Citizenship by investment does not have to come with beach balls, cocktails and sandcastles. Montenegro’s upcoming citizenship program is looking likely to select a quiet mountain town as its first approved project location.
During a recent investment conference held in Budva, Damir Davidovic, State Secretary of the Ministry of Sustainable Development and Tourism, revealed that the Ministry had already registered a hotel project slated from investment from economic citizens in Kolašin in the northern part of Montenegro. Davidovic said that he was “particularly excited” about the project, which would be part of a bigger scale, comprehensive ski-resort development, the Kolašin 1600, and would include many hotels.
The government’s stated objectives for the CIP include the economic promotion of Montenegro’s less-developed northern region. For that reason, the Ministry has included incentives in the program’s design which they hope will encourage investors and developers to favour the north and the interior of the country rather than the coastal regions and the country’s capital, which already attract investors. Requirements for investments both for developers and prospective economic citizens are much higher on the coast and in the capital.
For more on the Montenegro CIP, see: Montenegro citizenship by investment program will be in full place by 2020
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