Montenegro Special Citizenship by Investment

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Montenegro is a beautiful picturesque country in south eastern Europe surrounded by Serbia, Bosnia, Croatia and Albania. Montenegro. Montenegro future candidate for EU membership and NATA and currently has UN and WTO membership. The name Montenegro is derived from the word “black mountain” (Monte (“mountain”) and Negro (“black”). The currency of Montenegro is Euro. Montenegro is currently listed as a candidate country for EU membership.

The Montenegrin special citizenship by investment program (MSCBI)  is a development mechanism for creating new jobs and raising living standards of the citizens. The donations collected from citizenship program is to be used in the development of North of Montenegro

Note: Montenegro CBI scheme closed effective from Jan 1, 2023

  • Special citizenship by admission scheme
  • No language tests,  No business experience.
  • Lowest property prices in Europe
  • No military service required.
  • Free movement in EU countries and Schengen area.
  • Limited Quota of 2000 applications.
  • No physical residence requirements
  • Opportunity to invest in Hotels, resorts and agri sectors.
  • Montenegro leading country to join EU membership and schengen area by 2025

Qualifying Investments

A. Real Estate

The following investments qualify under Montenegrin citizenship by investment scheme.

1. EUR 250,000 investment in undeveloped areas of Montenegro (North) (OR)

2. EUR 450,000 investment in developed areas of Montenegro (South)

B. Donation Fund

The Government will charge additional EUR 200,000 per application which is used as donation for the development of Montenegro.

  • Donation Fund – EUR 100,000 (AND)
  • Innovation Fund – EUR 100,000 (increased effective from 2022)

Rules: You must satisfy both A+B to complete the investment

Additional costs

Government Processing Fee

In addition, the applicant must deposit as application fee for government

  • 15,000 euros for an application for single applicant
  • 10,000 euros each for up to 4 family members, and
  • 50,000 euros for each next family member,

All applicants must pass Governments due diligence and vetting process, before being granted citizenship under the investment scheme.

Due diligence fee: 7,000 euro (single) and  10,000 (family of four) and €1,500 for additional dependant

Agent and Lawyer fee: Additional

CIP Approved Projects

The Ministry of Tourism has approved the following hotel and resort projects under the special citizenship by investment scheme

The list official construction of hotels and resorts approved by Government of Montenegro are

  1. Condo Hotel  „Kolašin Resort & Spa“, Kolašin
  2.  Condo Hotel Breza, Kolašin
  3. Hotel Kraljičina plaža“, Miločer, Budva
  4. Durmitor Hotel and Villas“, Žabljak
  5. Bjelasica 1450 Kolašin
  6.  K16 Kolašin
  7. Boka Place

Note: Full list is available here

Additional Property costs

  • Purchase tax or title transfer tax is 3%.
  • Legal costs: 1%-2%

Please add 4-5% for the overall total property costs in buying a real estate.

You can also buy property as equity share, instead of whole title, thus minimizing taxes

Montenegro has the lowest corporate and capital gains tax in Europe at 9%..

2. Tourist or Five star Hotel Investments

Montenegro encourages large investment development projects in Tourist or hotel developments

  • €5 million creating 25 jobs
  • €15 million creating 80 jobs

3. Agriculture

Investment primary agricultural production is at least  2,000,000 and create atleast 10 jobs

4. Wood Processing

Investment of €4 million and employing atleast 20 people

5. Fisheries

Investment of atleast €3.5 million in fisheries and processing products and employing 20 people


Montenegro Citizenship – Download pdf

Limited Quota

The Special economic citizenship program by admission will only run for three years and limited to 2000 applicants applying for citizenship through investment

Citizenship + Permanent Residency

Investors will be issued permanent residency within 3 weeks and after 2 months will receive naturalisation certificate for citizenship and passport.

Authorized Agents

Interested applicants must apply through authorized agents appointed by the Government.

Montenegrin  Passport

Montenegrin passport is ranked 42nd in the world with visa free access to 123 countries including EU schengen states, Russia, Turkey, Singapore etc. A visa is needed to travel to United Kingdom, Canada, Australia and United States

Montenegro is expected to join EU in 2025 and will be a part of schengen area after that.

