Montenegro Сitizenship by Investment
The Montenegrin Citizenship by Investment Program was closed to all applicants on December 31, 2022. The government is developing a new project under which foreigners will be able to receive "golden passports" in exchange for a contribution to the country's economy. However, it is not yet known whether the updated program will be launched and under what conditions. Applicants from different countries can still apply for a residence permit in Montenegro on the basis of real estate ownership or business registration.
Advantages of the program
- €450,000 minimum capital for participation in the program
- The best projects of the country only from trusted developers
- Income from real estate your properties generate income
- 3-6 months fast terms for obtaining a passport
- For the whole family spouses and children without age restrictions
- Travel without a visa to 124 countries of the world, including the states of the Schengen area
- The right to live in Montenegro no requirement to change tax residency
- Ability to keep the first citizenship and hand down the new one
The official website of the program
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About the Program
The authorities of Montenegro announced the launch of the economic citizenship program (ekonomsko državljanstvo) in 2018, at the end of 2019 the first applicants submitted applications, and at the beginning of 2020 they had already received passports.
Montenegro has focused on raising funds for the hospitality sector in its “golden passports” project. The authorities have approved the number of priority development projects that promote tourism and create vacancies: these are apart-hotels, high quality hotel complexes and mixed complexes located on the coast and ski resorts. Investors are encouraged to invest in these particular property objects.
On the one hand, this is a barrier. After all, foreigners who want to get a passport are limited in the choice of real estate. On the other hand, there is a guarantee, since all projects undergo a rigorous selection process, and developers undertake to comply with construction deadlines.
An important advantage of the program is that the authorities of Montenegro decided not to set a period during which the holder of a passport is not allowed to sell real estate (such a requirement was considered unconstitutional). Therefore, assets can be returned immediately after obtaining citizenship. Exception: non-refundable contribution to the state fund, as well as additional costs for obtaining a passport.
Please note!The Montenegro Citizenship by Investment program is still valid until December 31, 2021. The quota is set at 2000 applications. The passport project may be extended after that.
Investment Options
- €350 000+
Investments in undeveloped regions: North, center, mountain regions
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€250,000 – in projects of resort real estate approved by the government (apart-hotels, hotel and mixed complexes)
€100,000 — non-refundable contribution to the state fund for support of less developed regions of the country
- €550 000+
Investments in developed regions: capital region, coast line
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€450,000 – in projects of resort real estate approved by the government (apart-hotels, hotel and mixed complexes)
€100,000 — non-refundable contribution to the state fund for support of less developed regions of the country
Only selected construction projects that have received accreditation from the government of Montenegro may participate in the program. All complexes are rigorously selected and should meet the criteria for the volume of investments, the number of job positions, and the timing of setting into operation. The list of projects is regularly updated - check the current opportunities with immigration consultants.
The conditions for buying real estate are regulated by the agreement with the developer - in some cases the investor becomes the owner of individual apartments, in others - shares in the complex. The procedure for calculating income is also determined by the management (lease) agreement. The law does not limit the minimum period of ownership of an asset (real estate can be sold immediately after obtaining a passport), but prohibits the use of the same object in order to participate in the program once again.
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Requirements for Applicants
Who can participate in the program
A spouse and children of the main applicant can apply together with them. The citizenship program does not establish the age limit for relatives, adult children can apply for passports if they are financially dependent on their parents.
Other requirements
- You should be over 18 years of age (for main applicant)
- You should be a citizen of a third country (not the EU or Montenegro)
- You should prove the legal origin of funds
- You should have no criminal record
- You should pass the due diligence check
- You should not violate the visa regime of Montenegro and the Schengen zone
- You should have no serious infectious diseases
The applicants for citizenship do NOT have to pass language tests, defend a business plan, prove economic or other ties with the country when purchasing real estate, and they are also exempt from the obligation to serve in the army.
The citizenship of Montenegro can be withdrawn for hiding information, fraud and a threat to national security, also if a citizen is put on the international wanted list.
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Documents
All applications for participation in the “Montenegro Citizenship by Investment” program should be only submitted through government accredited agents. Their duty is to help the applicants go through all the stages of obtaining a passport and collect a complete and correct package of documents.
Personal documents
- Application form, two photographs
- Copy of passport certified by a notary
- Preliminary conclusion of the agent on the results of the due diligence
- Police clearance certificate from the country of citizenship (if you have lived for more than a year for 10 years in other states, then also from there)
- Certificates of marriage, birth of children
- Medical insurance policy valid in Montenegro
- Certificate of the absence of infectious diseases
- Special form if you include family members in the application
Financial documents
- Confirmation of a donation of € 100 thousand to the escrow account of the competent authority
- Confirmation of the transfer of the required investment amount - € 250 or € 450 thousand - to an escrow account
- Reservation agreement for real estate under construction, management agreement or lease agreement
- Proof of payment of the state fee
If you are denied in obtaining citizenship, the funds transferred to escrow accounts will be returned within a week.
Additional Expences
- State fees
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Application consideration fee: €15,000 for the main applicant, €10,000 for each family member (up to four people), €50,000 for each additional family member.
- Due diligence
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Due diligence procedure: €7,000 for the main applicant, €10,000 for a family of four (including the main applicant), € 1,500 for each additional family member.
- Administrative fees
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Opening an escrow account, where funds should be deposited before starting the processing of the application - from €1,000 to €5,000.
It is also worth including the costs of medical insurance, notary costs for translating documents and booking real estate, an agent's fee that helps to go through the entire procedure, state fees for issuing biometric passports in the budget.
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Rights and Obligations
The "golden passport" of Montenegro is no different from the usual one received at birth. The rights and freedoms are also not limited.
- The right to live in Montenegro without time limits. Moreover, there are no requirements for the actual stay in the country.
- The right to use the visa benefits of a citizen of Montenegro. This means visa-free (or simplified) entry to 120+ countries of the world, including the Schengen zone, Israel, the United Arab Emirates, etc. After joining the European Union (which is expected in 2025), the opportunities for travel and residence abroad for Montenegrins will significantly increase.
- The right to work and conduct business in Montenegro without restrictions on the type of activity. You may hold leadership positions, be elected to government authorities.
- The right for education: your children will be able to study in local schools, attend kindergartens for free.
- The right for medical care: first aid - free of charge, planned treatment and examination - with insurance.
- Obligation to pay taxes regularly, for example property tax. At the same time, there are no obligations to become a tax resident of Montenegro.
- The holders of investment citizenship have the right not to serve in the army.
- The right to sell assets acquired for participation in the program at any time.
- Due to international agreements with the United States, the citizens of Montenegro have the opportunity to obtain an American E-2 visa, which allows them to live and work in the States.
- The right to acquire citizenship in other countries. Montenegro recognizes dual citizenship, which means that you will not have to give up your first passport.
- The right to transfer citizenship by inheritance.
The procedure for obtaining
