In 2010 the government of Montenegro announced initial plans to offer a Citizenship by Investment program to “renowned businessmen of credible reputation” if they invested at least half a million euros. Plans were suspended while the program worked out details with European Union regulators.
Now, the Tourism Ministry is preparing it’s Economic Citizenship package - designed for foreign investors. The Ministry has not specified a date when the scheme will go into effect.
Montenegro’s government plans to offer citizenship to foreign investors who are willing to invest funds in the undeveloped northern region of the country, media reported on Tuesday.
“We believe the new concept of the program for Montenegro should be based primarily on the development of the northern region,” the Ministry said.
Montenegro already has a strong track record with Foreign Direct Investment (FDI), in 2014 the total amount of FDI was just under half a Billion euro according to the Montenegro Investment Promotion Agency. Most of which was invested to improve the tourism sector in the southern part of Montenegro.
The daily newspaper Vijesti reported that the scheme is supported by Montenegro’s Foreign Investors Council as well as the Chamber of Commerce.
It is reported that several foreign businessmen have already obtained Montenegrin citizenship, notably: former Thai Prime Minister Thaksin Shinawatra, former Palestinian Minister Mohammad Dahlan, and Nathaniel Rothschild who has held his Montenegrin passport since 2011.
As Kamali & Partners learns more about the development of Montenegro’s Citizenship by Investment Scheme we will make further announcements.