Launch of Montenegro Citizenship by Investment ProgrammeSeptember 3rd 2018
In October 2018, Montenegro will be launching a Citizenship by Investment Programme. The programme will be restricted to 2,000 applications over 3 years. Applications have already begun to be submitted to the Government of Montenegro and usually take around 6 months to process.
Zirbes, a Board Advisor at GCI, believes the addition of the Montenegro programme will have a positive effect on diversifying the investment market. Potentially, this investment programme could have an effect on Montenegro’s economy due to the injection in capital. This will also modernise and create a better quality of life, especially for smaller states.
Requirements for the Montenegro Citizenship by Investment Programme:
- 100,000 Euro donation to the Government and 250,000 Euro investment in real estate in an underdeveloped location
- Or 450,000 Euro investment in real estate in a developed area of the country.
Additional fees may also be applied in the form of diligence, notary, lawyer and advisor fees. As well as fees for background checks. The cost of these fees depends on how many people, within the family for example, are submitting an application. The applications will be submitted to the Government of Montenegro in October 2018.
Montenegro is one of the most attractive countries when it comes to investment possibilities. This es-Yugoslav Republican country boasts beautiful geographical sites and landscapes, with beautiful beaches, canyons, mountains, lakes and rivers. Montenegro prides itself in the diversity in cultures such as Venetian, Turkish, Byzantine and French.
Montenegro Citizenship by Investment options
The family and investor have to make a considerable economic contribution to the country, plus real estate investment. Once the application has been approved the passports will be immediately released. The documents are valid for 5 years, and can potentially be renewed indefinitely. However, the Citizenship may be revoked if the citizen does not stay in the country for 5 days or more within the 5-year period of obtaining the Citizenship, and may have to make a repayment. Citizenships can also be removed if incorrect information has been provided during the application process, with the speculation of fraud. Also if the applicant has concealed any information relevant to the application, or if an individual has been convicted of treason or sedition in Montenegro.
How to apply for Citizenship in Montenegro?
To be eligible to apply for Citizenship in Montenegro applicants must be 18 years old or over, have no criminal records and be both mentally and physically healthy. In the case of minors (under 18 years of age) and the elderly who are dependant, they are able to apply for Citizenship with another adult.
The application process can be difficult and very time consuming. An applications timescale depends entirely on how easily the information needed to complete the process is accessible, and the complexity of the process itself.
Why become a Citizen of Montenegro?
- The right to live and work in the country
- Application process is approximately 6 months
- Visa-free travel to 107 countries.
- Dual citizenship is optional
- Low tax for established businesses and individual incomes.
Montenegro’s economy is changing to a market system. From 2015, around 90% of Montenegrin state-owned companies were privatised, including 100% of banks, oil distribution and telecommunications. 20% of Montenegro’s GDP comes from Tourism, receiving three times its population in tourists each year. As a result of this, many luxury property developments have become available, in addition to growing boating and yachting facilities.
A Montenegro passport is valid for 10 years, and is issued to citizens of Montenegro for international travel. Due to the passport gaining visa-free access to 107 countries and territories, it is ranked as 50th in terms of freedom to travel.