The Prime Minister of Montenegro, Dushko Markovich (Duško Marković), announced the interim results of the citizenship programme for investment. The first ten passports for investors are ready for issuance. The programme started its work at the end of 2019.
Montenegro Citizenship Programme for Investment
Applications under the Montenegro citizenship programme for investment started to be accepted at the end of 2019. Its goal is to develop the northern parts of the country with the funds raised. Under the programme, 2,000 passports are planned to be issued.
Investors are investing in government-approved development projects. These are five-star resorts and hotels. According to the information as of May 2020, six objects have been approved for financing under the program.
- Kolašin Resort & Spa, Kolashin
- Hotel Breza, Kolashin
- Kraljičina plaža, Miločer, Budva.
- Durmitor Hotel and Villas, Zhablyak.
- Bjelasica 1450, Kolashin.
- K16, Kolashin.
Five of the six sites are located in the north of Montenegro. The total cost of the projects in Kolashin and Zabljak is over €74 million, and the opening of these hotels will create 400 jobs. Prime Minister Dushko Markovich (Duško Marković)said that the country will continue to implement such major projects.
The impact of coronavirus on Montenegro
According to the Organization for Economic Cooperation and Development (OECD), the pandemic will affect Montenegro in the short term. It is expected that the coronavirus outbreak will lead to a recession in the economy, as the country’s revenue from tourism accounts for about 25% of GDP. Due to travel restrictions, foreign exchange transfers are declining, which amount to 10.7 % of GDP.
According to Prime Minister Dushko Marchovich (Duško Marković), the Montenegro citizenship programme for investment continues to work even in the conditions of the pandemic. Applications are being received under it, while the construction of facilities with investors’ funds has already started.
Since May 24, no new coronavirus has been registered in Montenegro. The country opened its borders on June 1, and investors can come there without being quarantined.
Earlier, we said that in the EU, against the backdrop of a pandemic, property prices fell. This gives investors the opportunity to profitably invest in participating in citizenship, residence permit and permanent residence programs. But you need to act quickly: prices will recover after the borders are opened.
Another European country, Malta, has announced that the quota limit for the citizenship programme has been almost exhausted. Applicants for passports must have time to apply for a residence permit by 31 July 2020, and for citizenship – by 30 September 2020. Otherwise they will be able to take part in the next program – it is expected that it will cost more expensive by €200-300 thousand.