Roll up, roll up, a brand-new development of managed residences located in the prestigious luxury waterfront location of Porto Montenegro, the Mediterranean’s largest marina, offers an approved and affordable investment option for applicants to Montenegro’s popular Citizenship by Investment Programme.
The recently-announced new property development, Boka Place, which is located at the long-established and popular luxury waterfront and yachting paradise of Porto Montenegro, delivers an array of managed residences, priced from €190,000, making it the perfect investment option for those wishing to obtain citizenship of Montenegro via its CBI programme.
A residence worth investing in
Buyers of residences at Boka Place can secure single or multiple investments from the new Residence portfolio to meet Montenegro’s CBI programme minimum investment threshold of €450,000 for a property purchase in the developed southern region of Montenegro, which is where Boka Place is located. The minimum investment threshold is €250,000 for investment in the less developed parts of Montenegro.
A development spread across five buildings and designed around a central square, Boka Place will “blend the boundaries between fitness, wellness and hospitality through fresh perspectives and engaging experiences that elevate, empower and energise guests through holistically transformative spaces and experiences”, says management company Kerzner International, the global developer and operator of destination resorts, ultra-luxury hotels and residences, and innovative entertainment.
Boka Place will feature a diverse selection of eateries, retailers and public spaces, as well as 213 managed and private residences, ranging from studios to private apartments to three-bedroom duplexes and penthouses, and will be home to the first SIRO 360 Vitality Hub, a new fitness-infused hotel concept.
Some 144 of the residences will have unlimited access to the state-of-the-art fitness amenities, a 20m retractable pool, infrared sauna, and food lab and juice bar, and all the apartments have been designed with wellbeing as a focal concept, with all featuring large open spaces, built-in stretching and exercise units, air purifiers, ergonomically designed furnishings and sustainably neutral materials.
The managed element also provides convenient property management and rental services, which suit second home owners and economic passport investors, while the location of Boka Place, just 4km from Tivat Airport, which operates several flights daily to major European cities, makes it the perfect investment citizenship property.
The various investment properties are built on a naturally elevated plateau, allowing for stunning panoramas across The Village, marina and to the picturesque waters of the bay beyond, and the locale of Porto Montenegro, which is the Mediterranean’s largest marina, delivers a year-round event schedule.
Buyers of the managed residences are therefore eligible to participate in Montenegro’s Citizenship by Investment programme, which has a minimum investment of €450,000, along with a €100,000 donation to a Montenegrin government development fund. This will give applicants full citizenship within six months.
David Margason, general manager of Porto Montenegro told Property Investor Today that “buying a managed residence at Boka Place gives the rare and exciting chance to participate in the scheme and gain Montenegrin citizenship. The Montenegrin passport allows free movement across 123 countries and with the country’s planned EU accession by 2025, the holder is eligible to a host of additional benefits”.
Montenegro’s Citizenship by Investment Programme
In fact, Montenegro’s Citizenship by Investment programme, which is the newest CIP to launch, has become one of the most sought-after and especially for families, with demand for the programme at record levels.
According to CNN, Montenegro has seen a 142% spike in applications during the Covid-19 pandemic in the first quarter of 2020, compared with the fourth quarter of 2019.
Not only does the country boast a strategic geographical location in Europe, with direct access to the Adriatic Sea, but it is seeing a surge of real estate developments and offers a safe and secure environment with stunning natural beauty, from mountain landscapes to a dramatic coastline. The country also offers one of the lowest personal income tax rates in Europe and one of the best conditions for freely doing business in the EU, with its corporate tax rate at only 9%.
And the CBI Programme is currently one of the cheapest and quickest European second passport on the market, requiring between €350,000 and €550,000 and a processing time of three months, and unlike most European CIPs, applicants do not need to live in Montenegro on a continual basis to secure citizenship.
With a processing time of around three months, all applicants must make a €100,000 donation to the government and applicants must make a €100,000 donation to the government and then can choose to either invest €250,000 in a government-approved property project in the less developed parts of the country, or €450,000 in the developed southern region (the seaside) or the capital city, Podgorica.
Set to run in its current form only until December 31, 2021, Montenegro’s citizenship by investment programme has capped citizenship at 2,000 investors and family members.
For more information about Montenegro and its CBI Programme, read our country profile by clicking here