Montenegro Citizenship by Investment: can you buy citizenship in Montenegro?

Interested to find out what the conditions are under which this small Balkan country has started to offer Montenegro citizenship to a small number of qualified investors? Read further for an overview of all available development projects and the benefits that Montenegro citizenship brings with it.

The program is limited to 2,000 people.

Is Montenegro Citizenship by Investment suspended?

Yes. The investment programme that started in 2019 to foster economic activity and foreign investment in Montenegro, has been suspended as of December 2022 upon pressure from the European Commission. Montenegro is an official candidate for EU membership and a member of the NATO alliance.

Montenegro officially announced a definitive halt to new development projects upon intensifying pressure from the EU. Montenegro’s special fund set up to support underdeveloped areas in Montenegro is now filled with more than 70 million Euros, money coming from a mandatory nonrefundable contribution that flew from the program’s escrow accounts into the government coffers.

But that is not all. Total revenue from real estate sales exceeded 300 million Euros so far and there are still hundreds of applications pending that have not been processed yet.

Roughly one thousand high net-worth investors mainly from Russia but also from China and some African and Asian countries are now officially Montenegrin citizens. Besides now owning real estate in one of the ski resorts or the coastal region, they earned the opportunity of visa-free travel in Europe and the Schengen area.

Being a citizen also automatically qualifies them to apply for a residence permit in Montenegro. If the majority of the newcomers will spend most of their time in Southeastern Europe the Balkan peninsula will still have to be seen.

Read about your alternative options in Montenegro such as the Residency by Company Formation Program at the end of this article.

Montenegro Citizenship by Investment extension

Montenegro’s finance minister Aleksandar Damjanovic has pointed out to his European partners that investment migration projects were going on in European Union member states. He indicated that Montenegro was working on the design of a potential new program of investment residency or citizenship but did not mention any details.

Does Montenegro allow dual citizenship?

The investment program requires applicants to invest in government-approved properties. In return, foreign investors and their families are granted citizenship. The main applicant and his dependents are subject to a strict process of background checks. Montenegro allows for dual citizenship.

In the recent “Best Citizenships rankings” for 2022, Montenegro’s program was ranked 7th. The method takes into account a whopping 31 decision factors that are of importance to potential applicants.

As you can see, after taking into consideration a myriad of factors, Montenegro is well-positioned and has a very competitive European citizenship program that is already attracting a lot of global citizens. To ensure high quality, the application processing is guided by a designated and certified international due diligence agent.

Note: A very nice benefit is that you as the main applicant have the option to get your dependents (spouse and financially dependent children) Montenegro citizenship for a small fee, too.

Benefits of Montenegro Citizenship by Investment 2022

Currently, there are 11 active citizenship by-investment programs to choose from globally. In terms of pricing, the Caribbean countries offer a cheaper passport alternative but are not as rounded as the Montenegrin citizenship application.

It is almost certain that Montenegro will join the European Union shortly. Some surprisingly, Montenegro already uses the Euro currency but they are not yet part of the European Monetary Union.

If we take into consideration that obtaining citizenship in other European countries is a way costlier option, Montenegro’s citizenship scheme appears to offer a good price-performance ratio. As a reference, Malta’s investment program starts at a minimum investment of 888,000 Euros and Turkiye’s at 400,000 Euros respectively.

In the end, it comes all down to personal circumstances as to what program makes the most sense for you. If you are interested in European citizenship, continue reading for an overview of all the benefits the Montenegro citizenship by investment program offers.

