Montenegro Citizenship by Investment Programme and the real estate investments
Published at: 24/06/2019 09:35 am
The Montenegrin Citizenship by Investment Program is set to start during the autumn of 2019, according to official sources. As the responsible authorities signed the contracts with the official agents and the due diligence companies, only the qualifying projects are needed to start the applications.
Damir Davidovic, secretary of state at the Ministry of Sustainable Development and Tourism, mentioned the northern city of Kolašin, where infrastructural developments help to increase the number of visitors and the quality of the accommodation solutions, with an eye on the investors for the citizenship.
The politicians also reminded that the "public call for projects for obtaining economic citizenship in the field of tourism was announced in February and is open until the end of 2021", according to the Vijesti.
On the seaside and the capital city of Podgorica, only those five-star hotel projects may qualify, which develop at least sixty accommodation units and employ at least 80 people. Meanwhile, in the north, the four-star category is enough, and the number of employed residents can be only 25. Another eligibility criterion is the amount of investment, 15 million euros at the seaside and five million in the northern regions.
According to Davidovic, there will be more tourists in Montenegro than the previous years and the 2,5 million visitors will spend more than 14 million nights in the Adriatic country during 2019.
Milanka Bakovic, Director of the Directorate of Civil Status and Identity Documents at the Ministry of the Interior, affirmed that the applicants do not have to renounce their citizenship and they will be checked not only by the due diligence firms, but the Interpol, Europol and the National Security Agency will also examine the candidates' backgrounds.
Holders of the Montenegrin passport can visit 117 countries worldwide; they have Schengen access as well. Turkey and Russia are also among the visa-exempt countries. There is no requirement of residing physically in Montenegro, and dual citizenship is also allowed. It is good to know that non-resident citizens in Montenegro pay tax only after the locally sourced income and there are no inheritance and gifts taxes.
The minimum amount of investment in exchange for the citizenship of Montenegro is different in the southern and northern parts of the country. Third country nationals must invest 450,000 euros in the southern, seaside part of the country and Podgorica, the capital. However, in the northern regions, the investment threshold is significantly lower; the qualifying amount is 250,000 euros. There is also a 100,000 euros contribution to the state.
Discus Holdings Ltd is an official agent of Montenegro Citizenship by Investment Programme through its shareholding in Apex Capital Partners Montenegro. Click here for all the detailed information!