Concerning the land
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CONDITIONSArticle 7The right to carry out a stimulated activity is given to a stimulated person provided that he: a) Submits the final projects and plans on the stimulated activity not later than six months from the time of application submission and launches the stimulated activity or commences investment to effectuate the activity not later than one year from the date of award of the right in accordance with the provisions of this law. The applicant is obligated to open an account with 25% of the value referred to in article 9 of this law (or the value defined periodically by the Minister of Tourism in any case, except for cases referred to in letter “c” of this law. The amount together with the interest will be refunded if the application is refused. The Ministry of Tourism will confiscate the amount if the successful applicant, for no convincing reason, does not commence the stimulated activity (or the investment for this activity) within the time limits set in the first paragraph. The stimulated person may appeal the confiscation decision with the relevant courts of the Republic of Albania in accordance with the Albanian legislation. The amount together with interest is released against a guarantee that the applicant will commence the stimulated activity (or the investment for the activity) within the established time limit. b) Pledges to ensure directly or indirectly in the first three years of the operation, foreign currency income that amount alls in all at least to 5% of the total investment provided everything goes according to plan. c) Pledges to cover or to attempt to cover 30 per cent of the investment cost through equity and if needed through stockholder loans. d) Accepts to conclude a lease agreement with the Minister of Tourism, nominated by this law as the lawful representative of the owner, for leasing the construction ground together with the immovable property standing on it, for the effectuation of the stimulated activity. The Minister of Tourism may sell the ground to a stimulated person in the circumstances described by the Albanian legislation. e) Accepts to conclude a developmental agreement with the Ministry of Tourism on any other stimulated activity. Article 8Lease agreement referred to in article 7, letter “c” is subject do the following conditions: a) To be concluded for an initial period of 25 years; the lease holder should have the right to renew the agreement for a maximum of three consecutive periods, two for 25 years each and the third period for 24 years. b) To explicitly contain the obligation of the leaseholder to use the leased property only for the stimulated activity agreed on between the sides. This obligation must be transferred to any successor to the leaseholder. c) To a remuneration to be paid by the leaseholder, in foreign convertible currency, the amount of which will not exceed the following percentages of the investment cost: Improved property to be used as: Investment cost Recreation house Other facilities Class A 25 % 20 % Class B 20 % 15 % Class C 15 % 10 % Class A refers to an investment the total value of which in lek and (or) in foreign convertible currency will not exceed 93.000.000 leks. Class B refers to an investment the total value of which in lek and (or) in foreign convertible currency is above 93.000.000 leks but below 485.000.000 leks. Class C refers to an investment the total value of which in lek and (or) in foreign convertible currency will be above 485.000.000 leks. d) Boundaries mentioned in letter “c” of this article have been estimated at the lek exchange rate of the Bank of Albania on the date of entrance into force of this law. They are subject to adjustment according to the prevailing exchange rate and (or) the inflation rate in Albania on the date of application submission. e) In cases of un-improved property, the leaseholder is entitled to reduce the investment amount towards making improvements to the property. But in any case improvements must not account for more than 50% of the applied percentage referred to in letter “c” of this article. f) The remuneration amount will be increased at rates to be agreed by the two sides, provided the leased property incorporates buildings and other facilities that will be used to carry out the stimulated activity. Article 9Fifty per cent of the remuneration calculated in accordance with definitions of article 8, letters “c” and “d” will be paid during the development period. Following the development period, the leaseholder will pay every fiscal year of the initial period and subsequent periods 5 per cent of the amount calculated as defined above. This amount will be adjusted every year as per the inflation rate of the country the currency of which has been designated to clear the remuneration. For periods shorter than one fiscal year, the amount will be calculated proportionally. However, the leaseholder may choose to put down a one time payment of the total amount described at the beginning of this article, instead of paying the annual installments of the rent. Article 10The leaseholder is obligated to maintain and repair the buildings, roads, and other facilities of the activity, the green belts and any other objects during the entire duration of the lease. This obligation is automatically transferred to any successor of the leaseholder. Article 11Upon proposal from the Committee, the Minister of Tourism has the right to modify the boundaries of the investments mentioned in article 8, letter “c”, or the parameters used to estimate the remuneration provided that such modifications do not negatively impact the rights initially granted to the stimulated person. |