• Dual citizenship allowed
• Obtain Montenegrin citizenship within 6 months for yourself and your family members
• Visa-free travel to 124 countries including EU countries, Schengen Countries, Switzerland, and Singapore
• Possibility to obtain an E-2 visa in the United States of America
• Visa-free access and free movement in the European Union and Europe’s Schengen area for 90 days over 180 days
• Obtain citizenship for a minimum investment of 472,000 Euros including a government fee
• Future EU member
• One of Europe’s fastest-growing economies
• Attractive place to live or own a second home
• No language tests
• No military service
• No business experience requires
• Low income tax rates as a resident
• Safe handling of your real estate investment process via an escrow account

Visa free travel

Obtain Montenegro citizenship and enjoy visa-free access to roughly 125 destinations worldwide. See below which countries you will be able to access:

• Schengen countries such as Norway, Switzerland, and Iceland (3 months over 6 month period)
• EU countries such as Germany, Italy, and Spain (3 months over 6 month period)
• South American countries such as Argentina, Brazil, Chile, Colombia, Cuba
• Turkey, South Africa, UAE, Singapore, Israel

Which countries require a visa?

• United States of America
• United Kingdom
• Australia
• China
• Hong Kong

How much does it cost to become a citizen of Montenegro?

As a single applicant, it costs you exactly 472,000 Euros if you invest in the central region – excluding Podgorica – or in the northern regions. Getting a Montenegrin passport for each of your family members would add a couple of thousands of Euros to your bill: 

• Single applicant 472,000 Euros
• Married couple 485,000 Euros
• Married couple with two children 508,000 Euros

Many clients choose the costlier option in Montenegro’s resort complexes along its coast or the capital Podgorica instead where you need to add another 200,000 Euros if you want to take advantage of that offer.

Here is a detailed overview of all costs and investment requirements for real estate options in the northern and central regions:

• 250,000 Euros investment amount
• 200,000 Euros donation to the government fund
• 15,000 Euros processing fees
• 7,000 Euros due diligence fees

Montenegro Citizenship by Investment property

The Montenegrin Government officially launched its program in 2019 and is offering ten government-approved real estate projects at the moment. Six of these projects are located in the ski resort Kolasin on the feet of the Bjelasica mountain. At the same time, you can also choose the costlier option with developments in Tivat, Budva, and Bar.

Let us now have a look at all real estate investment options for the year 2022.

Montenegro Citizenship by Investment 2022

List of Projects in Kolasin

1. Hotel K16
2. Hotel Breza
3. Hotel Bjelasica 1450
4. Montis Hotel & Resort
5. Hotel Magnum
6. Grand Chalet Hotel Kolasin with Depadance

Minimum Investment: 472,000 Euros

List of Projects at the coast

1. Hotel Boka Place Tivat
2. Hotel Cruiser Budva
3. Amma Resort Bar
4. Liko Soho Hotel Bar

Minimum Investment: 672,000 Euros

Kolasin is a mountain resort town in northern Montenegro located on the foot of the Bjelasica and Sinjajevina mountains. At an altitude of 1000 meters above sea level, Kolasin is often recognized for its pure air and natural beauty.

Kolasin is easily accessible by road and rail and the country’s capital Podgorica is only a 40-minute drive away.

During the winter months, Kolasin is a major ski resort and a great destination for skiing and snowboarding, while in summer it’s popular for rafting, hiking, and other outdoor activities. Kolasin is currently experiencing a remake and extension of its skiing infrastructure and offers two distinct ski centers – Kolasin 1450 and Kolasin 1600.

The Kolasin 1600 center is located twelve kilometers from the mountain town of Kolasin and is in service since 2019. Since 2022 Kolasin 1600 is connected to Kolasin 1450 with a six-seated cable car, joining the slopes of both centers to a total length of around 50 kilometers.

The government announced that it plans to join eight ski centers in the future into one gigantic ski resort featuring 250 kilometers of slopes.

Hotel K16 Kolasin

source: K16 Resort Website

The K16 Hotel Kolasin will be managed by the Swiss luxury hotel chain ‘Swissotel’ and have a capacity of 368 accommodation units. It is located in the center of the Ski Resort Kolasin, which has become THE hotspot for Montenegro’s winter tourism.

This hotel offers a ski-in & ski-out concept where you can just glide back to your hotel room after an exhausting day of skiing and enjoy the fitness facilities, Spa Centers, and restaurants.

What does the 250,000 Euro investment get you exactly? You will become the owner of a 400 square feet one-bedroom apartment within one of the two hotel buildings which you can use without restrictions.

