As published on internationalinvestment.net, Tuesday 19 October, 2021.
The deadline for completing enrolment in Montenegro's Citizenship By Investment Programme (CBI) on 31 December 2021 has been highlighted by the promotors of the marina village of Porto Montenegro.
Located on the UNESCO protected Bay of Kotor, Porto Montenegro offers the opportunity to invest in the 144 hotel-managed residences in Porto Montenegro's newest urban village, Boka Place, Porto Monenegro said in a statement on 18 October.
Launched in 2019 by the Government of Montenegro, CBI also grants a Montenegrin passport which allows freedom of movement for the main applicant and their family across 124 countries, including the Schengen Area, Russia and Turkey.
With the country's planned EU accession by 2025, holders will be eligible for additional benefits, it further highlighted.
Brennon Nicholas, sales and marketing director at Porto Montenegro, said: "This programme offers an attractive option for investors to gain a foothold in one of the most magnificent parts of Europe, with no relocation or language requirements, no citizenship interviews and no need to renounce existing citizenship making it all the easier.
We have been delighted by the success of the Citizenship by Investment Programme so far and, despite time constraints, we welcome final applicants to apply to be part of our international community on the Adriatic Coast before the end of the year."
The Citizen by Investment Programme allows foreigners to be granted the citizenship of Montenegro at the discretion of the Ministry of Interior Affairs and Public Administration through a designated investment.
The decision came into force on 1 January 2019 and will apply until 31 December 2021.
All applicants must make a contribution of €100,000 in the form of a government fund donation, towards the development of the country's infrastructure.
There are then two routes to choose from to qualify for the program:
• An investment of EUR 450,000 to development projects in the capital of Podgorica or in the coastal regions (such as Porto Montenegro)
• An investment of EUR 250,000 to development projects in northern or central Montenegro, excluding Podgorica
Ahead of the 31st December deadline, applicants need only to have completed enrolment, which typically takes between one and two months. With the processing time starting from just six months from enrolment to qualification, it's simpler than ever to invest in Montenegro:
Enrolment, 1-2 Months
• Property selection
• Intermediary selection
• Application preparation
• Payment of fees
Pre-Approval, 2-5 Months
• Application submission
• Application compliance review
• Due diligence and background verification
• Investment and contribution
Qualification, from 6 Months
• Residency application
• Provide biometric information
• Citizenship application
• Certificate of naturalisation issued
• Passport application and collection