Government’s consent on economic citizenship has been granted for four projects in the area of tourism so far. There will be more in 2020 as investors’ interest is huge. Program on the basis of which one can obtain Montenegrin passport through investments will be valid until 2021 and is limited to 2.000 investors, writes Pobjeda.
Economic citizenship can be obtained only through development projects and with the fulfillment of stringent criteria, and not by any means through the purchase of real estate, houses, or apartments in Montenegro.
“There are four tourism projects Government has granted consent to: construction of Kolašin Resort & Spa” condo hotel in Kolašin, construction of “Breza” hotel in Kolašin, construction of “Kraljičina plaža” hotel in Miločer, Budva, and construction of “Durmitor Hotel and Villas” complex in Žabljak, said representatives of the Development Projects Secretariat.
They couldn’t tell the names of the investors who had applied for Montenegrin citizenship.
Government’s document entitled “Autumn analysis of macroeconomic movements and structural reforms”, states that “Kolašin Resort & Spa” company will build the first project. According to the data from the Central registry, its founder is “Oriental Management INC” company from Malaysia. Greek businessman, Mr Petros Stathis, will build “Kraljičina plaža” and “Durmitor” hotel. Ms Katarina Despotović is founder and authorized representative for the Russian investor building “Brezna” hotel.
When the entire complex procedure is finished, the names of the new Montenegrin citizens will be known.
Representatives of the Secretariat point out that only applications of proven credibility in professional and personal context and inflow of investment funds with proven legal origin and great transparency will be acceptable.
“The Government is committed to implementing the development program of the economic citizenship in a transparent and lawful way. The ultimate goal is to raise the quality of life of our citizens”, representatives of the Secretariat said.
Current list of Development projects for Investments through the program of getting Montenegrin citizenship is available on www.srp.gov.me.
Representatives of the Ministry of Tourism said that there was even greater interest in development projects in Montenegro. However, they declined to elaborate further.
As far as tourism is concerned, investing in hotels at the coast and the capital, worth at least €15 million, have five stars and at least 60 accommodation units and 80 new employees will be taken into consideration. In the northern and central region, investors can invest in four-star hotels with not less than 35 accommodation units and not less than 25 new employees. The program stipulates that potential applicant can get Montenegrin citizenship by investing on one of the projects from the list defined by the Government.
There are two programs for the applicants. The applicant shall deposit €450.000 for the projects implemented south or in the Capital. For the projects in the north and center, apart from Podgorica, they are supposed to pay €250.000. Contribution to the development of underdeveloped municipalities is a very important segment of the project. Program envisages €100.000 payments for every submitted request/application for citizenship. The money will be directed to the fund for those purposes, improvement of infrastructure, economy and social services in those municipalities.
