The youngest citizenship by investment programme, Montenegro’s CIP, which has seen a 142% surge this year, has recently extended its portfolio of approved development projects to offer economic citizens 11 investment options, with everything from a 5* hotel room in a popular ski resort to a luxury residence in the Med’s best marina.
This new and approved list of 11 development projects that are eligible under the country’s citizenship by investment programme follows a highly successful first year in the tiny Balkan country’s foray into economic citizenship.
Officially unveiled in November last year, Montenegro’s CBI Programme, which requires a minimum investment of €350,000 (€100,000 donation and €250,000 investment in property), had approved upon launch just four hotels.
However, in line with the surge in popularity of the country’s CIP and a similar surge in the rapid development of property in the country, this list of four approved real estate developments has been extended throughout 2020, resulting in the latest list of 11 development projects now approved for investment.
Like other countries, Montenegro has seen a surge of both interest and applications for its CBI Programme during the pandemic, with applications showing a 142% spike in the first quarter of 2020, compared with the fourth quarter of 2019.
The fact this tiny Balkan country is so conveniently located (in Europe and on the Adriatic coast), boasts an abundance of natural beauty, is seeing a rise in tourism and a surge in property development, offers low taxation, and is set to become a member of the EU by 2025, not to mention its growing GDP (4.9% in 2019), has further boosted its popularity.
Montenegro’s Prime Minister Dusko Marchovic recently stated that despite the pandemic-induced challenges “all construction sites in northern Montenegro, which have been preserved during the winter period, continue to operate”.
11 property development investments to choose from
The list of 11 approved real estate options include properties both in the northern and southern parts of the country ensuring that potential CBI investors are well catered for, as the CIP requires investors to acquire property worth a minimum of €250,000 if located in a less developed area of the country, such as the northern region, and a minimum of €450,000 if in a more developed region, such as the capital, Podgorica, and beach resort areas like Porto Montenegro.
While eight of the 11 investment projects are located in the beautiful ski resorts of Kalasin and Zabliak, in northern Montenegro, a further project is situated in the charming historical city of Budva on the Adriatic coast, and yet another in the southern yachting paradise of Boka Bay.
Minimum €250,000 for less developed northern region
For those wishing to invest €250,000 or more, approved real estate development options abound with quite a number of properties located in the northern town of Kolasin. Montenegro’s main mountain resort and one of the country’s most popular mountain tourism and skiing resorts, Kolasin is easily accessible by both road and rail, and is located on the foot of the Bjelasica and Sinjajevina mountains, which offers great conditions for skiing as well as easy access to Biogradska Gora national park.
Minimum €350,000 for more developed southern region
For those with a bit more money to invest in property (minimum €350,000) and wanting to take advantage of Montenegro’s stunning and tourist-heavy coastline, there’s the four-star 93-room hotel and spa Kolasin Resort & Spa. With a capacity of 93 rooms and an estimated investment value of €11.3 million, foreigners who invest €250,000 in this hotel (and give €100,000 to the government) can gain citizenship within three months.
Among the new development opportunities on offer is five-star property development Boka Place, located at the luxury waterfront and yachting paradise of Porto Montenegro, a UNESCO protected area (Bay of Kotor) that’s considered to be the best marina in the Med with its spectacular lifestyle destination and world-class full-service marina.
Boka Place delivers an array of managed residences, priced from €190,000, meaning both a single and multiple investments from the portfolio will meet the Montenegrin CBI programme’s minimum investment threshold of €350,000 for a property purchased in the developed southern region of the country.
Full list of 11 approved property developments for ecomomic citizenship
- Condo Hotel, Kolašin Resort & Spa, Kolašin – a four-star hotel and spa with 93 rooms
- Condo Hotel Breza, Kolašin
- Hotel Kraljičina plaža, Miločer, Budva
- Durmitor Hotel and Villas“, Žabljak – a 68-room resort in ski resort
- Bjelasica 1450 Kolašin – a four-star 168-room resort
- K16 Kolašin – a four-star 116 rooms
- Boka Place – a five-star 240-residence project in Porto Montenegro
- Bobotov hotel and resort – delivers 160 rooms
- Elite Hotel & Residence, Kolašin
- Hotela D sa depadansom E, Kolašin
- Montis hotel & resort, Kolašin
Montenegro’s CBI Programme
With an application processing time of around three months, and a passport ranked 44th worldwide (up two places in Q4 2020 than Q1) giving visa-free access to 124 countries, including Russia, the EU and Turkey, the Montenegrin CBI Programme is set to run in its current form only until December 31, 2021, with a citizen cap at 2,000 investors and family members.
For more information about Montenegro and its CBI Programme, read our country profile by clicking here