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Montenegrin citizenship by investment or the so-called
“Economic Citizenship of Montenegro”
Since 2018, a program of granting citizenship to foreigners by investment has been in effect in Montenegro.
Features of the program:
- Amount of investments: from 450 thousand euros – investments in special projects in advanced regions of Montenegro, from 250 thousand euros – investing in projects in other territories of the country with more backward development. Plus, the investor is obliged to “donate” 100 thousand euros to the government fund of Montenegro for the development of the country.
- According to the simplified system, the document will be issued within 3 years from the date of the start of the investment program for foreigners.
- The program provides for the issuance of citizenship to the first 2000 people / applicants investing in the country’s economy.
- The program will run until December 31, 2021.
The program “Citizenship of Montenegro by Investment” has become the 17th “passport program” in the world.
In addition to the main applicant, the investor’s closest relatives can obtain passports: spouse, children under 26 years old, parents over 65 years old. The entire paperwork process takes up to six months. Citizenship is issued for life.
Recently, more and more wealthy Russians receive passports in exchange for investments. According to the Global Wealth Migration Review 2018 research, 3,000 dollar millionaires left Russia in 2017. Most of them emigrated to the US, UK, Portugal and Cyprus.
As of June 24, 2020, the first economic passport of Montenegro was issued to a Russian, whose name is kept secret. It is noted that as soon as the country opened its borders after quarantine, a Russian citizen was the first to visit the country, submit the necessary biometric data and receive his passport. The Montenegrin authorities managed to approve several applications, but due to the pandemic, the borders closed, and people were unable to receive their documents.
How much does an economic passport of Montenegro cost?
To obtain a Montenegrin passport, an investor needs to fulfill two investment requirements:
- Donate money to a government fund € 100 000;
- Buy property (to invest in development of resort-style project), choosing one of two options:
- To invest in a project in the south (coast) cost € 450,000;
- invest in a project in the north (ski resorts) worth from € 250,000.
Total: the minimum investment amount is € 550,000 for the purchase of real estate in the south of Montenegro and € 350,000 – in the north.
REQUIREMENTS TO THE APPLICANT
– The property purchased under the program must be owned for 5 years.
– Note that you do not need to have a residence permit in Montenegro at the time of applying for citizenship.
– You do not need to know the local language (Montenegrin).
– It is important that the authorities do not impose a requirement to reside in Montenegro to maintain the status of a citizen.
– After the approval of the application, you will need to visit Montenegro to submit biometric data and obtain a passport.
Benefits of the Economic Passport of Montenegro
Montenegro’s immigration program has important advantages:
- The Montenegrin passport is understandable for banks. A citizen of Montenegro can easily open accounts in progressive European banks.
- Real estate is in demand. According to unofficial data, Russians bought over 30,000 real estate objects in the country.
- A Montenegrin citizen can get an E-2 visa to the United States. This type of visa is not available for citizens of the Russian Federation. The E-2 is a business visa that allows investors to live and work in the United States. More than 41,000 such visas were issued in 2018.
- Prospects for Montenegro’s accession to the EU. Montenegro is expected to become a member of the European Union in 2025.
- Visa-free travel to 125 countries.
- Low corporate (income) tax – the rate is 9% of the tax base.
- Also, the advantage is the absence of income tax for non-residents, gift tax and inheritance tax.
- And finally, children who are financially dependent on the investor can obtain citizenship with their parents.
Please note that those wishing to obtain Montenegrin citizenship by investment can only choose from the list of state-authorized projects. Moreover, projects must go through a rather complicated procedure of approval to the end, so that one can invest, fill out an application and apply for citizenship. Our experts in Montenegro are constantly monitoring the situation, we are waiting for your requests and will gladly answer all your questions.
NEWS
24.07.2020
A Montenegrin passport can also be obtained by purchasing an apartment in a condominium hotel
Buying an apartment in a condominium hotel or hotel under a mixed business model that are included in the list of development projects is considered an investment for which a Montenegrin passport can be obtained based on a government project of economic citizenship. So the list of development projects in the tourism sector currently includes seven hotels, for the construction of which the government gave the green light. Four of them are based on the condominium hotel principle and three are based on a mixed business model. Thus, four condominium hotels are under construction in Kolasin: Kolašin Resort & Spa, Breza, Bjelasica 1450 Kolašin and K16, and in Tivat – “Boka Place”, in Milocer “Kraljičina plaža” and in Zabljak “Durmitor Hotel and Villas” will be built according to mixed business model.
