Until June 21 this year, 693 foreigners applied for Montenegro Citizenship By Investment, the Government of Montenegro announced.
The highest number of Montenegrin investment passports is 284, Russia, China 143, the United States 50, and Lebanon 41.
Let us remind you, the project of acquiring Montenegrin citizenship by investment on the basis of financial investment in development projects has been implemented since January 2019, and it was introduced by the previous Government for a period of three years.
Montenegro citizenship program by investment
Due to the introduction of an investment citizenship visa, Montenegro has received warnings from the European Union on several occasions, and the latter was published in the Working Paper in Chapters 23 and 24, from November 2019.
The Minister of Economic Development, Jakov Milatović, said that the program for granting economic citizenship will not be produced.
“This program can slow down the process of Montenegro’s accession to the European Union,” Milatovic told the Montenegrin parliament in late May, adding that he did not have a list of people who have been granted economic citizenship so far.
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During the three-year project of the previous government, foreigners interested in the Montenegrin economy should submit a passport with a request (application) of payment of 15,000 euros for the applicant, and 10,000 for a maximum of four family members, and another 50,000 euros for each subsequent member.
In addition, the foreigner is obliged, according to the Government, to submit proof that the Agent for International Eligibility Assessment gave a positive opinion and proof of the origin of the money intended for investment in Montenegro.
In order to obtain Montenegrin citizenship by investment, applicants are required to pay the Government another 100,000 euros on request, and at least 450,000 euros in some of the projects in Podgorica or the coast.
In the case of development projects in the underdeveloped north of Montenegro, the investment is 250,000 euros.
The Government noted that the process of acquiring visa citizenship by investment was “significantly more difficult” because in most of the countries from which the applicants came, the process of legalization of personal documents (identity card, passport) was difficult and in some cases impossible due to administrative restrictions imposed by the state in order to suppress the spread of the COVID-19 virus “, the Government announced on June 24.
Through the Montenegrin citizenship by investment program, the Ministry of the Interior last year issued 108 decisions on admission to Montenegrin citizenship, 36 for applications, and 72 for members of their families.
According to the Ministry of the Interior, the persons who acquired economic citizenship of Montenegro are citizens of Egypt, the Russian Federation, Belarus, Turkmenistan, Saudi Arabia, China, Pakistan, Lebanon, Iran, Kazakhstan, and Hong Kong.
Montenegro Citizenship by investment requirements
- An investor must be a non-EU citizen
- 18 years old to be
- No crime records in Montenegro or in any other country
- Approved due diligence check by international agents
- Can confirm the origin of the funds (investment)
Why invest in Montenegro
An investor can easily start his business in Montenegro. Foreign investors in Montenegro are guaranteed the same legal treatment as domestic ones. A foreign investor may operate in Montenegro either as a legal entity or a natural person. The currency in Montenegro is the euro.
Montenegro’s tax regime has become one of the most competitive in all of Europe. With a 9% income tax rate, companies operating in Montenegro enjoy not only a business environment but also a low tax burden, thus maximizing their profits.
Featured image credits: Abenteuer Albanien