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Citizenship by investment program in Montenegro extended for one year

January 11, 2022

3 minutes read

Montenegro extended its investment citizenship program for a year

The government of Montenegro has decided to extend the citizenship by investment program for another 12 months. The Montenegrin media also report that the initial version of the program will change, depending on the current state of the economy.

Voice of the government

The Cabinet of Montenegro has decided that during the additional term of the program, there will be no new development projects approved, and additional bank guarantees will be required for existing programs.

"The government encourages the benefits that investment brings to the national economy. On the other hand, Montenegrin authorities want to comply with the principles of the European Union regarding economic citizenship" - as reported in the piece of the Vijesti portal.

The investment threshold has doubled

After changing the terms of the program, applicants for Montenegrin citizenship will be required to contribute to the state fund not 100,000 EUR, as before, but double the amount. It is also reported that the extension of the license of the program was hampered by opposition from the ministers of foreign and internal affairs.

The license extension and raising of the investment threshold was confirmed by Nuri Katz, who serves as president of the licensed agency Apex Capital Partners, which provides services for citizenship of Montenegro. "We are open to working with all interested parties to attract investment in the economy of Montenegro through the citizenship program," Katz said.

The president of Apex Capital Partners believes that increasing the amount of the contribution to the state fund will not be a deterrent to investors who decide to become citizens of the Balkan country. "Applicants who want to move to Montenegro are not as sensitive to price changes, which distinguishes them from participants in other investment programs. On that basis, I believe that increasing the financial threshold for entry into the program will not have a strong impact on investors' decisions," Katz added.

700 applications annually

László Kiss, who represents immigration attorney Discus Holdings, believes that the decision of the Montenegrin government is motivated by the need to complete existing reconstruction and development projects. "The number of applications for the citizenship by investment program has increased significantly in the last year, which proves that there is enough demand to bring the existing development projects to completion," Kiss said.

Kiss also added that in 2021 alone, about 700 foreign applications for a Montenegrin passport were accepted. As a reminder, the citizenship program has worked in Montenegro since October 2019, and the decision to close it was due to the prospect of the country's accession to the European Union.

Source: Imidaily

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