Development Program for Acquisition of Montenegrin Citizenship by Admission for Investment Purposes Launched 17 January 2019

It was known that the Montenegrin government would issue passports to foreigners who would invest in development projects in the country. With the decision published in the Official Gazette of Montenegro no 79/2018 “The Decision on Criteria, Method and Procedure for Selection of Persons Who May Acquire Montenegrin Citizenship by Admission for the Implementation of a Special Investment Program of Particular Importance for the Business and Economic Interest of Montenegro” has entered into force on January 1, 2019.

With this decision, it has become possible for foreign investors interested in Montenegro to acquire citizenship provided that they invest in development projects. It has been launched a development program that provides the possibility for persons to acquire Montenegrin citizenship on the basis of investments in the following three years between the January 1, 2019 and December 31, 2021. Additionally, the opportunity to have a Montenegro passport will be based on a maximum of 2,000 applications.

In order for a foreign investor to be eligible for Montenegrin citizenship, the applicant must not be convicted under a binding court decision in Montenegro or another country. In addition, the investor should have received a positive opinion from an international eligibility assessment agent, including the money and the proof of the origin of the money intended for payment and investment under this decision.

The foreign investor who will apply for citizenship should fulfill the following requirements:

• Deposit an amount of EUR 100,000 to the escrow account for the development of underdeveloped local self-government units.
• Deposit an amount of 450,000 to the escrow account for the purpose of investing in one of the development projects in the Capital City of Podgorica or the coastal zone of Montenegro; OR at least EUR 250,000 for the purpose of investing in one of the development projects in the northern or central region of Montenegro, not including the Capital City of Podgorica.

At this point, these amounts will be transferred to a special fund in order to be utilized especially in the infrastructure development financing of the underdeveloped municipalities in the northern part of the country. Finally, the process of verification of payments and monitoring of investments in development projects will be carried out by an independent auditor appointed to serve this purpose.