The Montenegrin Cabinet adopted the List of Development Projects in the field of tourism and included the construction of the 4-star condo hotel in Kolašin.
The first development project under citizenship by investment programme is worth € 11.3 million in the field of tourism and included the construction of the condo hotel Kolašin Resort & Spa, Kolašin, submitted by Podgorica-based Kolašin Resort & Spa A.D.
The four star hotel in Kolašin, has a capacity of 93 accommodation units or 380 beds and will create 66 new jobs.
Foreign investors can invest in this development project and qualify for citizenship for investment under the special citizenship scheme. The minimum investment that will qualify for citizenship outside capital Podgorica is EUR 250,000.
First applications for Montenegrin CIP expected to open by the end of 2019.
Applications for the qualification of projects in the List of development projects in the field of tourism may be submitted by interested parties which meet the criteria for the construction of a hotel mixed complex:
1. A Five-star in the coastal region or the capital city of Podgorica or at least four stars in the northern or central region, except the capital of Podgorica;
2. A minimum investment of €15,000,000.00 Euros is required in the coastal region or the capital of Podgorica or a minimum investment of €5,000,000.00 euros in the northern or central region, except the capital of Podgorica;
3. Employing at least 80 employees in the Primorje region or Podgorica capital or at least 25 employees in the northern or central region, except the capital of Podgorica;
4. Have at least 60 accommodation units in the coastal region or the capital of Podgorica or at least 35 accommodation units in the northern or central region, except for the capital of Podgorica.
The List of Development Projects in the Field of Tourism is determined by the Government at the proposal of the Ministry of Sustainable Development and Tourism.
Applications for development projects can be sent to the address of the Ministry of Sustainable Development and Tourism, starting from 26 February 2019 until 31 December 2021.
