Montenegro: A European citizenship by investment opportunity to take note of
Montenegro is a country in southeastern Europe located on the Balkan Peninsula, which has almost 300 km of coastline on the Adriatic Sea. It is bordered to the north by Bosnia and Herzegovina and Serbia; Albania to the southeast; Croatia to the west; and with Kosovo to the east.
The Montenegro Citizenship by Investment Program was launched by the Government of Montenegro as part of its ongoing efforts to attract foreign direct investment and increase economic activity in the country.
The Montenegro Citizenship by Investment Program requires applicants to make a defined economic contribution to Montenegrin society through an investment in an approved development project, and a capital contribution to a fund designated by the government for the advancement of under-developed areas. In exchange, and subject to a stringent vetting and due diligence process, including thorough background checks, applicants and their families are granted citizenship.
Benefits of Montenegro's Citizenship:
- Visa-free or visa-on-arrival access to 124 destinations including Europe’s Schengen Area, Russia, and Türkiye
- Citizenship in a country that is an official EU candidate country
- Citizenship in a multinational and multilingual European community that enjoys a mild Mediterranean climate, beautiful scenery, and a low cost of living
- Citizenship in a member state of the European Monetary Union, the NATO Alliance, OSCE, and the WTO
- Full citizenship granted to the applicant and family members
- Investment in a development project operated by a renowned hotel brand
To qualify for the Montenegro Citizenship by Investment Program, the main applicant must be over 18 years of age, meet the application requirements, and make the qualifying contributions to the Government of Montenegro. There are two routes to choose from to qualify for the program:
-An investment of EUR 450,000 to development projects in the capital of Podgorica or in the coastal regions
-An investment of EUR 250,000 to development projects in northern or central Montenegro, excluding Podgorica
In addition, there is a government fee of EUR 200,000 per application. This contribution will be directed to a special fund for the advancement of underdeveloped areas (EUR 100,000) and towards the Innovation Fund of Montenegro (EUR 100,000).
Procedure and time frame:
Once received by the relevant government department, applications are processed within eight to ten months.
Successful applicants to the Montenegro Citizenship by Investment Program are exempt from the country’s restrictions on dual citizenship stipulated in Article 8 of the law on Montenegrin citizenship. Article 12 of the law states that citizenship may be exceptionally granted to individuals on the basis of special contributions (such as economic interest) to the country, which applies to successful program applicants.
So, if you are interested in finding out more about the Montenegro citizenship by investment program, and other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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