Montenegro Citizenship by Investment (Closed)

What the program offered

Montenegro’s government adopted its special citizenship by investment program in 2018. The decision came into force on 1 January 2019 and set a quota of 2,000 main applicants. Investors had to put money into a government-approved development project, mostly hotel and resort real estate:

• €450,000 for a project on the coast or in Podgorica, or
• €250,000 for a project in the less-developed northern or central region,
• plus a €100,000 contribution to a government fund for the development of less-developed municipalities.

Large-scale investors could also qualify through bigger approved projects in tourism, agriculture and industry. Applicants passed due diligence checks and became citizens of a NATO member and EU candidate country with visa-free travel to the Schengen area.

Why it closed

The program was first due to end on 31 December 2021 and was then extended for one final year. In February 2022 Prime Minister Dritan Abazović told the European Commission that the scheme would be shut down by the end of the year. It stopped accepting applications on 31 December 2022, after repeated EU warnings about security and money laundering risks and concerns that it could help sanctioned Russian nationals. Fewer than 1,000 applications were filed against the 2,000 quota. Hundreds were still being processed after the closure.

Will Montenegro relaunch citizenship by investment?

Reopening the scheme has been debated, but no relaunch has been announced. Montenegro is prioritising its EU accession, and the European Commission has called on candidate countries to end investor citizenship schemes. Montenegro still offers residence through property purchase, and citizenship can follow through ordinary naturalisation after long residence.

Sources

• UNCTAD Investment Policy Monitor – Montenegro extends the special economic citizenship by investment programme
• RFE/RL – Months after it renounced them, Montenegro still has hundreds of ‘golden passports’ in the pipeline
• Best Citizenships – Montenegro special citizenship by investment
• Best Citizenships – Will Montenegro relaunch its economic citizenship program?