The Montenegro government has expanded the scope of special citizenship by investment scheme to include investments in agriculture, fishing and wood processing sectors with the scope of diversifying the economy. Previously only hotel and tourism projects qualified under the citizenship scheme.
The Government passed the decision during the 130th cabinet session and Ministry of Agriculture and Rural development adopted a rulebook to determine the conditions that development projects should fulfill in the field of agriculture and wood processing in the process of election of a person for economic citizenship of Montenegro.
According to the decision foreign investors by investing these amounts will now qualify for immediate citizenship of Montenegro.
- Agricultural production – least €2.000.000, in the processing of agricultural and employ 10 people
- Fishing sector – at least €3.500.000 and employ 20 people
- Wood processing – at least €4,000,000 and employ 20 people.
- Tourism hotels – atleast € 5.000.000 creating atleast 60 jobs
Foreign investors in these above developments will be granted citizenship for investments. Four or five star Hotel projects in Montenegro can also be funded by CBI program, issuing a hotel share or selling hotel room for €250,000 (outside Podgorica) and €400,000 (in Podgorica) and in exchange hotel buyers will also be granted citizenship.
The Montenegro CBI program itself is scheduled to by end of 2019 for first applications. The Government has already selected and issued licenses to authorized agents and due diligence. One tourism development project has been approved currently for citizenship. The scheme will run only for three years until end of Dec 2021 and only 2000 investors will receive this special investment citizenship.
Montenegro is one of the exciting country to invest, live and do business in Europe. The country is at the helm of golden days of tourism with steady rise in tourist arrivals and spending. The country is a candidate country for EU membership in 2025 and citizenship scheme comes at the very best time to invest. Once Montenegro secures EU membership and accedes to schengen area on or after 2025, the property prices expected to rise steadily.
