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Pictured above: Deputy Prime Minister Milutin Simovic and Minister of Sustainable Development and Tourism Pavle Radulović
November 27, 2018

Montenegro Aims to Create New Jobs and Raise Standard of Living Through Citizenship by Investment

Posted by:
Elevay Global

Source: Government of Montenegro

At a recent cabinet session, held on Thursday November 22, 2018, the Government of Montenegro officially passed the decision on the criteria, method and procedure of their citizenship by investment program. The aim of this program is to increase economic interest in Montenegro and develop a mechanism for the creation of new jobs and a higher standard of living.

The Government’s decision was made with a view to further accelerating the economic development of Montenegro and attracting investments that will create new tourism, agricultural and processing capacities, and new jobs, and improve the quality of life and the living standard of our citizens.
Deputy Prime Minister Milutin Simovic

The Deputy Prime Minister further elaborated on the types of development projects that will be available:

…the special quality of this Decision is creating opportunities for the implementation of development projects in several sectors – tourism, agriculture and processing industry. Furthermore, this Decision is an expression of the Government’s commitment to implementing development projects in the whole area of Montenegro, both in the north and the south.
Deputy Prime Minister Milutin Simovic

At the briefing, the Deputy Prime Minister also spoke on how the implementation of the program would effect their path towards joining the European Union.

In the end, we understood the position of our EU partners… the Decision and the defined programme implementation are the expressions of the Government’s sincere cooperation, intentions and responsibilities, as well as complete restraint from any measure that could jeopardize further integration path of Montenegro and the goals of the European Union itself.
Deputy Prime Minister Milutin Simovic

The Minister of Sustainable Development and Tourism Pavle Radulović then explained the criteria for selecting development projects and the conditions and procedure for applicants. The program will be only available for a limited time with a maximum of 2,000 applicants. The application must be submitted through an authorized mediation agent who will be issued annual licenses.

For applicants, the requirements are as follows:

  • Must make a minimum investment of €450,000 for projects in the coastal region or Podgorica, or a minimum investment of €250,000 in the Norther and Central Regions
  • Must also make a contribution of €100,000 which will be used for less developed regions of Montenegro
  • And finally, the applicant will be required to pay €15,000 for the processing of their application, €10,000 for each dependent up to a family of 4, and €50,000 for each dependent beyond the family of 4.
  • Kotor, pictured above, is one of the many breathtaking and historic cities in Montenegro.

    The investments collected will be used exclusively for the approved developments in Montenegro. These include hotels or mixed tourist complexes in the coastal region and Capital city of Podgorica. The facilities must be:

    • at least 5-star facilities
    • have at least 60 accommodation units
    • a total development investment of at least €15,000,000
    • Must hire at least 80 new employees

    For development projects in the Northern region, the criteria is slightly less:

    • at least 4-star facilities
    • have at least 35 accommodation units
    • a total development investment of at least €5,000,000
    • Must hire at least 25 new employees

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    If you have any questions regarding the launch of Montenegro’s Citizenship by Investment program, or to get started on your application, please request your free, no-obligation consultation today.