As mentioned above, on top of the 250k you need to pay another 200k (plus government fees) into a government fund designated to support undeveloped areas in Montenegro. If your application passes the screening process, you will receive Montenegrin citizenship and a passport within 6 months. The citizenship scheme is limited to 2000 applicants and will close by December 31st, 2022.

Hotel Breza Kolasin

source: Hotel Breza

The Condo Hotel Breza is located in Breza, Kolasin, and features 144 luxury hotel rooms and 17 apartments. In terms of amenities, it can boast its pristine gym, a luxurious SPA area, a signature hotel restaurant, and even a Casino with an outside terrace.

So, what do you get in return for a 250,000 Euro investment in the Hotel Breza development? You will get a distinct hotel unit in a 5-star hotel – not just partial ownership.

You can either sell it once you obtain the title certificate or participate in the managed rental scheme with a 40% profit share. As a bonus, you can stay 15 days per year at this hotel at no additional cost.

Hotel Bjelasica 1450 Kolasin

source: Bjelasica1450

The Bjelasica 1450 Condo Hotel will be nested within an exclusive ski resort development in Kolasin, right on the ski slope at 1450 meters above sea level. The project is going to be a luxurious, modern 4-star facility engulfed by nature.

The Hotel Bjelasica 1450 Kolasin resort will have 168 rooms/apartments and you will become the owner of a unit sized between 37 and 49 square meters. Units are available on the ground floor, first floor, second floor, and attic.

Hotel Suites

The hotel suites in the Montis Hotel & Resort come fully furnished and entail no further maintenance costs to the owners. You will be able to choose among the following suites:

• Junior
• Splendid
• Presidential
• Executive

The junior suite already qualifies for the program and will be 33.5 square meters in size, whereas the others will be significantly bigger. 

Hotel Magnum

source: Magnus Residence

The Magnum Residence is a 4-star hotel and the only hotel on the list that is located in the very city center of Kolasin, just one hundred meters away from the central town square with its many restaurants and shops.

Foreign investors opting for this property, can choose between a 40% profit-sharing arrangement as in the project above or keep all of the rental income. In the latter case, the buyer is not allowed to use his hotel unit.

Due to its location in the center of Kolasin, the ski centers ‘Kolasin 1600’ and ‘Kolasin 1450’ are 11-12 kilometers away.

Grand Chalet Hotel Kolasin with Depadance

source: Grand Chalet Hotel

The Grand Chalet Hotel with Depadance will be a 4-star hotel with 116 hotel units, located right on the skiing slopes of the Bjelasica mountain. It is architecturally attractive and will host two national restaurants where guests can expect good traditional Montenegrin cuisine and hospitality.

The magnificent views of the adjacent ski resort do not hurt either.

This development is not the most exclusive on the list because it is directly competing with some five-star hotels such as the Montis Hotel & Resort or Hotel Breza which have been drawing the most foreign investor’s attention so far.

Investment citizenship is granted if you purchase one of the apartment units that range from 31.43 m2  to 37,50 m2 for 250,000 Euros. You can also purchase a bigger unit of course but it is not necessary.

Boka Place Tivat

source: Porto Montenegro

Being one of the development projects located in the more affluent coastal region of Montenegro, you will pay more for your Montenegrin passport compared to the options above, namely 672,000€ instead of 472,000€  for a single applicant and 708,000€ for a family of four.

Boka Place is located within the Porto Montenegro marina village, an up-and-coming resort town that is very popular with foreign investors and yacht owners. Let’s be honest, out of all the development projects of the citizenship by investment program, Boka Place is the one with the best location with the international airports of Tivat (TIV) and Dubrovnik (DBV) only 4km and 50 km away.

Boka Place is one of the most prestigious development projects so far in Montenegro, brought to life by the Investment Corporation of Dubai. The development will include a market and food hall with galleries and restaurants in close vicinity to the central town square and a 3D cinema.

If you prefer a real estate investment in the coastal regions, the SIRO by Kerzner managed apartment may be the right choice for you. A purchase of a single unit qualifies you and your family to participate in Montenegro’s Citizenship by Investment program.

