Montenegro president Milo Dukanovic, explained basics of the Individual Investment Program during the 12th Global citizenship conference.
- Montenegro will accept citizenship by investment applications only from those who have credibility in both personal and professional terms
- Inflow of funds must have unquestionable legal origin
- Application process will be transparent and efficient
- CIP will be significant source of revenue and a platform for new investments
- Goodwill ambassadors will be established to promote the scheme
Here is his full speech.
Our goal is to stimulate this mechanism further and generate the interest of new investors who can apply for Montenegrin citizenship by investing in Montenegro.
The vital national interest of Montenegro is to implement the Program in the way that, using the experiences of other countries, eliminates all the risks that its application can bring. The program will allow applications only to those individuals who have proven credibility in both personal and professional terms, and let the inflow of funds that have unquestionably legal origin. The credibility of investors and procedures affects the credibility of the Program and in the end Montenegro as a country.
Since the restoration of independence, we have been cautious with patience, effort and work to build the international reputation of our country, and regardless of the development challenges that stand before us, we are firmly committed to building long-term partnerships and strengthening mutual trust, because where there is no trust, there is no business.
We believe that every program can be long-term and stable only if both sides see the clear benefits of cooperation. The state’s interest is to promote development further, create new jobs, reduce the foreign trade deficit and transfer knowledge and new technologies by applying for the Individual Investment Program. I particularly emphasize the importance of new knowledge and technologies, because in this way we raise the competitiveness of our economic system.
On the other hand, applicants will benefit from a favorable tax system, a visa-free regime towards countries in the Schengen zone and integration into the economic and political system of the country. Application of the Program will enable a more efficient and transparent procedure for granting citizenship to investors under Article 12 of the Citizenship Act. With the granting of citizenship, stronger connections between quality investors and Montenegro will be established, as they will, as “good ambassadors,” further promote its economic potentials and interests.
I expect the Program to have strong multiplier effects on the overall economy, to become a significant source of revenue and a platform for new investments. With a well-designed campaign, it’s possible to attract the attention of prominent business people who would accept to relocate the seat of their businesses. This would not only increase the amount of investment but also improve the image of our country and raise the standards of business.
Primarily I want to emphasize natural resources and less developed part of Montenegro. Although we believe that Montenegro has abundant resources, we know that all resources are limited. Therefore, we must use them in a way that we achieve not only the highest economic reach but also that the citizens of Montenegro feel the benefits of using resources. This means that the Individual Investment Program must enable better use and better valorization of natural resources for the state and local communities. This primarily refers to energy, agriculture, and tourism, which are some of the most significant development opportunities in Montenegro.
When it comes to the underdeveloped region of Montenegro, we are open for additional privileges and special conditions for productive investments in this part of the country, which undoubtedly abounds with development potentials and significant resources. The project on which we are now working as a country – the construction of the first section of the highway connecting the north, the center, and the south, represents the best confirmation of our determination to evenly develop Montenegro, and step by step we create the conditions for the market valorization of resources. Also, we need to mention the construction of infrastructure, ski centers, including 250km of modern ski trails. Only in these two projects in the northern region, the country is currently investing about 1 billion euros.
The market economy does not divide the country into big and small but to successful and unsuccessful. Successful economies, through investments, building strong institutions and strengthening international cooperation, create conditions for faster economic growth and development. The successes that we can achieve together are the best protection of the future of Montenegro.
The combination of the built economic and political values, and our persistent endeavor to further strengthen them, are our legitimacy to have a constantly open invitation to interested investors to start a business in our country, and contribute not only to enhancing economic cooperation, but also to raising social, cultural, scientific, management, technical and technological standards. In a word, the call is open to all who are ready to build a future with us.
Word future associates differently: For the weak ones, it is somewhat distant and inaccessible; For the scared ones, something unknown and potentially dangerous; and For the brave ones, it’s a chance. I want to believe that in my presentation you recognize the opportunity to create and form a recognizable system that can serve as an example to others. I know it’s a challenge, but is not a challenge to be determined, courageous and capable?
Recognizing the importance of today’s conference, as well as the efforts of Henley and Partners, I can conclude that Montenegro is respected with the opportunity to present such an attentive audience to the ambiance for investment and its Individual Investment Program.
I highly appreciate and support the opportunity that is given to me and recognizes the need to invite everyone interested to check the quality of our program and the opportunities that Montenegro offers to foreign investors, to visit our country and to identify the opportunities that I have spoken about today. I am convinced that together we can further improve the environment for further increase of investments and improvement of the quality of life in Montenegro.
I am also confident that by using the past that has brought us to the present, we can strongly influence the future. It will be my pleasure to meet you again in Montenegro.
Read the full speech here
