A Checklist For Applying To Montenegro’s Citizenship By Investment Program

Montenegro is a country in the Balkans that is an upper-middle-income economy and is a member of several international organizations and associations, such as the United Nations, the World Trade Organizations, and the Central European Free Trade Agreement. Its application for membership in the European Union is already underway. It recently opened up its Citizenship by Investment Scheme called the Special Investment Program, which should be of interest to you.

The scheme was launched in 2018 and has been hailed as a quick route into the country and the eventual acquisition of citizenship. It is called Montenegro Economic Citizenship by Investment Program as its benefits are conditional upon investments in the country. To know more about the program, read below. A checklist of things you should know about the scheme has been provided. 

Why should you choose Montenegrin Citizenship?

Before anything else, you should get yourself apprised of the benefits of Montenegrin citizenship. Under the program, many benefits await you. For instance, as a Montenegrin citizen, you will have visa-free access to as many as 123 countries, including those in the Schengen Area, where you can spend up to 90 days in any half-year period. You are not required to stay in the country permanently. Moreover, the Montenegrin tax laws are not very cumbersome, with the personal income tax rate pegged at 9 percent. Also, you will be entitled to make an application for the E-2 US Visa that allows citizens to reside and work in the United States. 

Investment Options under the program

There are two options to consider: The first option involves the satisfaction of two conditions. These two conditions cover a contribution of EUR 200,000 to a state fund, and the said contribution is a one-time, non-refundable amount. The second condition is purchasing a share in a state-approved real estate project amounting to EUR 250,000. The real estate must be situated in the central or northern part of the country but not in the capital.

On the other hand, one can make an investment in a real estate project in the capital Podgorica or by the seaside. The minimum investment you must make is EUR 450,000, with the remaining financial conditions staying the same. Also, from 2022, applicants have been required to contribute an additional sum of EUR 100,000 to the Innovation Fund.

What are the other eligibility criteria?

Aside from the investment requirements mentioned above, there is a set of other requirements to be satisfied. 

• • The applicant must be at least 18 years old and must be a non-EU citizen. 
  • They must come with a clean criminal background, for which a police clearance report will be needed. 
  • The applicant must successfully clear the due diligence examination. 
  • There must be a legitimate source of income for making investments in the country. 
  • You can include your partner, which includes unmarried couples as well as same-sex couples. 
  • While children below 18 years can be added to the application, those over 18 years should be financially dependent on the applicant.

A general idea of the application process

I will give you a brief overview of what the application process looks like. 

• • A preliminary due diligence check will be conducted by your agent. 
  • Once you clear the check, you will have to collect all the necessary documents. Your agent should be able to help you with that.
  • From the government-approved real estate, choose the one you would want to invest in. 
  • Following your selection, make a complete payment of the investment amount and application-related fees. 
  • Submit your application and wait for half a year. The authorities will conduct due diligence. 
  • If successful, you will receive a certificate of naturalization. That, however, will not be enough as you will have to travel to the country to take an oath and provide your biometric data. 
  • Then, you will receive your passport. 

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