Montenegro Citizenship by Investment Program Will Be Closed

Commissioner for the composition of the new government, Zdravko Krivokapich, said that the Citizenship by Investment program, which has been operating since the beginning of 2019, will not remain in force.  2021 is the last year for the program to exist with a quota of 2,000 applicants.  However, this does not mean that the new Prime Minister of Montenegro will not close the program earlier than this date.

Due to the experiment of Krivokapich, the state could be left without almost 400 million euros.  This is the amount that should be invested in 14 projects across the country applying for economic citizenship.

In less than two years, the government of Prime Minister Dusko Markovic has included 14 projects on the List of Development Projects competing for economic citizenship of Montenegro. This is the construction of tourist complexes and hotels of a high category.  Most of the projects are in the north, seven in Kolasin, three in Zabljak, and one in Moykovitsa.  One project is planned for Budva, Tivat, and Chani.

List of projects participating in the Citizenship by Investment Program:

  • Kolasin Resort & Spa Kolasin 11.5 million

  • Hotel Breza Kolašin 19.5 million

  • Hotel Bjelasica 1450 Kolašin 18 million

  • Hotel K 16 Kolasin 6 mln.

  • Hotel D Kolashin 8 mln.

  • Elite hotel Kolashin 11.5 mln.

  • Montis Hotel & Resort Kolasin 21 million

  • Durmitor Hotel and Villas Zabljak 20 million

  • Bobotov hotel and resort Zabljak 16 mln.

  • Hotel with villas Zabljak 20.5 mln.

  • Black pine Mojkovac 10.5 mln.

  • Queen's Beach Budva 110 million

  • Boka Place Tivat 44 million

  • Amma Resort Canj 77 million

As for the further development of the economy, Krivokapich said that a list of missing professions would be drawn up.  The retraining and training of personnel will begin in accordance with the real needs and forecasts of the labor market development.

“We want to change the existing economic citizenship program to a citizenship program for highly qualified employees,” says Krivokapich.

What exactly this means is a note that the appointed prime minister will have to explain during the debate in the Assembly.  One thing is for sure, the new government will not keep the existing concept of the program.

Source: cdm

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