We compare the two most popular citizenship by investment programs in Europe between Montenegro and Malta. Both countries are in Europe, only one is EU member state.

CBI Malta Montenegro
Official Name Exceptional Services Direct Investment (ESDI) Launched in 2020 replacing Individual Investor Program (IIP)
Special Citizenship Investment Program Launched in 2018
Closed in 2023
Membership European Union (EU) + Schengen Europe (Non-EU and Non-Schengen). A candidate for EU acquis
Applications Open Closing on Dec 31, 2022
English Language Yes Yes
Currency Euro Euro
Quota 400 / Year (shall not exceed total 1500 applications) 2000
Minimum Investment Govt Donation (€600,000) + Rent / Property (two year citizenship) or
Govt Donation  (€750,000) + Rent/Property (one year citizenship)
Donation (€100,000) + Property (€250,000)
Qualifying Properties Residential/Commercial CIP Approved (hotels/resorts)
Citizenship EU Citizenship Non-EU citizenship
Due Diligence / KYC Very strict Strict
Residence One year required (Residency to Citizenship) Not required
Genuine Link Required Not Required
Processing time 12-20 months 6-10 months
Refusal Rate Very high Low
Visa Free destinations 185 124
United States Visa free (ESTA) (3 months) Visa required
United Kingdom Visa free (6 months) Visa required
Canada Visa free (6 months) Visa required
E-2 Visa (USA) E-1/E-2 Not Available
Dual nationality Allowed Allowed
Confidentiality Not reported to other countries Not reported
Taxation Corporate / Personal: 35%, Capital gains:12%, Wealth, Inheritance, Estate tax: 0%
Corporate tax: 9%, Personal income tax: 9-12%, Capital Gains: 9%, Inheritance/Estate: 5%, Wealth tax: 0%
CRS Tax Exchange Member of OECD and FATCA
Member of OECD and FATCA
Restrictions Iran, Russia, DPRK, Belarus, North Korea and US travel ban No restrictions
Passport time 1-2 years 8 months
Right to Vote Yes Yes
Citizenship Lifetime Lifetime
Denaturalization Yes (for fraud/wanted list) Yes
Right to work Yes Yes (only Montenegro)

Please contact us for more information about these programs.