Montenegro government announced new model of citizenship by investment program which offers fast track citizenship to foreign investors. The Montenegrin citizen by investment is the newly launched special citizenship by investment scheme in 2018 after Moldova.
The economic citizenship program will be open for applications from Jan 1, 2019 and scheme is limited to 2000 applications and will run for three years. Montenegro is expected to join EU by 2025 and after that the country become a part of Schengen area.. The newly launched citizenship scheme is expected to raise over €700 million plus creating jobs and raise the living standards in the country. The Government will set up a special fund for the development of less developed areas in the north. Tourism and property sector will receive a major boost in investment.
To qualify for citizenship, foreigners qualify for citizenship by investing in real estate property in developed or under-developed areas in Montenegro
Real Estate Development Projects
Applicants must pay the following
- €450,000 to the account of the State of Montenegro for the projects in the coastal region and Podgorica, or
- €250,000 euros in northern and central region except Podgorica,
- €100,000 euros government fee intended for less developed areas.
- €15,000 euros for an application for single applicant,
- €10,000 euros for up to 4 family members, and
- €50,000 euros for each next family member.
- The application process will be efficient and most transparent.
- Foreign investors must have no criminal record and will undergo due diligence and vetting process
- CBI scheme limited to 2000 applications and will run for limited time of three years
- The names of investors who obtained citizenship through investment scheme will be published in gazette.
Applicants will submit requests through an authorized agent who had previously signed a contract with the State of Montenegro.
Citizenship + Permanent Residence
Montenegro will grant permanent residency under the scheme in 3 weeks and will issue citizenship and passport after 6 months to qualified investors who meet all the criteria. The Government announced this economic citizenship scheme will be designed in house within the institutions and outside influence will not be allowed.
As of 2018, Montenegrin passport has visa free travel to 123 countries (EU, Russia, Turkey etc.) .Please note this passport has no visa free travel to UK, Canada, USA etc.