Opinion
Montenegro special citizenship program is expected to delayed further because of government’s delay in selecting Due diligence (DD) service providers.
Last week the government announced three marketing agents but extended deadline to DD agents to April 1. The official announcement of selection of due diligence providers will be announced on April 10. Previously the applications of 13 DD agents were returned due to not compliant with government regulations and were asked to resubmit the applications.
Once the selection of due diligence providers is completed, and once all systems in place we believe Montenegro CIP will open for applications probably in Q2 in late April or by May.
The Montenegro government has designed the CIP within the government institutions without any outside support. The new citizenship investment program is limited 2000 applications and expected to run for three years until Dec 31, 2021
Applicants are required to pay EUR 250,000 (real estate or development projects) plus pay EUR 100,000 to Development fund of Montenegro. There is also a EUR 5 million option for five star hotels and resorts in Montenegro.
The Montenegro government expects to raise about EUR 200 million in development fund from 2000 applications an the government expects a minimum FDI investment of EUR 500-800 million in development projects through the new economic citizenship program.
PM Markovic stated North could expect significant benefits from the economic citizenship programme, whose funds will be used to build infrastructure in municipalities in the north. He announced this while announcing one million euros more from the state budget for the municipality of Plav in 2019.
Montenegro is a candidate country for EU membership expected to join EU in 2025 in about six years. The country also announced plans to join schengen area during the annexation. On Feb 28, the Cabinet passed Action Plan for the implementation of the Schengen Action Plan for 2019
In 2019, Montenegrin passport had visa free travel to 123 countries. Montenegro took 7th place in CBI passport rankings 2019
