Montenegro was affected by the Covid-19 pandemic and crisis much like the rest of the world. This unprecedented situation has disrupted all aspects of economy, including the recently introduced Citizenship by Investment Program. However, its not only the Montenegro program which is facing challenges at a time – it's the entire industry has taken a hit. However, as stated in the official press release of the Montenegro Investment Agency (MIA), although the pandemic has impacted the realization of the economic citizenship project, there were no interruptions in its implementation.
Impact of Covid-19 on the application process
As stated by the Director of the MIA Mr. Medojevic, there are currently 28 submitted applications of which 6 have been approved. The submission process is interrupted due to the temporarily closed borders. As confirmed, the interest for the program is very high and it is predicted that soon be on the rise since Montenegro was the first country to become Covid-19 free.
How can an applicant obtain Montenegrin passport through investment?
In order to become a citizen of Montenegro, an applicant has to fullfil:
- qualification requirements
- investment requirements
An applicant qualifies if:
- he/she is holder of a non-EU passport
- he/she possess a clean criminal record certificate
- he/she possess proof of origin of the funds to be invested
If the qualification criteria are met, the applicant has the following investment options:
- To invest EUR 250,000 in projects approved by the Government located in the north of the country or
- To invest EUR 450,000 in projects approved by the Government located in the south of the country
In addition to direct investment, the applicant has to deposit EUR 100,000 to an escrow account as donation for infrastructural development.
There are currently 6 development projects approved by the Government.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.