Montenegro approved the first applications for citizenship by investment
According to the press service of Henley & Partners, the first application was considered only three months.
The government of Montenegro approved the applications of three investors for citizenship. The first Montenegrin passports under the program will be issued to an investor from Egypt and his family.
While the government has approved only a few real estate projects where you can invest participants in the program. It is expected that in the near future such projects will be much more, which will increase the number of applicants for citizenship.
Applications for participation in the program were accepted from October 2019. Montenegrin citizenship will receive only 2,000 investors before the end of 2021, not including family members.
The basic requirement is to invest EUR 450 000 in government approved projects in the coastal region and Podgorica or 250 000 euros in projects in the Northern and Central parts of the country.
The investor must also make a charitable contribution to a specially created state Fund in the amount of 100,000 euros and pay a state fee.
Montenegro is a candidate to join the European Union. According to a report from the European Commission, the country “could potentially be ready for EU membership in 2025.”
Citizens of Montenegro can visit 122 countries of the world without a visa, including the States of the Schengen area.