P.C. Škaljari, 85 330 Kotor, Montenegro
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Basic conditions for participation in the investment program of Montenegro:
You can read more about the program, its terms and additional costs here.
There are 3 months left to submit the documents. Is it a lot or a little?
Sofia Silina: "There is still time to decide whether you need a Montenegrin passport. You need to come to a licensed agent before November 15 to do everything without haste. It is possible to have time after this date, but the risks are great…
The authorities of the country require 19 documents from applicants, which takes a month and a half. Collecting personal certificates (for example, passports of all family members) is the easiest part. They must be taken to the translation agency for notarization and translation into English.
Personal documents also include a birth certificate. However, if it is lost, it takes up to a month to recover.
A certificate of absence of a criminal record takes a long time. It must be submitted by all family members over the age of 16, and such certificates must be obtained not only in the country of residence, but also in all states where the person has lived for the last ten years for at least six months per year. If the deadlines are tight, an employee of a specialized company can do this, which will speed up the procedure twice. That is a paid service.
It takes several days to collect medical reports, usually no more than a week. It will also take time to compile a resume for all family members over the age of 16. It is a description of the entire work activity of a person from the moment of graduation from an educational institution.
Among other documents are a bank statement from an account for 12 months, a letter of recommendation from work, a certificate of personal income tax for an employee and documents for an LLC/sole proprietor, statutory documents, financial statements and a certificate of tax payment for a businessman or co-owner of a business.
It takes time both to collect and to notarize all personal documents and translate them into English. If a person has a residence permit of another state, they will also need an apostille of the corresponding card. It is made in the country that issued the card."
Important. Most of the items in the long list of documents can be sent later. For example, this applies to a birth certificate, a diploma of education or vaccination certificates for children. The main thing is to reserve a place for yourself in the program by submitting the following documents:
- a state form completed by a lawyer of the licensed agency and signed by the applicant,
- a notarized copy of the passport, translated into English and Montenegrin;
- a power of attorney for the representative / lawyer of the licensed agent;
- an agreement signed with the developer (either a purchase and sale agreement or a preliminary agreement) for the object selected for investment.
These are documents that are mandatory at the time of submitting the application. The remaining papers can be sent in the process of obtaining citizenship. This opportunity is a legal loophole, it is relevant for those who decide to take part in the program at the last moment, say, in December.
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The main requirement for an investment project is that it must be approved by the government. This means that it is interesting from the point of view of promoting the tourism sector. Aparthotels, mixed four- and five-star complexes are suitable for this purpose.
Svetlana Thomson: "A project suitable for the program and approved by the authorities is in Kalashin, the largest and most popular ski resort in Montenegro. The Montis Mountain Resort by Splendid hotel, which will be built by June 2024. This is the largest five-star hotel in the north of the country with 230 rooms. The developer reserves half of them, and gives the second half to the investment program.
On the territory of the hotel itself there will be restaurants, cafes, bars, a cinema, sports grounds, a tennis court, a football field, a conference hall for 400 people, a spacious spa area (more than a thousand square meters), a gym and much more.
But the main thing in this project is that we can expect a yield of up to 5% per annum from it (please note: investors will not be able to make a profit until the second half of 2024, after the object is completed and populated by tourists). Owners will be paid 40% of the income of the number fund and infrastructure facilities.
Buying real estate in the project is essentially buying a hotel room. There are several categories available for purchase in Montis Mountain Resort by Splendid, the most popular are junior suite (33.5 sq.m) and splendid suite (43.5 sq.m) worth €250,000. The other two are the executive suite (72 sq.m) and the president suite (85 sq.m), their price is €500,000. As a rule, they are acquired by two investors (applicants for citizenship) in shares at once.
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According to the rules of the hotel, the owner is obliged to rent a room for 11 months of the year, the remaining month they can use it for personal recreation.
It is important that the price includes finishing, furniture, textiles and decor, you get a fully ready-to-move room."
Important. In addition to the cost of the room, the buyer does not pay anything to the developer. The price even includes VAT. Investors are also spared from fees for the maintenance of real estate.
All other fees and state duties, which were mentioned at the beginning of the article, are paid according to the rules of the program.
To choose an object in this project, you need to contact the representatives of Montis Mountain Resort by Splendid. After choosing a specific room, it is booked and the agreements (purchase and sale, management and lease) are approved. The next stage is the translation of the agreed version into English and Montenegrin and the signing of these versions by Apex Capital Partners lawyers. All stages are carried out in parallel with the collection of other documents.
The algorithm is as follows.
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If you decided to participate in the program, order a certificate of no criminal record right now, it takes the longest to prepare. Restore the birth certificate and other personal documents if they are lost. As long as there is time, this can be done with minimal costs.
The quota of two thousand families allocated by the authorities for the investment citizenship program has not yet been used. This means that it is still possible to apply for participation in it.
Hurry up: the desired deadline for contacting the agency is the end of November, the deadline is December 15-20, 2021. The last date for submitting the already collected documents (the truncated list) will be around December 30.
All those who apply now will be able to obtain citizenship by the summer of 2022. Applicants for a Montenegrin passport who decided to participate in the program in December will receive it no earlier than the autumn of next year. The deadlines are being stretched due to the increasing flow of applicants.
P.C. Škaljari, 85 330 Kotor, Montenegro
