Montenegro CIP set to launch
01 August 2018
In an effort to help attract foreign direct investments into the country, Montenegro has announced they will launch a Citizenship-by-Investment Programme (CIP) by October 1st, 2018. They intend to cap the number of applicants to a maximum of 2,000 Non-EU Nationals over a three-year period.
Applicants will have two different investment options to consider:
1. EUR 250,000 real estate investment in an undeveloped area of the country, as defined by the Government;
2. EUR 450,000 real estate investment in a developed area of the country.
In addition, applicants will need to make a EUR 100,000 non-refundable donation directed to a special fund which will invest capital into underdeveloped areas of the country. While nothing was announced with respect to due diligence fees, we expect these to be in line with other citizenship programmes.
Although the currency of the country is the Euro, Montenegro is not yet a member of the European Union. However, it is on the agenda for future enlargement of the European Union by 2025 and is already in the process of integrating EU legislation into national law. Citizens of Montenegro currently enjoy visa-free travel to 125 countries and this would certainly expand should they gain EU member status.
Home to one of the world's most spectacular yachting harbours, Porto Montenegro, the southern part of the country has become one of the finest luxury destinations in Europe, already attracting many international investors to its shores.
The programme is set to be very popular with those investors wanting to access Montenegro’s growing property market, and given the possibility of the country joining the EU in less than 7 years, its passport is sure to be highly desirable for many international private clients.
Latitude is looking forward to adding this exciting new CIP to our comprehensive portfolio of investment migration programmes.