Montenegro CIP will follow Grant + Investment model

The Montenegrin citizenship by investment program officially opened on Jan 1, 2019. The scheme will run until Dec 31, 2021 and will be limited to only 2000 applications.

The Government opened new citizenship by investment program (CIP) with the aim of developing Montenegro, i.e. with the aim of attracting foreign investments that will intensify development projects in the sector of tourism, agriculture and processing industry in the entire area of Montenegro, both in the north and in the south, as well as faster development of under-developed municipalities of Montenegro.

The Montenegro government has clarified the new CIP will resemble the model of GRANT + INVESTMENT

Grant

A Grant shall refer to the amount intended for development of under-developed local self-government units. The amount of the grant shall be EUR 100,000 per application of an applicant, which is a total of EUR 200 million for 2,000 applications, that being an amount that will be intended for development of under-developed local self-government units.

Investment

The Investment shall refer to the amount intended for investment in one of the development projects from the Development Projects List that shall be defined by the  Government at the proposal of the line ministries, while the amount that a legal entity shall be obliged to pay is as follows:

•  EUR 450,000, for the purpose of investing in one of the development projects in the Capital City of Podgorica or the coastal zone of Montenegro; or
•  EUR 250,000, for the purpose of investing in one of the development projects in the northern or central region of Montenegro, not including the Capital City of Podgorica.

Additional fees

• EUR 15,000.00 for the applicant;
• EUR 10,000.00 for each family member, up to four members at maximum;
• EUR 50,000.00 for each next family member.

The investments for Grant and Investment will be deposited in an ESCROW account for the development of Montenegro

The citizenship also possible for large scale investments in tourism and agriculture projects. These projects will be listed by government soon

Large scale Tourism projects

Development projects involve construction of five star hotels or mixed-type complex in the coastal region or the Capital of Podgorica or at least four stars in the northern or central region save for the Capital of Podgorica,  requiring atleast

• Minimum of investment in the amount of EUR 15,000,000 in the coastal region or the Capital of Podgorica or
• Minimum investment in the amount of EUR 5,000,000 in the northern or central region save for the Capital of Podgorica, and
• Employing at least 80 employees in the coastal region or the Capital of Podgorica or at least 25 employees in the northern or central region save for the Capital of Podgorica,
• Having at least 60 accommodation units in the coastal region or the Capital of Podgorica or at least 35 accommodation units in the northern or central region save for the Capital of Podgorica

Cancelation of citizenship

The Government has adopted a decision to cancel citizenship acquired under special citizenship scheme.

• False or concealing information in application
• Failing due diligence checks