Montenegro is set to become the fourth European territory offering a citizenship by investment program (CIP), following the examples of Cyprus, Malta and Moldova. With a minimum investment of EUR 350,000 (including a EUR 100,000 application fee), applicants will be able to gain permanent residence within 3 weeks of the application’s submission, and citizenship within 6 months thereafter.
The Montenegrin government announced that the program is to begin as of 1st October 2018, when they will formally start to receive applications from individuals from outside the EU. At this stage, the CIP will be limited to 2000 successful applicants over a 3-year period.
The program is intended as a boon to foreign investment and economic activity in the country, with funds generated from the program to be used in a variety of development projects. Applicants will be able to invest EUR 250,000 in underdeveloped regions of Montenegro, or EUR 450,000 in other government-approved infrastructure projects.
With the EUR 100,000 application fees to be used solely in poorer areas, the hope is that all Montenegrins will have the opportunity to benefit from the modernisation that is set to take place across the Balkan country.