The Government of Montenegro, chaired by Prime Minister Duško Marković , the Government of Montenegro reviewed and adopted the program for acquiring Montenegrin citizenship by admission on the basis of a special investment program and instructed the competent institutions to make all the necessary assumptions in order for the program to become applicable by 1. October 2018.
Montenegro’s CIP scheme is a limited citizenship by investment scheme that will run for 3 years offering citizenship to 2000 foreign investors and their families.
The prescribed investment conditions are
- €250,000 investment in underdeveloped areas
- €450,000 investment in developed areas.
Plus the Government will charge a fee of up to 100,000 euros per application. The fee will be directed to a special fund for the development of underdeveloped areas.
Criteria and Selection Guidelines
The amended Decision prescribes that the criteria, method and procedure for selecting applicants will be proposed by the state administration body in charge of economic affairs and the state administration body competent for sustainable development and tourism affairs within 120 days from the date this Decision enters into force.
Marketing Agents
The Special investment program (SIP) will be managed by a special government agency that will hire pre-approved marketing agents. Marketing agents will be in charge of the successful promotion of this program and attracting interested investors.
Due Diligence
The government will also hire a reputable Due Diligence agents, specialized in checking interested applicants as well as some of the reputable audit firms / legal advisors to perform all other necessary checks of interested candidates.
Foreign investment
The new Special investor program is part of the government’s ongoing effort to attract foreign direct investment. Montenegro government expects this program to lead to an increase in economic activities and capital movements. Montenegro Economic growth in 2018 will be 4.6% in nominal terms and 3% in real terms. Economic growth will also contribute to the growth of public revenues, which in 2021 will amount to 2.16 billion euros.
Further decisions
In addition to introduction of citizenship program, the Government adopted more measures such as
- Decision amending the Decision on the criteria for determining the scientific, economic, economic, cultural and sporting interest of Montenegro for the acquisition of Montenegrin citizenship by admission .
- Increase the number of temporary foreigner residence permits for work from 18,185 permits to a quota for 23,185 for 2018.
- Development of Micro, Small and Medium Enterprises in Montenegro on sustainable development, strengthening of Montenegro as an entrepreneurial society.
Source: Gov.me
