Are you considering the possibility to apply for citizenship of Montenegro by investment? If so, you will be pleased to learn that the list of development projects approved by the authorities for attracting foreign investments via the citizenship-by-investment program has been extended. Three new resort complexes have been added to the list: Elite Hotel & Residence, Montis Hotel & Resort, and a hotel whose buildings are currently referred to as “Object D” and “Object E”. What are the specifics of these development projects? Please read on to find the answers.
Montenegro is a country in southeastern Europe. It is known as ‘a pearl of the Balkans’ and there you will find Mediterranean climate at the seashore, continental climate inside the country, a picturesque coastline, and around 180 sunny days a year. A stable democratic country with a growing market economy offers a favorable business environment to local and international entrepreneurs.
The citizenship-by-investment program that Montenegro has launched recently is aimed at attracting foreign direct investments into the country’s economy. The program is going to be in effect for three years only and the maximum number of foreign nationals that can acquire Montenegrin citizenship in the program frameworks has been set at 2,000. Wealthy individuals from outside the European Union are eligible to apply.
Citizenship of Montenegro can be acquired in exchange for a non-returnable donation plus an investment into a Government-approved business venture of real estate.
At the Government session held at the end of September 2020, three new resort complexes under construction were added to the list of Government-approved real property in Montenegro. Now foreign investors applying for citizenship of Montenegro have a larger choice of property that they can buy.
Citizenship of Montenegro by investment: Buildings D and E
The hotel consisting of buildings D and E will be a four-star hotel with a total of 116 suites. The overall cost of the development project is around 8 million euros. AD Ski Resort-Kolašin 1450 company is the principal contractor.
It is expected that the hotel will employ around sixty local people. The investor has confirmed the acquisition of a 2.5. million-euro irrevocable bank guarantee from Adriatic Bank that will remain valid until August 18, 2023.
According to the business plan, the construction work should be started by October 15, 2020 and completed by December 31, 2022. The hotel is expected to be put into operation by July 1, 2023.
Invest into Elite Hotel & Residence to acquire citizenship of Montenegro by investment
Elite Hotel & Residence resort complex is also going to have four stars. There will be 150 suites there and the total cost of construction is 11.44 million euros. The construction work will be partially financed from the Montenegrin citizenship-by-investment program funds.
The hotel is going to employ over 70 people and it will remain available to the guests all the year round. This means that the employees’ services are not going to be only seasonable. According to the business plan, the main investor is AD Garnet Investment Montenegro, Limited.
The investor submitted to the Montenegrin Ministry of Sustainable Development and Tourism a statement from the Bank of China that confirms the deposit of 15.7 million euros made by the parent companies Sino Promise Group LTD and Sino Promise High Tech Holdings Limited in the bank.
Besides, Sino Promise Group LTD has confirmed in writing that it is committed to providing 11.5 million euros for the construction of Elite Hotel and Residence.
Acquire a second passport of Montenegro by investing into Montis Hotel & Resort
The prospective Montis Hotel & Resort is going to be a luxury five-star hotel with 238 suites including 25 luxury suites.
The expected total cost of the development project is 21.07 euros. The investor is going to create 200 permanent jobs at the site plus 31 seasonal jobs.
The main investor in this project is Montenegro Luxury Hotels and Resorts from the city of Kotor. The company supplied the project proposal to the Ministry of Sustainable Development and Tourism and permission was granted to it to start the construction works. Montenegro Luxury Hotels and Resorts also supplied a 2.5 million-euro bank guarantee from Universal Capital Bank that is going to be valid until September 30, 2024.
The business plan has September 30, 2024 as the date of the construction project completion. Montis Hotel & Resort is expected to open later the same year. The construction project is divided into two stages. At the first stage, preparatory work will be done: the site will be cleaned, access driveways built, plumbing and electric equipment connected, and fences erected. This stage should be completed by March 31, 2021 after which the construction proper will begin.
Answers to FAQ related to acquiring citizenship of Montenegro by investment
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The advantages of becoming a citizen of Montenegro
Montenegro is an official candidate for EU membership. The country is expected to join the Union in 2025. Currently, citizens of Montenegro have visa-free access to 123 countries of the world including the Schengen zone states. Some additional benefits of acquiring citizenship of Montenegro include the following ones:
- Fast citizenship acquisition – the process takes about 6 months;
- No applicant physical presence requirements (neither prior nor during nor after obtaining the passport). A single personal visit to Montenegro is required;
- Dual citizenship is allowed;
- Montenegro is a seaside country with a stable economy and calm political situation. It is a perfect option for a ‘plan B’;
- Applicants for Montenegrin citizenship can include members of their families into the applications. Citizenship of Montenegro will be inherited by future generations;
- The procedure of acquiring citizenship of Montenegro by investment is totally confidential.
Who qualifies for applying for citizenship of Montenegro by investment?
The Montenegrin citizenship-by-investment program does not require that foreign applicants for citizenship physically reside in the country even for a short time. The applicant for Montenegrin citizenship shall meet the following requirements: they shall be 18 years of age or more; they shall have a clean criminal record; they shall be in good health; they shall make the donation and the investment in the required amounts; and they shall prove the legality of the sources of capital that they plan to invest into acquiring citizenship of the country.
How long do I have to live in Montenegro to acquire economic citizenship of the country?
The Montenegrin citizenship-by-investment program does not require that foreign applicants for citizenship physically reside in the country even for a short time. You can become a citizen of Montenegro within 6 to 7 months by making the required investment supplementing it with a donation to the state fund. The timeline is generally as follows: application preparation – 1 month; application processing by the Montenegrin authorities – 4 to 5 months; investment into Government-approved real property in the country – 1 month. After that, you will be issued the passport of Montenegro.
How much does citizenship of Montenegro cost?
If you would like to become a citizen of Montenegro, you will have to invest minimum 250k € into real estate plus make a non-returnable donation of 100k € to the state fund. Whether you invest into real estate or a business venture, the property must stay in your possession for 5 years, after which it can be resold. There are application processing fees that are also due: 15k € for a single applicant; 10k € each for the 2nd, 3rd, and 4th family members; 50k € for every extra family member included into the application for Montenegrin citizenship. Besides, due diligence fees have to be paid: 7k € for a single applicant; 10k € for a family of 4 members or fewer; 1 500 € for each extra family member included in the application.
What makes it possible to acquire citizenship of Montenegro confidentially?
Passports are issued by the Ministry of Interior in Montenegro. The officers of the Ministry do not disclose the information about the passport holders in accordance with the law of Montenegro ‘On Protection of Personal Information’.