Montenegro Amends Rules For CIP Projects/
Under the new rules, all developers who submit applications for project approval for the Montenegro Citizenship by Investment Program must provide the following:
An irrevocable bank guarantee payable on demand, from a trustworthy bank in favor of the Government of Montenegro in the amount of 50% of the minimum amount of investment;
Business plan for a tourism project;
Report of an independent auditor.
At the moment, seven projects have been approved:
Condo Hotel «Kolašin Resort & Spa», Kolašin
Condo Hotel Breza, Kolašin
Hotel «Kraljičina plaza», Miločer, Budva
Durmitor Hotel and Villas, Žabljak
Bjelasica 1450 Kolašin
One application was rejected by the Ministry of Tourism because the requirements were not met.
To obtain Montenegrin Citizenship by Investments, you must invest at least 250,000 euros in any approved project for accelerated citizenship. Plus, the investor pays 100,000 euros for the registration fee, which is sent to the government fund. Only 2,000 investors will be able to obtain citizenship by investment.
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