It has been a long time in the making, but the legislative process is soon to be formally completed: Montenegro is to introduce a program which will allow individuals to acquire Montenegrin citizenship by investing in the country. Here are some key details about the program.
- When will the citizenship program be rolled out?
As announced by the Montenegrin Government, the â€˜citizenship by investment’ program should be operational by 1 October 2018. Some by-laws required for the implementation of the program still need to be adopted, but the deadline set by the Government seems reasonable.
- What are the requirements for acquiring Montenegrin citizenship by investment?
Investors will be able to choose between two options:
- Investing in projects in the under-developed regions of Montenegro; or
- Investing in projects in the developed parts of the country.
In the former case, the minimum amount of investment will be EUR 250,000, while in the latter an investor would need to part with at least EUR 450,000 to become eligible for the citizenship program. In both cases, the Government needs to approve the development project in advance.
- How much will it cost?
Notwithstanding the sum required for investment, each applicant will need to pay an application fee in the amount of EUR 100,000.
- Will the number of successful applicants be limited?
Yes. The Government announced that the program will be limited to no more than 2,000 applicants.
- Will the program be limited in time?
Yes. The program will be available during a limited period of three years.
- Who will be able to apply for the program?
Based on what has been announced so far, the program will be limited to applicants from non-EU countries.
- Who will be running the program operationally?
The program will be run by a special Government agency, which will engage marketing and due diligence agents. The task of marketing agents will be to promote the program and attract foreign investment, while due diligence agents will be checking the prospective applicants.
- Who can I contact for further information?
For additional information about the program, please contact Dr. Dragan Gajin.