By Ana Maricic, 22.10.18
The Government of Montenegro officially announced a new ‘Citizenship by Investment’ program on Oct 1, 2018. Although the legal framework, procedure, and list of the approved real estate projects are still being prepared, the Montenegro Government have already started accepting application reservations.
The Montenegro Economic Citizenship Program (MECP)
This special investment scheme known as the Montenegro Economic Citizenship Program (MECP) offers foreign and non-EU persons citizenship by investment in a designated project. Demand for the MECP is expected to be very high so this program has been limited to issuing only 2,000 passports to applicants over a period of three years. The program is expected to double Montenegro’s Foreign investments level raising more than 1 billion euros in the next three years. This income surplus is expected to account for up to 20% of the country’s GDP.
Investment Projects
The MECP program was conceived with the aim of developing the under unitised Northern region and to create employment opportunities for young people in the area. One key project in the mountainous Northern region is the development of a ski resort to promote private and corporate tourism. Infrastructure in the North is another area that needs investment to promote year-round tourism.
The government is also working to approve a list of projects in developed regions such as the coastline.
Investment Criteria
Investors will be able to invest €250,000 in one of the development projects in an underdeveloped area or €450,000 in a developed region which has been previously approved by the government of Montenegro. Investments are subjected to a fee of up to €100,000 in the form of a donation that will be put toward a special fund for underdeveloped areas.
MECP Benefits:
- Montenegro Residency approved within 3 weeks and citizenship granted within 6 months
- No set language requirement
- No requirement to relinquish current citizenship
- Access to 115 nations without Visa requirements
- Montenegro is estimated to become an EU member state by 2025
- NATO Member country
- Strategic location in Europe with access to Adriatic Sea
- World class Yachting Harbour, the Porto Montenegro
- Up-and-coming tourist destination
Procedure and Requirements:
Investment:
- Option 1: €250,000 investment in the underdeveloped northern region plus a €100,000 donation to the government
- Option 2: €450,000 investment in previously approved projects in developed regions plus a €100,000 donation to the government
Procedure:
- Permanent Residency is approved upon application approval
- Citizenship in 6 months upon application approval
- Spouse and children up to 24 years old can be included
- Limited to 2000 main applicants only over the 3-year duration of the program
- Due diligence checks must be passed
Required documents:
- Copy of Passport
- Birth certificate
- Resume/ CV
- Bank statement which proves the source of funds for investment
- Clear criminal record check from every jurisdiction the applicant has been a resident
- Marriage certificate (if a spouse is to be included in the application)
How can I apply?
Euro Company Formations would be happy to assist you with your application to the Montenegro Economic Citizenship Program (MECP). We will prepare your application and ensure all required documentation is present before submitting. The competition will be high, and any incomplete applications will be denied, utilising our services will ensure a higher chance of approval into this special investment scheme. Please Contact ustoday to start the process.
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