The much anticipated Montenegro special citizenship by investment is expected to open for first applications by end of 2019 and will be fully operational by 2020 according secretariat announcement last month. The fast track citizenship scheme requires EUR 250,000 investment + EUR 100,000 donation to fund for the development of Montenegro.
Minister of Sustainable Development and Tourism Pavle Radulović addressed the importance of economic citizenship program during the third conference of honorary consuls.
“It will be available to maximum 2.000 most eminent applicants within the determined timeframe of three years. That represents an additional mechanism of protections, since the program is de facto introduced as “pilot” whose performances will be closely monitored during its implementation.”, he said
Minister Radulović stated that funds raised by this program will be directed to development projects that have to generate multiple benefits for the state – from economic activities in terms of investments, employment and better supply and competitiveness of overall economy.
The Minister has assured that every step of the citizenship process will be completely transparent.
From all those aspects it is clear that all mechanisms of management of that process is in the hands of the Government, while eligibility criteria in the proposed model are defined so that every step is completely transparent, which eliminates every potential manipulation, concluded Minister Radulović.
The Montenegrin CIP will only run for three years from 1 January 2019 until 31 December 2021. During the period of the special program, up to 2000 decisions on the admission to Montenegrin citizenship on the basis of a special program may be adopted at maximum.
The Government has already announced 3 marketing agents and decision on selection of due diligence providers will be announced soon.
As a part of due diligence process, all CIP applicants will be first checked by the special mediation agents, then the international credentials agents and then auditors for source of income. The final decision of citizenship is made by Ministry of Internal Affairs and National Security Agency. Citizenship will be granted to most suitable applicants, who are willing to invest in the development of Montenegro.
The Montenegro government expected to raise EUR 200 million (from EUR 100,000 donations) and excess of EUR 250 million from 2000 applicants investing in the country. The money from donations will be allocated to the less-developed local self-government units and will be spent primarily on infrastructure and facilities northern areas of the country.
Montenegro is in a leading position on its path towards EU accession, compared to the other five aspirants from the Western Balkans. With most negotiation chapters open and Montenegro expected to meet the 2025 accession date suggested by the European Commission’s new 2018 enlargement strategy