Visa Waivers

You can download full list of visa waivers in pdf format


Montenegro offers low tax policy for established businesses and individuals.

Dual Citizenship

Montenegro allows holding dual citizenship and does not requires relinquishing previous citizenships under the new economic citizenship scheme.

E1/E2 Treaty

Montenegro has signed E1 and E2 treaty with United States since 1882, which are better alternatives for EB-5 scheme

Montenegro E-1 November 15, 1882
Montenegro E-2 November 15, 1882
  • E-1 –  Treaty trader, spouse or child – For businesses and individuals engaged in substantial international trade between the US and the treaty trader country. The volume of trade must be sufficient to provide employment for a number of people in the United States and must constitute the majority of the trader’s international trade.
  • E-2  – Treaty investor, spouse or child – For those who have made a significant investment in a US business in which the investor has at least a 50% ownership. The investment must be sufficient to provide employment for a number of people in the United States and must be in an active US business.


We have compiled the most important questions about Montenegro citizenship by investment scheme.

1. Does Montenegro have EU membership?

No. Montenegro has currently candidate country status for EU membership. Likely to join European Union in 2025

2. What is the legal background for CIP?

Montenegrin Citizenship by Admission scheme was published in  Official Gazette of Montenegro 34/10, 40/16 and 62/18 which was adopted at the session of 22 November 2018

3. Can i apply now for citizenship scheme?

Yes, Currently open for applications from Oct 3, 2019, officially announced by Government

4. How many citizenships will be granted under CIP?

No yearly quotes, a total of 2000 investors and their family members will be admitted as citizens.

5. Are you an authorized agent?

We work with the trusted authorized agent appointed by the government.

6. Is Montenegro in Schengen area?
No, but Montenegrin passport holders can travel to EU schengen countries without visa. Likely to join schengen area in 2025.

7. How much is the minimum investment required?

EUR 250,000  in real estate + EUR 100,000 (donation) + Additional fees is required

8. How to become permanent resident?

Permanent residency is included in the citizenship scheme. It is issued within 3 weeks after investment

9. Can i travel to UK and Ireland using Montenegro passport?

No. Montenegro passport holders including investors require a visa to travel to UK and Ireland.

10. Can i submit applications directly to Government?

NO. The special citizenship program applications shall only be submitted by the applicant for himself and members of his family to the Competent Body through an intermediary agent.

11. Is dual citizenship allowed?

Yes. Please check your home country allows dual citizenship. Eg. China, India, Singapore, Malaysia, UAE and other middle east countries may not allow becoming dual citizens. In this case we ask you to seek legal advice.

12. Who administers citizenship by investment scheme?

The Government of Montenegro has appointed Secretariat for Development Projects ( responsible for administering and overseeing special citizenship by investment program.  The office is located at Bulevar Revolucije 7, 81 000 Podgorica. The citizenship scheme is designed within government institutions without any involvement of third party providers.

13. What is the official currency of Montenegro


14. How applicants are vetted?

First the agent performs initial due diligence checks. Later the government appointed third party due diligence firms conduct a detailed vetting process on the applicants, who must be free from criminal record, must have no visa denials from EU schengen states, clear from sanctions and clear source of funds.  Only passing these checks will be granted passport.

Applicants should not have been sentenced in Montenegro or another state by a final and binding court decision to an unconditional prison sentence of more than one year for a criminal offense prosecuted ex officio or the legal consequences of the conviction for such criminal offence have ceased

15. Can i include family members as dependents?

Family members  shall be considered to be:

  • a married spouse;
  • applicant’s children who turned 18 years of age, who are dependent on the applicant
  • applicant’s children under 18 years of age, who can acquire Montenegrin citizenship by coming of age.

16. What documents are required?

– certified copies of passports and ID cards,
– birth certificates,
– marriage certificates,
– insurance policies valid in Montenegro, which cover health insurance,
– Health certificate from doctor confirmation that they do not suffer from contagious diseases, issued in accordance with the regulations of the country in which the applicant is a national.

