The Government Montenegro has announced the extension of their special economic citizenship by investment program for another year. The program was due to expire Dec 31, 2021.
The Special Investment Program is of Special Importance for the Industry and Economic Interest of Montenegro was published in Official Gazette of Montenegro, No. 79/18 and 12 / 20.
The Special CBI program expected to increase the tourism accommodations by 13% upto 2800 rooms creating over 2200 jobs. Last year Montenegro announced terminating the economic citizenship program citing its ambitions to join European Union in few years.
Investor applicants pay 450 thousand euros to the account of the state of Montenegro if they invest in the coastal region and Podgorica, or 250 thousand euros for investments in the north and center, as well as an additional 100 thousand euros for less developed areas.
The special state fund, and focused exclusively on the development and construction of infrastructure in less developed municipalities in the north. The Innovation Fund will receive a strong injection from the economic citizenship program – which will make Montenegro a regional leader in allocating for innovation
Applications will now be accepted until Dec 31, 2022. The current regulations require applicants must provide bank guarantee of 50% of investments and must donate 100k euro for state fund and also 100k euro for regional development under two investment options. The legislation has a total cap of 2000 investors will be able become montenegrin citizens by investing. The processing times range from 3-4 months to get the passports
According to Ministry of Interior, a total of 100 investors from China, Russia, US and other countries have applied for citizenship through investments. Agencies will perform security checks on the background of applicants. The last check is being done by the Ministry of the Interior in cooperation with the National Security Agency and international security services. Agents do not accept clients who carry reputational risk to Montenegro.
So far a total of 16 development projects have been approved by government mostly hotels and resorts for the purpose of economic citizenship
|1.||Construction of condo hotel “Kolašin Resort & Spa”, Kolašin|
|2.||Construction of the hotel “Breza”, Kolašin, according to the condo business model|
|3.||Construction of the hotel “Kraljičina plaža”, Miločer, Budva, according to a mixed business model|
|4.||Construction of the hotel “Durmitor Hotel and Villas”, Žabljak, according to a mixed business model|
|5.||Construction of the hotel “Bjelasica 1450 Kolašin”, according to the condo business model|
|6.||Construction of the hotel “K16” Kolašin, according to the condo business model|
|7.||Construction of the hotel “Boka Place” Tivat, according to a mixed business model|
|8.||Construction of the hotel “Bobotov hotel and resort” in Žabljak, according to the condo business model|
|9.||Construction of hotel “D” with annex “E”, Kolašin, according to the condo business model|
|10.||Construction of the Elite Hotel & Residence, Kolašin, according to the condo business model|
|11.||Construction of the hotel complex Montis hotel & resort, Kolašin, according to the condo business model|
|12.||Construction of the hotel complex Amma Resort, Čanj, Bar, according to a mixed business model|
|13.||Construction of the Black Pine Hotel, Mojkovac, according to the condo business model|
|14.||Construction of the tourist complex Hotel with villas 4 *, Zabljak|
|15.||Construction of the hotel “Cruiser”, Budva, according to the mixed business model.|
|16.||Construction of the hotel „Liko Soho“ Bar, according to the condo business model|
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