In an effort to help attract foreign direct investments into the country, Montenegro will launch its Citizenship-by-Investment Programme (CIP) by October 1st, 2018. They will cap the number of applicants to a maximum of 2,000 non-EU nationals over a three-year period.
You will have two different investment options:
1. €250,000 real estate investment in an undeveloped area of the country, as defined by the Government
2. €450,000 real estate investment in a developed area of the country
In addition, you will need to make a €100,000 non-refundable donation directed to a special fund. This will invest capital into underdeveloped areas of the country. While there was no news about due diligence fees, we expect these to be in line with other citizenship programmes.
Although the currency of the country is the Euro, Montenegro is not yet a member of the European Union. However, it is on the agenda for future enlargement of the European Union by 2025. The country is already in the process of integrating EU legislation into national law. Citizens of Montenegro currently enjoy visa-free travel to 125 countries. This would certainly expand should they gain EU member status.
Home to one of the world’s most spectacular yachting harbours, Porto Montenegro, the southern part of the country has become one of the finest luxury destinations in Europe. It already attracts many international investors to its shores.
The programme is set to be very popular with those investors wanting to access Montenegro’s growing property market. Given the possibility of the country joining the EU in less than seven years, its passport is sure to be highly desirable.
Latitude looks to adding this exciting new CIP to our comprehensive portfolio of investment migration programmes.