Last Chance to get Montenegro Citizenship in 2021
The Montenegro Citizenship Investment Program has been in effect since January 2019. The country is ideal for investors looking to relocate to a place with a pleasant Mediterranean climate coupled with rugged mountains, majestic beaches, and natural forest surroundings. Investors can also travel visa-free to 26 Schengen countries with a Montenegrin passport.
However, the report of the Ministry of Economic Development proposes not to continue the program after 2021. A new one will be available until December 31, 2021, but it will be for highly qualified specialists rather than investors.
The chief reasons for the soon-to-discontinue Montenegro Citizenship Investment Program are:
- The government had received a total of 131 investor applications by March 2021. Montenegro, for example, had intended to issue 2000 passports in three years. But among the 131, only 37 were granted, with the remaining 12 being denied due to noncompliance with the program’s requirements. The rest are being examined by the country’s Ministry.
- Investors with a Montenegrin passport are free to travel to other Schengen countries, but can only reside, work, and do business in Montenegro. Citizenship-by-investment programs are opposed by the European Commission as per Article 4(3) of the Treaty on European Union. The granting of an EU passport without a demonstrable link to the country goes against the trust-based cooperation norms. Montenegro is not an EU member yet. But rich cosmopolitans aspire to obtain citizenship or a resident permit in EU nations in order to expand their life and economic options
- A country must meet the standards of the European Commission and the European Parliament in order to be authorised. That’s why, Montenegro is developing a new proposal to attract highly trained specialists to the country. By the end of 2021, the administration will have finalized the terms of the new program.
Montenegro – At a glance
Montenegro, brimming with beautiful mountains, breath-taking beaches, and friendly locals, shows that good things do come in tiny packages. Lord Byron famously referred to Montenegro’s shoreline as the “most beautiful encounter between the land and the sea”. It is therefore natural that the visitors are drawn to its blonde beaches, which are dotted with fishing villages, beautiful marinas, and bustling ancient towns. The rich history of maritime Montenegro – from Venetian seamen’s castles to Ottoman-era pirate tales to summer celebrations with the sea – is truly wonderful. Dramatic landscapes, ancient villages, and the Adriatic shoreline characterise this Balkan country of South-eastern Europe.
How to get Montenegrin Citizenship by 2021?
Investor applications will be accepted in Montenegro until December 31, 2021. Because participation in the Program takes roughly six months, people who desire can still get a nation passport under the current circumstances. Montenegrin citizens can visit 120 countries without a visa, including Schengen, the United Arab Emirates, and Singapore. In the United States, they can also apply for an E-2 business visa, which is not for Russians
To become a Montenegrin Citizen, you must meet these two requirements:
- Make a non-refundable payment to the state fund of €100,000.
- Purchase a stake or flats in a tourism facility that has been approved by the country’s government.
Investment amounts as per location:
In March 2021, 15 properties – hotels and resort complexes with four and five stars – were authorised under the program. The program’s minimum transaction amount is determined by the property’s location in the country.
- Northern and central areas of Montenegro – € 250 000
- Podgorica, the capital city, and coastal regions – € 450 000
The investor owns the property for 5 years, during which time he earns a profit from the rental of the property, which ranges from 2% to 6% each year. After five years, the share or flat can be sold and the money invested returned.
It takes about a period of three months from the date of submission of the application to its approval to be a Montenegrin citizen.
Benefits of the current Montenegrin Citizenship by Investment Program 2021
You may travel visa-free or with a visa on arrival to over 124 countries and territories as a Montenegrin citizen, including Russia, Turkey, Singapore, and all Schengen nations. The country’s passport for global mobility is ranked 44th.
NATO Country Advantage:
Being a NATO country, Montenegro is one of the safest countries to make an investment in. NATO’s mission is to ensure its members’ independence and security via political and military methods.
Guaranteed by Law:
The program is based on the law & is guaranteed by the government since 2019. You gain political and economic stability, and the governance of a business-oriented government.
Good Lifestyle for Family:
The country offers world-class healthcare systems. Naturally, you and your family will have the best of healthcare and obtain the right to attend schools and universities in Montenegro.
In Montenegro, income, capital gains, personal wealth, gifts, and inheritance are all tax-free. There are no foreign exchange regulations in the Euro currency. The withholding tax is 9%. Tax on property ownership is imposed at a rate of 3%. Tax on the transfer of immovable property is levied at a rate of 3%. Real estate inheritance is subject to a 3% tax. Low personal and corporate tax rates of 9%, 21% VAT, and a reduced rate of 7% on some products and services are charged. Over 40 nations have tax treaties with this country.
No Relocation Required:
There are no physical qualifications for residence. It is not necessary for you to visit before or after submitting your application.
No Language Obligation:
Feel free to not learn any new language just for this new citizenship-by-investment program.
Part of Future EU Expansion:
Montenegro will be one of the first countries to apply to join the EU in 2025.
There is no requirement of giving up your current nationality. Applicants who are accepted into the Montenegrin Citizenship-by-Investment Program are free from the country’s dual citizenship limitations. Citizenship may be awarded to people based on extraordinary contributions (such as economic interest) to the country, according to Article 12 of the legislation, which applies to successful entrepreneurs.
If you would like more information about Montenegro Citizenship Program, please do not hesitate to contact us.