The Montenegro Govt has clarified today that buying real estate other than approved projects will not qualify for economic citizenship for Montenegro.
The Secretariat of Development projects (CIU) made it clear only investing four approved development project will be eligible for investment citizenship under the the special scheme. The Secretariat warns those promoting misinformation about investment projects and the Government is committed to protect the integrity and credibility of the scheme and lawfully implement the scheme with full transparency.
There are currently four projects on the list of tourism development projects (approved by the Government):
- Construction of condo hotel “Kolasin Resort & Spa”, Kolasin
- Construction of Hotel “Breza”, Kolasin, according to the condo model of business
- Construction of the Queen’s Beach Hotel, Milocer, Budva, according to a mixed business model
- Construction of “Durmitor Hotel and Villas”, Zabljak, according to a mixed business model
The program envisages that a potential applicant can acquire Montenegrin citizenship by investing exclusively in one of the projects on the List of Development Projects (established by the Government of Montenegro and published on the website of the Secretariat for Development Projects) by investing EUR 450,000 in projects in the southern and the central region and EUR 250,000 in projects in the northern regions.
A very important segment of the program is the contribution to the development of less developed local self-government units (municipalities). Specifically, the program (in addition to the amount earmarked for direct investment in projects) also provides for payments in the amount of EUR 100,000.00 for each citizenship application / application where these funds will be directed to a fund for this purpose, infrastructure improvement, economy and social services in those municipalities.
It is also important to point out that only those persons with proven credibility in personal and professional terms and the inflow of investment assets with proven legal background will be eligible through the Program. The procedure provides the greatest possible transparency and all information regarding it is publicly available, in accordance with applicable regulations.
The Government of Montenegro is determined to transparently and lawfully implement the development program of economic citizenship with the purpose of accelerating the economic development of our country, attracting foreign investments, creating new tourist, agricultural and changing capacities with new jobs, which ultimately aims to improve the quality of life and standard of living of our citizens.
