The Newly launched Montenegrin citizenship scheme opens doors to five star hotels and luxury resorts funded by Citizenship by investment (CBI).
The CBI scheme opened by Montenegro is developed within the government institutions follow Investment + Donation model. Unlike other CBI schemes, it is not a purely donation model. The CBI scheme requires either € 250,000 or € 450,000 in development projects such as real estate, plus one payment of EUR 100,000 towards a fund for development of Montenegro.
The CBI scheme is scheduled to open for first applications in late 2019 once the marketing agents and international due diligence firms are issued licenses and all mechanisms in place. The scheme will be fully transparent.
Five star and luxury hotel developers can apply for license provided a minimum €5 million euros invested in Montenegro. The property developers can offer citizenship in exchange for real estate investment from CBI applicants in the form of limited share or full title starting from €250,000 (north of montenegro) and €450,000 (Podgorica).
The public invitation for projects for acquiring economic citizenship in the field of tourism was announced in February this year and is open until the end of 2021.
Development projects in the field of tourism can be hotels with at least 5 stars, 60 accommodation units and at least 80 new employees in the coastal region and Podgorica. In the north, it is necessary that the hotel has at least 4 stars, 35 accommodation units and 25 new employees. The minimum value of the project on the coast in Podgorica is €15 million euros and in the north €5 million euros.
The tourism projects expected to accelerate economic and regional development from new foreign investments, creating more jobs and raising living standards of the people in the country.
The first tourism project in Kolasin in the north of Montenegro has been approved by Ministry of Tourism under the CBI scheme. Kolašin is one of the centres of Montenegro’s mountain tourism offers great conditions for skiing.
The Ministry of Internal affairs announced citizenship applicants are verified through the National Security Agency, Interpol and Europol. If found that the applicant or agent has given inaccurate information in the procedure, based on this knowledge, the applicant has to lose the already invested funds along with citizenship.
Only Adults can acquire citizenship and that they do not have to give up previous citizenship (dual citizen)
The CBI scheme is limited to 2000 applications and will close on Dec 31, 2021
“By introducing economic citizenship we want to buy excellence rather than sell passports. This project is intended for individuals and their families who have acquired the money legally, and we want to bring knowledge and money into our country, ” said Radulovic, Minister for Tourism and Development in an investment conference.
Applications for tourism development projects can be sent to the address of the Ministry of Sustainable Development and Tourism, ul. IV proleterske 19, 21000 Pogorica, starting from February 26, 2019 until December 31, 2021.
Last year Montenegro for the first time achieved direct and indirect tourism income in the amount of more than EUR 1 billion, 2.2 million tourists , almost 13 million stay nights. The Montenegrin economy recorded growth at a rate of 5% last year, in tourism have significantly contributing to this growth and stable credit. Montenegro tourism industry is seeing unprecedented growth with 2.5 million tourists and over 14 million overnight stays exceeding all expectations. In the first quarter of this year, the tourist demand for accommodation up 40% by 35,000 stays
Montenegro is planning to invest EUR 70 million in ski resorts in the north , including construction of the traffic network and access roads, lifts, base stations, primary energy infrastructure as well as artificial snowing systems.
