Press release from 87th Cabinet session: Economic citizenship

    #GovernmentOfMontenegro #TheGovernment #TheGovernmentOfMontenegro

    Podgorica, Montenegro (26 July 2018) — At its 87th session, the Montenegrin Cabinet reviewed and adopted the Information on the programme for acquiring Montenegrin citizenship by admission on the basis of a special investment programme and tasked the competent institutions to make all the necessary assumptions in order for the programme to become applicable by 1 October 2018… Press release from 87th Cabinet session: Economic citizenship

    Podgorica, Montenegro (26 July 2018) — At its 87th session, the Montenegrin Cabinet reviewed and adopted the Information on the programme for acquiring Montenegrin citizenship by admission on the basis of a special investment programme and tasked the competent institutions to make all the necessary assumptions in order for the programme to become applicable by 1 October 2018.

    The programme of economic citizenship will be available to up to 2,000 most relevant applicants from non-EU countries for a limited period of three years.

    Interested individuals will have the following options: to invest EUR 250,000 in some of the development projects previously approved by the Government in an undeveloped area of Montenegro, or to invest EUR 450,000 in some of the development projects previously approved by the Government in the developed area of Montenegro.

    Furthermore, the Government will charge a fee of up to EUR 100,000 per application. The fee will be directed to a special fund for the development of underdeveloped areas.

    The programme will be managed by a special government agency that will hire pre-approved marketing agents. Marketing agents will be in charge of the successful promotion of this programme and attracting interested investors. The Government will also hire reputable Due Diligence agents specialised in checking interested applicants as well as some of the reputable audit firms/legal advisors to perform all other necessary checks of interested candidates.

    This new program is part of the Government’s ongoing effort to attract foreign direct investment.

    Government expects this programme to result in the increase in economic activities and capital movement.

    Government passed the Decision Amending the Decision on the criteria for determining the scientific, economic, economic, cultural and sporting interest of Montenegro for the acquisition of Montenegrin citizenship by admission.

    The amended decision prescribes that the criteria, method and procedure for selecting applicants will be proposed by the state administration body in charge of economic affairs and the state administration body competent for sustainable development and tourism affairs within 120 days from the date the decision enters into force.

    PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO

    (The second part of the press release from today’s Cabinet session will be issued on Friday morning)

    Source: Government of Montenegro