million in funds due to the sellers remains frozen. Foreign investors in such projects typically rely on local partners or intermediaries to secure land and permits. Although they conducted due diligence
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