Citizenship by Investment in Dukley Gardens, Montenegro: Luxury Apartments, Special Offer

What is the best advice for investors wishing to obtain Montenegrin citizenship 2022? Most likely, you have already discovered that the development projects that can qualify for the program are at resorts or hotels under construction in the northern part of the country. Besides, their menu is limited. However, you should not be discouraged. We have recently discovered a very attractive package solution put together by the Dukley Gardens resort (see the picture). Besides, Montenegro is upgrading the list of incentives for investors, including the special offer for families with kids.

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We have decided to share with you in this article our experts’ recommendations and the most relevant details. Should you need more specific answers, please send your questions to our email address given at the top of this page.

Montenegro launched the citizenship by investment program in 2019. Its basic terms have not changed much since then. The most important updates include:

• the deadline postponed to December 31, 2022
• the extended list of the eligible (‘approved’) properties
• the new incentives for families with kids
• the permission for cohabiting couples to submit a joint application. 

To qualify for participation and apply for your Montenegro passport in 2022, you need to invest in some real estate approved by the authorities at least €250,000 in the north or €450,000 in Podgorica or the coastal region of Montenegro, plus donate at least €200,000 into the government fund assisting the less developed parts of the country. 

As reported by the Montenegrin Secretariat of Development Projects (Sekretarijat za razvojne projekte; SRP), the number of HNWIs who had applied for Montenegrin citizenship by investment was not impressive before 2022. Besides, less than 20 eligible projects have been so far available for investments under this program. That was the reason why the program was extended till 2023, and some nice incentives have been added.

We encourage you to take advantage of the new deadline. Besides, you should recognize the leverage of the recently introduced 2-step ‘hybrid’ offer: 

• Step 1. Invest in a very attractive property at the seaside resort of Dukley Gardens which is already in operation and so cannot participate in the CBI program. 
• Step 2. The resort administration of the resort will buy on your behalf some ‘approved’ property which is under construction at the Westin Ski Resort Kolašin in the northern region. 

As a result, you will get a very fortunate combo: the investment by the sea plus your eventual compliance with the requirements set for the Montenegro citizenship applicants.  

If you act fast and invest before the property prices grow both in Montenegro and the global real estate market, you can have the best of both worlds. 

The perks of obtaining citizenship by investment in Montenegro include the following benefits:

• no need for the interview
• no language tests
• no education or special experience requirements
• no residency requirement 
• the short waiting time after the application
• no taxes on capital gains, gift, wealth and inheritance
• no taxes for non-residents
• one of the best personal income tax rates in the world
• visa-free travel to over 120 countries
• some other benefits of this handsome country.

In 2022, the citizenship by investment program in Montenegro will surely gain momentum.  This will be propelled, apart from other drives, by the new incentives for collective applications from families with children under 18 years old.

Montenegro citizenship by investment in your seaside home at the Dukley Gardens resort for permanent residence or leasing

Let us once again say that citizenship by investment in Montenegro can be obtained only if the applicant buys some property from the list of eligible development projects. This list is expanding, so that the stakeholders could attract additional foreign capital to finance construction works.

The Montenegrin authorities have pledged to check the status of each approved development project every 6 months. This will ensure that the investors follow all the requirements and guidelines, and the construction works comply with the business plans.

The program procedure is very straightforward and transparent. The investor chooses some eligible project, transfers the amount specified in the contract to the escrow account. This developer receives this sum only when the client’s application for the Montenegrin citizenship by investment is approved by the authorities.

You just have to accept it that the program is designed to jumpstart direct international investments for the sake of Montenegro’s economic development. Therefore, the state control over citizenship by investment matters is very focused. Therewith, the government does not bear any responsibility for the investors’ would-be financial returns from the approved projects. The applicants should not expect any guarantees of future revenues from leasing out the property. Nor can they be promised big profits from reselling it after the holding period is over. Having said this, let us forward you to our good news outlined below.

How does this option work? 

• You can buy luxury apartments at the Dukley Gardens resort at a special price starting from €1,800,000. The developer provides you with the title for your stake in this complex.
• The developer undertakes to buy in your name a share in the development project at the Westin Ski Resort Kolašin approved by the authorities.
• The developer will pay the costs of your share in the Westin Ski Resort Kolašin as well as all the state duties, legal fees, and a licensed agent’s charges. 
• As a result, you become the happy owner of the apartment(s) in Dukley Gardens on the Adriatic Sea, a share in the construction project at another resort approved under the program, and obtain Montenegro passports for your family of 4 or fewer people.

Please note that this excellent offer is limited. It features only 6 furnished and fully equipped residences in the Dukley Gardens, a seaside residential complex. Investors can buy spacious, stylish apartments outfitted from top to bottom by high-class designers. They used interior finishing materials of international brands that comply with international quality standards. The complex has already been commissioned. The ready-to-use apartments are well-marketed as part of the wide-scale advertising campaign of the Dukley Gardens resort. To sum up, there is every chance that your property in Budva will be a sweet home for you, and it will generate you regular rent revenues should you wish to lease it out.

Montenegro citizenship by investment for families

Another important point pertains to applicants with families who want to obtain Montenegrin citizenship by investment not only for themselves, but also for financially dependent relatives (spouses, kids).  

It has been recently announced by Montenegro authorities that children under 18 y.o. can be included in family CBI applications.

Besides, children born after their parents have acquired Montenegro citizenship by investment will automatically qualify for Montenegrin citizenship by descent. 

