Recently, there have been discussions and some upheaval in Tirana regarding the proposed construction of a luxury resort. The location of the resort will be Sazan Island, which is a small island located about 7.5 kilometres to the west of a city called Vlora/Vlorë, in the South-West of Albania. The island is known as a place of wildlife, and also has a military base with former nuclear bunkers from the Soviet Era, located near Zvernec.
The project called Sazan Island Resort is worth an estimated €1.4 billion. Negotiations for this project have been entered into since at least 2024, and according to Forbes preliminary approval was given by the Albanian State in 2024, led by Prime Minister Edi Rama following discussions with Jared Kushner (President Trump's son-in-law). (https://www.forbes.com/sites/alisondurkee/2026/06/03/why-jared-kushner-and-ivanka-trumps-albanian-resort-plans-are-under-fire/). In fact, according to estate.com.hr, (https://estate.com.hr/estate_property/sazan-island-resort-albania/) where the property has been listed, it has a price of €1350 million, with property Id no. 20621, last updated on 11 April 2026. The project card cites "strong environmental interest and international investor attention" (see below).
Some of the specifics of the project can be found below, and the vision masterplan describes a projected number of 3197 units, which are most likely to be interpreted as residences/rooms. Some sources estimate that there could be up to 10,000 rooms.
Investment Vehicles and other involved entities
There are three main investing companies involved in this project based on publicly available queries and one as an initiator to the project. These are as follows:
- A Fin Management LLC / Affinity Partners was incorporated on 18 February 2021 in the State of Delaware upon approval by former Secretary of State Jeffrey W. Bullock by Document Number M21000001979, which can be found above . Its registered address is 16690 Sunny Isles Boulevard, STE 901, Sunny Isles Beach FL 33160 (Florida). Source: search.sunbiz.org / Division of Corporations. It has been registered by the Securities and Exchange Commission as an Investment Adviser Firm since 25 August 2021 under the name A Fin Management / Affinity Partners, indicating it is the same entity, with SEC file number #801-122201. (source: https://adviserinfo.sec.gov/firm/summary/315482). Though no direct link is given to the project based on public queries, Affinity Global Development, a trademark owned by A Fin Management, has become active as of November 2024 (source: https://trademarks.justia.com/988/52/affinity-global-98852681.html). This entity is involved in the development of the project according to this article of 24 June 2025 https://www.cei.int/ansa/161947
- Atlantic Incubation Partners LLC was incorporated on 5 April 2023 in Delaware as a Limited Liability Company with Domestic Residency, listed as a General Entity in the State of Delaware under file number 7390750, see above. Source: https://opencorporates.al/documents/dokumenta/1737020563DE%20Register.pdf
Its connection to the project can be established based on investment Decision 23 of 30 December 2024 of the Strategic Investment Committee of the Republic of Albania. See here: https://opencorporates.al/en/nipt/7390750
- Albanian Investment Corporation is an investment corporation on behalf of the Republic of Albania, and has established per Decision 23 of 30/12/2024 that it shall establish a legal entity called "Albanian State Development & Real Estate JSC" (ASDRE), which qualifies as a Joint Stock Company. This one will likely involve Atlantic Incubation's invesment. See the statement on the right. Source: opencorporates.al
- Sazan Real Estate Development LLC, registered in Qatar under QFC number 04031, incorporated on 16 October 2025. References can be found above. Source: opencorporates.al.
The earliest negotiations on this project began in 2024, between the developer Atlantic Incubation Partners LLC and the Albanian state. After the election of Donald Trump in November 2024, preliminary approval was given (source: https://www.forbes.com/sites/alisondurkee/2026/06/03/why-jared-kushner-and-ivanka-trumps-albanian-resort-plans-are-under-fire/). This can be confirmed based by the decision of the Strategic Investment Committee as mentioned above.
Legal
Two laws are relevant with regard to strategic investments in Albania:
- Law no. 55/2015 (active as of 1 January 2016) “For strategic investments in the Republic of Albania” (Source: karanovicpartners.com). The full document can be found next to this text (Source: UNCTAD). The law contains thresholds to receive the status of Strategic Investor following Special Procedure as defined in Article 8 (c):
"In the tourism (tourist structures) industry an investment must be:
i. equal to or higher than EUR 5,000,000 and create at least 80 new jobs for an investor/project to
receive the status "Strategic Investment/Investor, Assisted Procedure"
ii. equal to or higher than EUR 50,000,000 for an investor/project to receive the status "Strategic Investment/Investor, Special Procedure"
The proposed investment exceeds that threshold by far.
- Law no. 7764 from 2 November 1993 (Source: celis.institute)
This law contains provisions for "Special state protection" in Article 1 and permission requirements as in Article 2 (1): "Foreign investments in the Republic of Albania shall not be subject to prior authorization. They are permitted and treated on the basis of conditions no less favorable than those which are recognised to domestic investments under similar conditions, with the exception of land ownership, which is governed by a special law."
Below is an excerpt of this law, covering Articles 2-4 and the specification on "Special State Protection" (https://investmentpolicy.unctad.org/investment-laws/laws/637/albania-law-no-7764-dated-02-11-1993-on-foreign-investments)
Amendments have been made to Article 10 of law 7764 with regard to the screening of Foreign Direct Investments, in line with Regulation (EU) 2019/452 , resulting in law 56/2025 and was published in the Official Gazette no. 124 of 11 July 2025. The following paragraph has been added as noted by Mrs. Karaj (Lalay & Partners), now including Article 10 (2) which says:
"Foreign direct investments related to or affecting critical public infrastructure, critical technology, and dual-use goods, the supply of critical inputs, access to sensitive information or media freedom, as defined by Regulation (EU) 2019/452 of the European Union, shall be subjected to an assessment or screening according to the rules and procedures adopted by a decision of the Council of Ministers."
