27 Nov, 2018

An Opportunity Not to be Missed: Montenegrin Citizenship by Investment to Commence on 1 January 2019

Montenegro, the jewel of the Adriatic Sea and first in line to become the next European Union (EU) member state, is commencing its program of granting citizenship by investment.

The benefits of such program for investors are manifold – the opportunity to become a citizen of a beautiful European country that is experiencing one of the highest investment per capita in the Old Continent but also the chance to become a citizen of the EU once the country becomes EU member state.

On 22 November 2018, the Government of Montenegro adopted the Decision on the criteria, method and procedure for the selection of persons who can acquire Montenegrin citizenship by admission for the implementation of investment programme of special importance for economic interest of Montenegro (Decision), becoming one of many countries which grants citizenship through investments projects to foreigners.

The implementation of the program begins from 1 January 2019 and is limited to up to 2,000 applicants.

The program was drafted in full cooperation with the European Union (EU) and the Government of Montenegro promised to refrain from any measure that may jeopardize the Montenegrin accession process to the EU.

Furthermore, the Decision’s main aim is to further support equal development of all the regions of the country.

According to a presentation of the program provided by the Government of Montenegro, certain conditions need to be fulfilled in order to qualify for the citizenship. We will provide a short overview below:

Procedure:

  • The Republic of Montenegro selects special mediation agents who will be checking the international suitability of the applicant and will issue annual licenses to the agents
  • The applicant submits a request through an agent who has previously signed an agreement with the Republic of Montenegro

Criteria for applicants:

  • Applicants must pay EUR 450,000 to the account of the Republic of Montenegro for the projects in the coastal region and Podgorica
  • or EUR 250,000 in northern and central region except Podgorica
  • as well as EUR 100,000 intended for the less developed areas
  • the applicant must deposit EUR 15,000 for its own application, EUR 10,000 for up to 4 family members, and EUR 50,000 for each next family member.

Furthermore, the Government of Montenegro gave a description of what projects are considered of special importance and the investment thresholds:

  • Coastal region and the city of Podgorica: at least 5-star facilities, with at least 60 accommodations units with minimum investments of EUR 15,000,000 and at least 80 new employees
  • Northern and central regions (except Podgorica): at least a 4-star hotel or mixed tourist, with at least 35 accommodation unites with minimum investment of EUR 5,000,000 and at least 25 new employees

If you need any further information on how to acquire the Montenegrin citizenship by investment and the ways we can provide assistance, please contact us on office@geciclaw.com.

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