Montenegro has made new amendments in tightening rules for development projects for citizenship purpose in the field of tourism.
From now on, developers who make applications for approval of development projects for citizenship by investment program must present the following credentials
- Irrevocable bank guarantee payable on the first call issued by a credible bank, in favor of the Government of Montenegro, in the amount of 50% of the minimum investment
- Solid Business plan of the tourism project.
- Independent Auditor’s Report.
So far 7 projects have been approved mostly resort hotels, one application has been rejected by the tourism ministry for the citizenship by admission program for not meeting the requirements
The list official construction of hotels and resorts approved by Government of Montenegro are
- Condo Hotel „Kolašin Resort & Spa“, Kolašin
- Condo Hotel Breza, Kolašin
- Hotel Kraljičina plaža“, Miločer, Budva
- Durmitor Hotel and Villas“, Žabljak
- Bjelasica 1450 Kolašin
- K16 Kolašin
- Boka Place
Here are some of the latest updates on the development projects, provided by the Govt of Montenegro
1) Construction project of Hotel “K16”, Kolašin, submitted by “SKI RESORT KOLAŠIN 1600” LLC, which the Cabinet, at the session of 23 April 2020, at the proposal of this Ministry, included on the List of development projects in the field of tourism. This is a project which, among other things, plans to invest in the construction of a 4-star hotel in Kolašin, with a capacity of 116 accommodation units, estimated budget of EUR 5,998,750, and the investor’s intention is to create 58 new jobs within the hotel.
2) Construction project of the hotel “Boka Place”, Tivat according to a mixed business model, submitted by the “PM 4.1” LLC as a subsidiary of the company “Adriatic Marinas”, Tivat, which the Cabinet, at the session of 11 June 2020, included on the List of development projects in the field of tourism. This is a new project that is being implemented within the hotel and tourist complex Porto Montenegro. The investment plans construction of a hotel according to a mixed business model of 5-star category, with capacity of 240 accommodation units, estimated value of EUR 43.67 million, and the investor intends to create 96 new jobs.
Montenegro requires atleast EUR 250,000 investment in any of the approved projects for fast track citizenship. They must also pay a EUR 100,000 per application fee which will go towards the Govt fund. This is a limited citizenship program only 2000 investors will get to become citizens through investments.