According to the Tourism Act, the difference between an apartment and a mixed hotel is that the owners of condominium apartments must lease them for 10 months a year, while in the mixed business model the rent is voluntary.
Tivat-based Adriatic Marinas has already offered to the real estate market the Boka Place complex, a new part of the luxurious seaside tourist resort Porto Montenegro, although construction will only begin at the end of the year, as reported by the world media.
According to the government’s decision, a Montenegrin passport can also be obtained through investments in tourism projects, processing industry and agriculture. So far, no project has been reported for investment in the processing and agricultural sectors.
The state of Montenegro has earned three million euros to date from the sale of passports as part of the economic citizenship project.
The names of those who received the economic passport of Montenegro were not disclosed. Within the framework of the economic citizenship project, the Ministry of Internal Affairs of Montenegro issued 12 passports to foreign citizens, but their names are secret. The first passport was obtained by a Russian citizen, which was officially confirmed by Henley & Partners, which is one of the three licensed agents to mediate in this project.
Deputy Prime Minister Milyutin Simovic said on Wednesday in parliament that he could not name the names of those who received the Economic Passport of Montenegro, citing the Law on the Protection of Personal Data, as promised when the draft was presented. “These are families that have a private business with a proven trust and a proven source of money to be invested, as well as a confirmation that they are not involved in terrorism-related activities,” Simovic says.
27.07.2020
Russians are buying “golden passports” en masse: Montenegro is high on the wish list
In recent months, wealthy Russians have become increasingly interested in “golden passports” – programs that allow them to obtain residence in other countries in exchange for investments, writes “Forbes”, referring to the data of the consulting company Knight Frank.
According to analysts, the biggest demand is for the passport of Portugal, the Caribbean country (Grenada, Antigua and Barbuda, Saint Kitts and Nevis), while Cyprus and Malta are in third place.
Henley & Partners states that Russians are also interested in Montenegrin citizenship. Since the beginning of July alone, several dozen Russian citizens have applied for a Montenegrin passport.
At the moment, some “golden passports” can be bought cheaper than before the pandemic – the tourist season is very bad and countries are doing everything to attract investment. One of the measures is to reduce the amount of money for obtaining citizenship.
In “Knight Frank”, they calculated: the number of applications for “golden passports” in the period from March to May increased by 20% compared to the same period last year. As expected, the Russians will continue to buy passports in the fall, when many countries will open their borders and clients will have the opportunity to choose facilities for investments directly on the spot.
16.08.2020
Real estate in Montenegro is among the most sought after by South Africans
Montenegro is ready to join the European Union, and anyone who buys property now is likely to make big profits if the country becomes a member of the EU, according to the director of the company “Sable International”.
Montenegro, along with Portugal and Malta, according to experts from the company “Sable International”, is among the three most sought-after European destinations for investors from South Africa who invest in property abroad.
Andrew Risick, director at the company “Sable International”, said that, for those who are unable to obtain a second passport through traditional means such as origin or marriage, they are opting for an alternative and acquiring citizenship through investment.
“Most buyers are looking for a stable offshore investment in real estate, which offers them either residence or citizenship and easy access to Europe. Some are moving immediately, but others are looking for easier investment conditions that only require them to visit the country a few days a year” Risick said.
“Montenegro may be small, but it has a lot to offer, with a beautiful landscape overlooking the Adriatic Sea, an open-air lifestyle, unusual villages and friendly and hospitable locals”, Risick said.
From a financial perspective, he adds, Montenegro is ready to join the European Union and anyone who buys property now is likely to make big profits if the country becomes an EU member.
“Apart from the situation with Kovid-19, Montenegro is listed as a trendy tourist destination and is strongly focused on business investments. Investments in property offer a direct path to citizenship”, he said.
For the Montenegrin program of economic citizenship, applicants must invest in approved projects in the country, and the benefits of the investment include the opportunity to live or work or study in Montenegro and travel without visas to more than 120 countries, reminds portal IOL.