What you need to know about Montenegro Citizenship and Residence Program
Montenegro will begin to accept applications for the Citizenship and Residence Program in January 2019.
The Montenegrin Government decided on the criteria, method and procedure for the selection of people who could acquire citizenship of Montenegro by adopting the implementation of the investment program as a development mechanism for the creation of new jobs and the development of citizens’ living standards. The decision will intensify the implementation of development projects and will enable faster development of less developed regions.
According to the press release issued by Montenegro Vice President Milutin Simović on 22 November 2018; if certain conditions are met, Montenegro will accept a limited passport application for a maximum of 2.000 for foreign investors.
The program will last for three years and citizenship will be granted to more than 2,000 people during this period. With an initial investment of 350.000 Euro, Montenegro’s program will be one of the most competitive programs in Europe.
Investment conditions are briefly as follows:
For hotels or mixed tourist complexes in the coastal area and in the capital Podgorica:
There must be at least 5 star facilities, at least 60 accommodation units, minimum 15.000.000 Euro investment and at least 80 new employees.
For projects outside the capital and in the northern and central regions:
At least a 4-star hotel or a mixed tourist complex, at least 35 accommodation units, minimum 5.000.000 Euro must be invested and there must be at least 25 new employees.
Applicants pay the fees to the Montenegro State account; 450.000 Euro for projects in the coastal region and Podgorica or 250.000 Euro for projects in the north and middle regions except for Podgorica and 100.000 Euro for less developed regions.
Besides that, each applicant will also pay a fee of 15.000 Euro for their passport applications and they will also pay 10.000 Euro for each family, up to 4 people. 50.000 euros will be paid for each subsequent family member.
What makes the program even more attractive is the speed of the application process. This program allows permanent resident status within 3 weeks, taking into account the due diligence process. Citizenship is then given as permanent residence in six months.
Montenegro has also introduced strict criteria for citizenship:
There should be no criminal record in Montenegro or any other country that has led to more than a year of imprisonment.
The outcome of the international assessment should be positive.
It is preferable to invest in a program that contributes to the economy of Montenegro and the commercial development of the country, preferably in the tourism, business or agriculture sectors.
There must be proof of the origin of the fees payable.
This press release, which is not yet published in the OFFICIAL NEWSPAPER, is expected to enter into force in 2019.
Interested investors are encouraged to get more information about this program and to contact knowledgeable work and immigration lawyers to discuss whether the Montenegrin economic citizenship program is right for them.
If you would like to know more about Montenegro and the investment opportunities in Montenegro, please feel free to contact us for more information and visit our website at https://www.homeinmontenegro.com/en to see properties for sale.