Moreover, after a family acquires Montenegrin citizenship by investment, they may move to Montenegro or continue to reside permanently in another country. In such a case, if a baby is born outside Montenegro, the parents can just contact the local Montenegrin Embassy for processing the baby’s citizenship.

Advantages of Montenegro citizenship by investment

Montenegro is a very beautiful country, and you should not question even for a moment the benefits of buying a new property at a Montenegrin resort. The coastal towns (such as Budva, Kotor, Sveti Stefan) and ski resorts offer their residents and guests excellent opportunities for recreation, leisure, and relief. 

Your purchase of an apartment at the Dukley Gardens resort in Montenegro is your chance to start every day with the Good to Be Alive excitement over the stunning landscapes on your doorstep. If you do not intend to move to Montenegro, the decision to rent the property out is a very sound, profitable strategy.

Montenegro declared independence on June 3, 2006, becoming a parliamentary republic following the May 21 referendum on the dissolution of the former state union of Serbia and Montenegro. But what makes Montenegrin citizenship for investment unique? How does the local program for migrant investors differ from similar offerings in other countries?

Montenegro’s extradition treaties

Montenegrin criminal legislation applies to citizens who commit a crime after becoming citizens and do not absolve the crimes committed abroad. Here are some countries with which Montenegro maintains extradition agreements: the UK, Serbia, Italy, Macedonia, Croatia, Bosnia. 

However, Montenegro has refrained from concluding extradition treaties with many other states. In theory, this provides additional protection to Montenegrin citizens if they become the targets of fabricated charges (for political, business and other reasons) in another country of residence as long as this country does not have the extradition treaty with Montenegro.

Such agreements have NOT been concluded with the USA, China, Russia, India, Canada, many other countries.

Automatic Exchange of Information (AEOI) 

Montenegro is not a signatory to the OECD automatic exchange of tax information under the Common Reporting Standard (CRS). This means that banks in Montenegro do not disclose to the foreign tax authorities any details of bank account holders who are citizens of such countries.

Over 150 countries exchange tax information with each other. Montenegro is not one of them. The situation may change in the future. 

EU membership prospects

At the moment, nationals of various Schengen countries enjoy visa-free travel to Montenegro and can stay there for up to 90 days.

Montenegro is officially a candidate for European Union integration, it applied for EU membership in 2008 and began negotiations on June 29, 2012. In 1999, Montenegro unilaterally adopted the Euro.

By 2025, the country hopes to join the European Union and become part of the Schengen Area. To do so, it will have to tighten policies, including the taxation. Besides, the EU may force Montenegro for the sake of its European integration to abandon the idea of issuing citizenship by investment to foreigners.

Therefore, all those wishing to obtain Montenegrin citizenship by investment and, consequently, a passport of an EU candidate country, should hurry up and take advantage of the opportunity that now exists before it disappears.

US visas E-1 and E-2

Nationals of Montenegro are eligible for American E-1 (trade) or E-2 (business) visas, i.e.  non-immigrant visas to the United States. Unlike the EB-5 program, the respective visas are not expensive, and the application processing procedure is rather fast.

NATO membership

Montenegro is a NATO member state along with 29 other states that form a system of collective defense. The combined military budget of all NATO members account for more than 70% of global military spending. Independent member states agree to provide mutual defense in response to attacks by any outside party. 

Double citizenship

Montenegro legislation allows for dual citizenship without limitation. This possibility is available, among others, to foreign investors under the citizenship by investment program of Montenegro.

Expanding geography of applicants for Montenegro citizenship by investment

Experts in the field of migration investments expect that the citizenship by investment program’s advantages will attract more HNWIs from all over the world this year. 

In particular, they forecast the growth of demand from China. The Chinese investors will surely appreciate the extending list of eligible development projects, the prospects for long-term returns on investments, the opportunities to have a home away from home in this beautiful country after the commissioning of the relevant residential complexes or resorts.

There is no doubt that wealthy families will prefer to invest in real estate by the sea, rather than in the mountains in Montenegro. Please note that the citizenship by investment program approves only 4-star projects in the north and 5-star seaside properties in the south.

The property prices for luxury projects in Montenegro are rated as very attractive, despite the significantly different entry threshold: €250,000 in the north and €450,000 by the sea.

On the other hand, some investors use a different approach based on the minimum costs. 

As mentioned above, there is the third option: to apply for Montenegrin citizenship by investment in the 2-step ‘package’.

Why should you not delay your decision? The Montenegrin government initially set a limit of 2,000 approved applications for the 3-year CBI program period. Therefore, you should not postpone your application.

Expert help with Montenegro citizenship by investment

Please note: this article is for your general information only. Things change rather quickly, both globally and locally. That is why you should verify the current information, follow our posts, and ask our experts for updates.

To accomplish your objectives this year, you should apply for Montenegrin citizenship by investment under the guidance from our partner, a licensed immigration agent. Besides, our experts can help you open offices and businesses in Montenegro, plan your taxes, recruit services of a lawyer or accountant, buy some property in Montenegro, or obtain a residence permit in Montenegro. 

Are you planning to get the Montenegrin citizenship by investment in property at local resorts and move to the Balkans? You are welcome to contact us with your further questions about relocation to Montenegro and applications for passports. Our experts will be happy to help you understand how to accomplish this as easy and fast as possible. Please send your inquiries to info@offshore-pro.info.