Please note some documents need an apostille to be valid in Montenegro. Montenegro is a member of Hague convention of apostilles.  You can check where to get apostille in your country here

17. What are the restricted countries?

The CIU may restrict some country nationals. Please contact for more clarification and eligibility criteria.

18. How is the real estate market?

Montenegro real estate offers an excellent investment opportunity at currently prevailing low prices. Montenegro has the lowest property prices in europe. Property prices of flats in new residential building in capital Podgorica, Montenegro is  1,200 EUR per square metre.  Budva is  coastal resort and Venetian port-city, with sandy beaches and a diverse nightlife, welcoming over half a million visitors annually.

19. Is the citizenship reported to other countries?


20. Can i vote as citizen of Montenegro?


21. How is Montenegro compared with other EU investor citizenship schemes?

Montenegro has the cheapest citizenship by investment (CBI) program in Europe.  It is a great future investment considering Montenegro joining EU and Schengen area in six years by 2025 giving you a chance to become EU citizen in the future. Once Montenegro joins EU prices will soar and also citizenship could be difficult to afford.

Here is the current prevailing prices for CBI schemes in Europe.

  • Montenegro – EUR 250,000
  • Malta – EUR 900,000
  • Cyprus – EUR 2,150,000
  • Bulgaria – EUR 1,000,000 (closed)
  • Moldova – EUR 100,000 (suspended/closed)

22. Does CIP have donation option?

No, the CIP is a part of DONATION + INVESTMENT model. This means you have to invest in real estate plus pay a EUR 100,000 donation to fund to become eligible for citizenship.

23. Can i visit US and Canada with passport of Montenegro?

No, a visa is required

24. Can Montenegro revoke citizenship for investors ?

Yes, the decision passed by Montenegro may revoke citizenship anytime for concealment, fraud, interpol wanted person and national security threat. If the citizenship is revoked, there will be no refund of the investment.

25. Is Montenegro is a member of UN and NATO?

Montenegro is a member of the UN, NATO, the World Trade Organization, the Organization for Security and Co-operation in Europe, the Council of Europe, and the Central European Free Trade Agreement. It is a founding member of the Union for the Mediterranean.

26. Where is Montenegro?

Montenegro is in south east europe near adriatic sea.  Take a look in the map

Montenegro is a Balkan country with rugged mountains, medieval villages and a narrow strip of beaches along its Adriatic coastline. The Bay of Kotor, resembling a fjord, is dotted with coastal churches and fortified towns such as Kotor and Herceg Novi. Durmitor National Park, home to bears and wolves, encompasses limestone peaks, glacial lakes and 1,300m-deep Tara River Canyon.

27. What are some quick facts about Montenegro?

The name Mont + Negro means Black mountain. Hence Montenegro or Crna Gora as it’s called in Montenegrin

  • Montenegro has 622,000 population of which 70% are christians and 20% are muslims
  • Montenegro has GDP of $12 billion in 2019
  • Montenegro’s beauty attracts close to 2 million visitor arrivals for tourism
  • Montenegro has 117 of them along 293 kilometers of coastline.
  • Montenegro’s Lake Skadar is one of the biggest bird reserves in Europe home to 270 bird species.
  • Montenegro’s capital city Podgorica existed since 1326.

28. How to travel to Montenegro by Air?

a tiny country, there are two international airports: one in the capital, Podgorica, and one on the coast in Tivat. To save money on flights to Montenegro, consider flying into Dubrovnik airport in Croatia, which is just 20 minutes from the Montenegrin border

29. Can i open bank account in Montenegro?

Foreigners can open bank account in Montenegro. There are 15 commercial banks in Montenegro have the license to do financial business in Montenegro.

  • Erste Bank,
  • The First Bank of Montenegro
  • Hipotekarna Bank
  • Lovćen Bank
  • NLB bank
  • Societe Generale Bank of Montenegro
  • ZIRAAT Bank
  • Montenegro Commercial bank (CKB)

30. Is Montenegro listed in OECD blacklist of CBI/RBI schemes?

NO, Montenegro is not blacklisted.

31. Do banks in Montenegro exchange tax information with other countries under CRS?

Montenegro is the only country among CBI countries that does not participate in CRS.

