Montenegro Government has announced, so far 5 applications for citizenship by investment has been submitted by agents and they are in the processing stages and any decisions will be notified.
The Special Citizenship by Investment program of Montenegro was entered into force effective 07.12.2018. (Official Gazette of Montenegro 79/18). The scheme is currently open for applications.
The Government further has made some important changes to the Montenegro CIP regulations.
Among the most important change was a decision taken on Dec 3, to include minors amending the Article 12 of the Citizenship act. Â The decision came into force after 8 days after being published in the Official gazette of Montenegro
The Government said in its decision “it is evident that a minor cannot acquire citizenship by admission under Article 12 of the law, which can have a negative effect on credible and serious investors and that can ultimately slow down the economic and regional development of Montenegro attracting new foreign investment, especially in all countries implementing the program economic citizenship is allowed to acquire citizenship for minors as well. The amendments will eliminate the shortcomings that may be affected inflow of investment fund and will unite family members”
The Government has setup four ministries, to be working together submitting reports to the Government.
- Ministry of Sustainable Development and Tourism (tourism and development projects)
- Ministry of Economy (manufacturing and other investment projects)
- Ministry of Agriculture and Rural Development (agriculture projects)
- Secretariat for the development projects (licensing agents, signing contracts, training)
Earlier this year, Montenegro expanded the scope of citizenship program to agriculture, wood processing and fishing and manufacturing sectors.
The Ministry of Tourism received three more applications for development projects under the economic citizenship program.
1. CG Resort, Tivat doo;
2. Adriatic Properties, Budva;
3. Durmitor Hotel and Villas, doo Zabljak.
The Government already approved construction of three hotel projects under special citizenship program
1.Condo Hotel Breza, KolasÌŒin
2. KraljicÌŒina plazÌŒa, MilocÌŒer, Budva,
3. Durmitor Hotel and Villas“, Žabljak
The decision taken during the recent cabinet meeting is available here
