The Montenegro citizenship by investment program begins to produce results and the country remains open for investments according to the latest updates from Montenegro. The Citizenship scheme was launched in 2018 to attract investments in the economic and business interest of Montenegro.
“Works in the North of Montenegro have not been suspended, nor have we considered it as an option. On the contrary, we have tried to go a step further in these months, to try to keep investors interested in further investing to our North and in every other location across Montenegro. As we announced, the programme of acquiring Montenegrin citizenship began to yield results.” said Prime Minister Duško Marković said answering a question from MP Ervin Ibrahimović
So far, the Ministry of Tourism has approved six development projects (two new ones) for the citizenship purpose.
- Kolašin Resort & Spa, Kolašin
- Hotel Breza, Kolašin
- Kraljičina plaža, Miločer, Budva,
- Durmitor Hotel and Villas“, Žabljak,
- Bjelasica 1450 Kolašin
- K16 Kolašin
The Bjelasica 1450 Kolašin is a new condo model of business, category 4 stars, with 168 accommodation units, an estimated budget of € 17.8 million,
Of these five projects will be implemented in the North of Montenegro. These are four hotels in Kolašin and one in Žabljak.
The total value will amount to over EUR 74 million and putting these 5 hotels into operation will create preconditions for the creation of over 400 new jobs. Accommodation capacities will be greater for 525 high-class rooms – in 4 and 5 stars.
“For this purpose, we will continue to implement capital projects, in order to establish a balanced and sustainable development throughout the territory and provide a better life for every citizen and his family” Prime Minister Duško Marković said answering a question from MP Ervin Ibrahimović
The Government will continue to accept applications for construction of hotels for citizenship purpose until Dec 31, 2021. Hotel investors must invest atleast €5 million and create minimum number of accomodation units and jobs. The scheme was also expanded to include investments agriculture, woodprocessing and fishing sectors.
Montenegro last month made a number of changes to the regulations and activities of citizenship by investment program
1. With the entry into force of the Law on Public-Private Partnership (Official Gazette of Montenegro 73/19), The Secretariat for Development Projects was abolished, and the Montenegrin Investment Agency was established has assumed all the duties, responsibilities and documentation of the Secretariat
2. The contract for payment control services from ESCROW account with the selected has been concluded to the bidder, D.O.O “RACIO MONT” Kolašin for the purpose of monitoring investments in development projects
3. Ministry of Sustainable Development and Tourism, the Ministry of Economy, Ministry of Agriculture and Rural Development and The Investment Agency will provide quarterly reports to the Government of Montenegro.
4. Submitted applications were processed in accordance with the procedures provided for in the Decision for the purpose of verifying formal correctness and completeness documentation, assessment of international eligibility by hired agents, and verification by the Ministry of the Interior and the National Security Agency.
5. In Feb 2020, new legislative changes were made pursuant to the citizenship program
So far 5 applications have been received by Montenegro for citizenship purpose and first application has been approved.
Montenegro is in a leading position on its path towards EU accession likely candidate to meet the 2025 accession date suggested by the European Commission’s new 2018 enlargement strategy. At present, it has opened 31 of a total of 35 negotiation chapters, and has provisionally closed three.
In 2012, Montenegro became the first country from the six current Western Balkan candidates and potential candidates for EU membership to start accession negotiations with the EU.
The real estate market remains the lowest in Montenegro, makes the country super attractive for citizenship and property investments.