Montenegro is not in the CRS list of tax exchange. Banks in  Montenegro currently do not participate in the Automatic Exchange of Information (AEOI) or Common Reporting Standards (CRS) schemes. It may happen in the future.

32. Does Montenegro have an official Golden visa scheme?

No, there is no official golden visa scheme, only golden passport scheme. There is a possibility to obtain residence permit against investments. We dont assist with this process.

33. Do i have to make a personal visit?

Yes, once to receive residence permit, finalize investments, signing and biometric data process.

34. Are there any residency requirement for fast track citizenship?

None. There is no requirement to visit Montenegro after getting passport

35.  What is the validity of passport issued?

All Montenegro passports issued to Investors are valid for 10 years.

36. Does Montenegro require military service from investors?


37. Is Montenegro safe country?

Montenegro is generally a safe country

38. How much it costs to renew the Montenegro passport?

EUR 25

39. Does Montenegro issue Biometric passport?

Yes, e-passport valid for 10 years.

40. How can the scheme benefit hotel investors?

Hoteliers can invest €5m in new four or five star hotels and resorts considering 2 million tourists visit Montenegro every year.

Lets say you build a 50 room hotel, you can sell the hotel equity shares or hotel room for €250,000 to citizenship seeking investors . Within 2 years you will raise the entire capital invested, plus share/room owners eligible for passport.

These are the minimum investments for citizenship.

  • €250K (rural or north)
  • €350K (Podgorica / coastal areas)

41. Where are the most popular places to buy property in Montenegro?

The most popular place to buy a property is along the coast of Montenegro between Herceg Novi and Petrovac. The Bay of Kotor and the Budva Riviera are the most sought-after destinations for both buyers and holiday-makers.

Foreigners can expect €1,800 a square metre in Tivat and Herceg Novi, and €2,250 in popular towns like Kotor and Budva. In the Capital Podgorica prices average around  €1,200 a square metre

  • The Land Registry extract (“katastarska skica”)  provides all the information on the land’s use, regulation (building restrictions) and structure.
  • Planning permit (“dozvola za projektovanje”) shows development has been approved from the local municipality (town hall).

Once the citizenship scheme kicks in, expect significant increase of property prices in Montenegro.

42. Can i invest  in real estate through a company?

There are no restrictions but foreigners can only buy land through a company.

43. Can i buy residential properties for citizenship?

No, you must invest in approved commercial projects that creates jobs.

44. How much it costs for Montenegro investment citizenship?

Montenegro special citizenship by admission program requires €250,000 in approved hotels or resorts in Northern Montenegro or  €450,000 in Southern Montenegro (capital and coastal areas). There is a €100,000 Govt application fee per application, which goes to donation fund for development of Montenegro.

45. What makes Montenegro citizenship super interesting?

Montenegro has candidate status to join EU by 2025 (negotiations are on) and later in schengen.  Montenegro is a beautiful country, low tax jurisdiction, NATO member. Montenegro has the lowest rock bottom property prices in Europe. Don’t forget Montenegro uses Euro.

46. When Montenegro CBI program was launched?

The Special citizenship by investment program was announced on Oct 1, 2018. Official Gazette of Montenegro 34/10, 40/16 and 62/18 which was adopted at the session of 22 November 2018. The CIP opened for applications on Oct 3, 2019

47. How many visa free countries i can travel with Montenegrin passport?

Montenegrin citizens have visa free access to 124 countries and territories as of 2020. These countries include Schengen, Israel, Russia, Turkey, South Korea, Ukraine, UAE. A visa is required to enter UK, Canada and USA.

48. Can i apply for E-2 visa becoming a Montenegrin citizen?

Yes, Montenegro has both E-1 investor and E-2 trader treaties with United States.

49. Are there quotas for Montenegro CIP?

The special citizenship by investment is limited to only 2000 foreign investors (first come first served). It will only run for 3 years since inception.

50. Can i get permanent residency along with citizenship?

Yes, you can get permanent residency in a matter of weeks and citizenship/passport in 2-3 months after completing the investment and passing background checks.