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100 Days Until the End. The Montenegro Citizenship by Investment Program is Almost Over

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The program Citizenship by investment program of Montenegro officially ceases to exist on December 31, 2021. Three months to get a European passport that allows you to enter the Schengen area without a visa and get a non-immigrant E-2 business visa to the United States. Experts Svetlana Thomson, Montis Mountain Resort by Splendid, and Sofia Silina, Apex Capital Partners, tell us what to do to get Montenegrin citizenship in time.

About the program

Basic conditions for participation in the investment program of Montenegro:

  • investing in one of the authorized government projects in the North – €250,000, in the South – €450,000;
  • charitable contribution in the amount of €100 million;
  • the payment of two state fees: application fee (€15,000 for the main applicant and €10 million to dependent family member) and due diligence (€10,000 for a family of four).

You can read more about the program, its terms and additional costs here.

About Documents

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.

Montenegro
The Montis Mountain Resort by Splendid project, certified for participation in the Citizenship by Investment program

About the Project

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.

Read about the fastest and most inexpensive way to get European citizenship is to buy a property in a ski resort in Montenegro

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.

Montenegro
The infrastructure of the five-star complex Montis Mountain Resort by Splendid

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.

What to Do Right Now

The algorithm is as follows.

  • Decide whether you need the citizenship of Montenegro or not.
  • Contact a state licensed agent, and ask them any questions you are interested in.
  • Sign a contract with them, sign a power of attorney for their representative, and then start preparing a package of documents with the help of the company's lawyers. 
  • Choose a property in one of the government-approved projects, for example, a room at the Montis Mountain Resort by Splendid.
  • Open (with the help of an agent's representative) two escrow accounts in a Montenegrin bank and transfer two payments to them – a charitable contribution and the object price. The money will remain in the accounts until the approval of your candidacy by the Government of Montenegro. Only then they will be debited to the addressees ' account.
Montenegro
Room design in the Montis Mountain Resort by Splendid

Remember!

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

https://hotelmontis.me/

sales@hotelmontis.me

+382 (32) 322 025

Quoting conditions of Prian materials

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Tags: Montenegro, Residence permit and citizenship, Immigration, Investment, Immigration programs

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