If the investment meets this criteria and is approved under Article 10.2, it could also comply with EU regulation. This topic has been a source of dispute between the EU and Albania's desired accession. (source: https://www.euronews.com/my-europe/2026/06/15/albania-assures-eu-its-kushner-linked-tourism-project-will-meet-environmental-standards)
Regulation (EU) 2019/452 says the following in recital 10 on criteria for screening:
"Member States that have a screening mechanism in place should provide for the necessary measures, in compliance with Union law, to prevent circumvention of their screening mechanisms and screening decisions. This should cover investments from within the Union by means of artificial arrangements that do not reflect economic reality and circumvent the screening mechanisms and screening decisions, where the investor is ultimately owned or controlled by a natural person or an undertaking of a third country. This is without prejudice to the freedom of establishment and the free movement of capital enshrined in the TFEU."
Approval: Yes or No?
An article by Blerina Gjoka of June 2026 mentions that "Deadlines for the implementation of the project were extended at the end of 2024, while additional benefits were granted to the investor. These include legal amendments allowing special procedures for strategic investors, as well as an obligation for the Ministry of Defence to clear unexploded ordnance from both the island and the surrounding waters." and that the draft decision by Economy Minister Delina Ibrahimaj concerns the transfer of state-owned properties in cadastral zone 3269 (Source: https://www.reporter.al/en/2026/06/06/document-reveals-government-preparing-transfer-of-sazan-island-for-jared-kushner-project/) It means that at least in some capacity, beneficial investor status was given before the legal amendment of July 2025. Interpretations on whether these two events have a causal relationship vary, yet correlation is easier to establish.
Prime Minister Rama emphasised in June 2026 that Sazan Island remains State Property, while the investment is concerned with privately owned property on the island itself (Source: https://rtsh.al/rti/en/pm-rama-sazan-not-for-sale-no-approved-construction-project-in-zvernec/). These two statements seem somewhat at odds with each other. The investment itself qualifies as a Partnership
There are two important documents that highlight the costs-, benefits and risks of this project, discovered by Mr. Czuleger (https://theunderreport.io/p/sazan-documents-publishing-the-tender-and-the-masterplan-in-full): i) Request for proposal of 6 November 2025 ii) Vision Masterplan of 14 November 2025. These can be found below.
Technical and environmental details and risks
When having a closer look at the Vision Masterplan Draft Submission, we find that "Green buffers and habitat repair target <8% land coverage, 75% greened surfaces and 2x planted land vs built (snapshot of page 5 and page 42), meaning twice as much land will be planted compared to the land on which will be built. Furthermore, a specification of zone characteristics includes the ambition to uphold a "Minimum 20% of each plot reserved as undeveloped ecological land", indicating at least some desire for ecological preservation.
At the same time, the following concerns are raised on respectively page 13 and 15 of the report (see snapshots below). Disclaimer: transcribed according to best visibility/readability. It must be noted that the paragraphs with potential environmental risks are somewhat harder to read than do the other pages.
i) page 13
"Protected areas laws - loose enforcement at the moment
however controversial. Orthological Society of Albania
(AOS) and Eco-Albania pushing for limiting development in protected areas - could be a potential risk to the development"
ii) page 15
- "Change in water dynamics/ propose marina is likely to
impact biodiversity and alter flushing/ water dynamics
- "Current conditions not favourable for high-end waterfront living aligning with the project (brief?) and objectives"
- "According to the FAO classifications, soils in the project are Solonchak (SC): same soils typical of arid or semi-arid coastal zones with high surface salt accumulation. Solonchak soils: requires engineered solutions as these high salinity and poor structure affect both vegetation and foundation systems. The soil may potentially impact the durability of the proposed infrastructure and foundations."
- "Uncontrolled dredging risks destabilizing lagoon hydrology, increasing erosion, and impacting sediment balance/increasing sedimentation. Depending on the imported material for filling would increase environmental cost, transport emissions, and regulatory complexity."
Another risks that has been raised in the Masterplan include the presence of unexploded ordnance (remnants from the Cold War).
It can be expected that these risk factors are part of the survey and study package by a technical advisor as set out in the Sazan Development Request for Proposal page 13 (see snapshot below)
Tax exemptions
Response and potential backlash
As above facts and statements indicate, the Albanian government has mostly responded positively to the investment. Citizens in Albania have responded in mixed ways.
Meanwhile, the Protection and Preservation of Natural Environment in Albania has initiated a petition, signed by over 60,000 people called "Protect Vjosa-Narta: Stop Construction in Protected Natural Areas."
Moreover, the organisation has, on behalf of a group of 41 environmental organisations from 28 countries addressed a letter to Prime Minister Rama expressing their concern, including several prominent names such as the Prince Albert II of Monaco Foundation. The letter can be found on the right (dated 22 January 2026).
In conclusion, the investing parties, the government as well as environmental organisations and citizens highlight the strategic importance of the island, and the significant impact the investment has on the local economy. The disagreements largely deal with the function of the State and to what degree the strategic investment would comply with EU standards. With the support of the State, investing parties highlighting a social role as a result of job creation, in which thresholds will likely be exceeded and even ecological restoration, which remains to be seen given the cited difficulties. Environmental groups argue the other way and have some support in the scientific community as it turns out.
May the facts prevail and lead to the best outcome.
Disclaimer: This article was not written as an investment advise, nor is it the intention to explicitly encourage or discourage the described investment. Instead, the goal is to collect as many relevant facts as possible within a reasonable format.
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