Hotel Cruiser Budva

source: Hotel Cruiser

For a total investment of 672,000€, you can even get a 42.37 m2 studio apartment with a sea view in Budva, Montenegro’s most popular coastal town. The Cruiser Hotel is positioned within footwalk distance to the coastal promenade that connects Budva Old Town with nearby Becici Beach.

Budva is currently undergoing a serious makeover, wanting to distance itself from mass tourism and work towards becoming a more luxurious Mediterranean resort town.

The Hotel Cruiser is being built and managed by a local company that has projects such as the Lustica Bay and Porto Novi development projects under its name.

Amma Resort Bar

source: Amma Resort

The 5-star Amma Resort will be managed under the well-known IHG InterContinental brand that is also behind the Regent Hotel in Porto Montenegro, Tivat. This hotel finds itself in a central location along Montenegro’s coast:

• Bar is a 20 minutes drive
• Petrovac is a 15-minute drive
• Podgorica and Tivat Airport reachable within 40 – 60 minutes by car

What makes this luxurious resort unique, is its natural setting: it is carved in stone and merges with the surrounding mountains. A big advantage is that all apartment units will have an unobstructed sea view. Further, the 1.2-kilometer-long Canj Beach and the beach promenade are only a stone’s throw away. 

Here are some offers within the project that fulfill the CBI requirement:

1. A Two-bedroom apartment, 85 m2 for 469,000 Euros
2. Two studio apartments with 42 m2 each for 464,000 Euros

Liko Soho Bar

source: Liko Soho

Montenegro has just recently announced another approved CBI project: the 5-star ‘Liko Soho Hotel’ in the center of the city of Bar on Montenegro’s southern coast. For everyone looking for a second passport and who does not want to buy real estate in the northern or central region of Montenegro, this might be a good option.

As with the other projects on the coast, you need to be able to spare 450,000€ for a one- or two-bedroom apartment to receive Montenegro citizenship. Again, the total cost for the main applicant, his/her spouse, and their two financially dependent children amounts to 708,000€.

Which project is the best?

If we are looking at the buying statistics, we have a clear winner with the ‘Boka Place’ in Tivat which has received 28% of the total funds, followed by ‘Montis Hotel & Resort’ with 17%. The following three projects on the leaderboard are all located in Kolasin:

• ‘Hotel Breza’ with 15%
• ‘Hotel Bjelasica 1450’ with 15%
• ‘Hotel K16’ with 12%

We close the list with two projects realized on the Adriatic coast, the ‘Amma Resort’ that has received 2.5% of total commitment and the ‘Hotel Cruiser’ in Budva with 1.7%.

How do I become a Montenegrin citizen?

If you are serious about obtaining Montenegrin citizenship and have sufficient funds to cover all costs, the next step would be to schedule a free consultation with our team to make a first due diligence assessment and identify any potential shortcomings and evaluate the chances of success in your citizenship by investment application.

If you meet the program’s requirements, you can go ahead to apply for your Montenegro passport, even from abroad. Once your citizenship application has been approved, you need to visit personally to submit your Biometric data and passport photos.

During the application process, you also need to make two deposits to a dedicated escrow account:

1. A Donation of 200,000€ to the Government of Montenegro
2. A Payment of 250,000€ for investments in the northern or central region OR 450,000€ for real estate on the coast

The citizenship application process

To qualify for Montenegro citizenship by investment scheme, you must meet the following legal criteria:

(1) Have a valid passport from a non EU country

(2) Be at least 18 years of age

(3) Have a clean criminal record: not sentenced to an unconditional prison sentence of more than one year for a criminal offense

(4) Show proof of origin of funds

(5) Positive opinion of the international due diligence agent

What are your obligations once you have received Montenegro citizenship? You only need to visit Montenegro for five days over five years to renew your passport.

Montenegro Citizenship by Investment Official Website

There is no official website from the Government of Montenegro about the investment programme. As with CBI programs in other countries, the government has outsourced preliminary check and application processing to certified partners to reduce processing time.