The investment program of Montenegrin citizenship is valid since January 2019. It is designed for three years, 2021 is the last year. The proposal not to extend the program for another three years is set out in the report of the Ministry of Economic Development.
Why Montenegro is not going to extend the program
The Montenegrin citizenship program is suitable for investors who want to move to live in a European country with a warm climate and good environment. With the Montenegrin passport investors also travel visa-free to 26 countries of the Schengen Agreement.
The government of Montenegro notes two main reasons why it is not advisable for the country to extend the citizenship program.
The program is not in demand among investors. By March 2021, the government had received a total of 131 applications from investors. Of those, 37 applications were approved, with another 12 rejected for not complying with the terms of the program. The rest are being reviewed by the country’s Ministry of Interior. For comparison, Montenegro planned to issue 2000 passports in three years.
The unpopularity of the program is explained by the fact that Montenegro is not a member of the European Union. With the passport of the country, investors can freely travel to Schengen countries, but to live, work and do business only in Montenegro.
Wealthy cosmopolitans prefer to get citizenship or a residence permit in EU countries, to get more opportunities for life and business. For example, in March 2021 to become a citizen or resident in exchange by investment is allowed by law in Malta, Portugal and Greece.
The European Commission opposes citizenship by investment programs. The issuance of a passport of an EU state without a proven link with the country is contrary to the principles of trust-based cooperation. Article 4(3) of the Treaty on the European Union establishes them.
Citizenship by investment programs can also negatively affect all states in the region. In the case of violations of the conditions of the program, a person involved in financial or other offences can become a citizen. And along with the passport, such a person will be free to move around the region, live, work and do business in any country of the European Union.
In October 2020, the European Commission issued a formal warning to the governments of Cyprus, Malta and Bulgaria to close the citizenship programs. As a result, Cyprus closed the program on November 1, 2020, and Malta and Bulgaria revised the conditions in accordance with the recommendations of the European Commission.
Montenegro is among the first applicants to join the EU in 2025. For a country to be approved, it must meet the requirements of the European Commission and the European Parliament.
The government of Montenegro does not want to risk the possibility of joining the EU. Given the ineffectiveness of the current program, Montenegro will create a new proposal to attract highly qualified specialists to the country. The government will formulate the terms of the new program by the end of 2021. It is planned that the issuance of citizenship to professionals will begin in 2022.
How to get Montenegrin citizenship in time by the investment
Montenegro will continue to accept investor applications until December 31, 2021. Participation in the program takes about six months, so those who wish still have the opportunity to obtain a passport of the country under the current conditions.
Citizens of Montenegro travel visa-free to 120 countries, including Schengen, UAE, and Singapore. They can also apply for an E-2 business visa in the U.S., which is not available to Russians.
An investor fulfils two conditions to become a Montenegrin citizen:
Makes a non-refundable contribution of €100,000 to the state fund;
buys a share or apartments in a tourist property, which is approved by the government of the country.
15 properties approved by investment under the program in March 2021. These are four-star and five-star hotels and resort complexes. The minimum transaction amount under the program depends on which region of the country the object is located.
| 250 000 € | 450 000 € |
|---|---|
|
Northern and central regions, except for the capital Podgorica |
the capital city of Podgorica and coastal regions |
The investor owns the property for 5 years, during which time he receives income from the rental of the object – from 2 to 6% per annum. And after five years, the share or apartment is allowed to sell and return the money invested.
Apartments in the new hotel complex Cruiser on the beachfront in Budva.
Price - from € 450,000
Apartments in a five-star hotel in the Montis ski resort in Kolasin.
Price - €250,000
Apartments in the resort complex Boka Place in Tivat.
Price - from € 295,000
Immigrant Invest is an official representative of the Montenegrin citizenship program by investment. If you want to get a Montenegrin passport to move and travel around the world, seek advice from the experts of the investment programs.
