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The best introduction to our topic today is the clarification of the process and a little background of the program for acquiring Montenegrin citizenship through economic investments by foreigners. The Government of Montenegro decided to enable the Montenegrin Economic Passport project in 2019, which provided the possibility of obtaining Montenegrin citizenship for foreigners who are able and ready to invest a certain amount of money in the development of Montenegro. It was expected to be withdrawn in 2021, however, due to its popularity, the Government of Montenegro is extending the program, whose current duration is until December 31, 2022.

The Economic Citizenship Program includes a due diligence period during which applicants must prove they have a clean criminal record (ie no previous convictions), hold a valid passport or other travel document, and must provide proof of source of funds. From the initiation of the procedure to the issuance of the passport, it takes six months on average, but as with all bureaucratic processes, it can take longer.

1. Steps from gaining interest to gaining a passport:

In order for foreigners to get a Montenegrin passport, certain conditions must be met. Foreigners interested in a Montenegrin economic passport must submit proof of payment of 15,000 euros for the applicant, 10,000 for up to four family members, and another 50,000 euros for each subsequent member. With these payments, the process begins. It continues with the aforementioned proof of the applicant's non-existent criminal record.

In addition, the foreigner is obligated, according to the Government, to submit proof that the Agent for International Eligibility Assessment gave a positive opinion and proof of the origin of the money intended for investment in Montenegro.

In order to obtain Montenegrin economic citizenship, applicants are required to pay the government another 100,000 euros per request, and at least 450,000 euros in one of the projects in Podgorica or the coast. If we are talking about development projects in the underdeveloped north of Montenegro, the investment is 250,000 euros.

From January 1. to February 15. 2022, the Government of Zdravko Krivokapić awarded another 43 so-called honorary citizenships, of which 40 are based on the Economic Citizenship Program, announced the Center for Civic Education.

2. What the Economic Passport means for Montenegro

Through the economic citizenship program, over 243 million euros have so far been paid into the account for applications/applications that are in the process, and almost 32 million euros have been paid into the budget of Montenegro through fees. Money from the account for applications is transferred to classic accounts when the Ministry of Internal Affairs issues a decision on admission to citizenship of the applicant.

What is certain is the financial or economic benefit of the program for Montenegro. Of course, in addition to this, significant questions are still being asked about the program, taking into account the fact that those from the European Union are not very happy with this action. Due to the EU's concern that this program opens or will open the door to money laundering, the project will only last until December 31, 2022, after which it should no longer be available.

3. Benefits of Montenegro’s passport for foreigners

• Visa-free travel:

The Montenegrin passport, which ranks high on the influential Henley Global Passport Index, allows visa-free travel to 124 countries and territories, including the Schengen area. With the planned accession of Montenegro to the European Union in 2025, the value of the passport will increase significantly. According to the latest data, we are in 46th place in terms of passport strength, and in addition to the countries of the Schengen zone, our passport allows entry to Hong Kong, Russia, Singapore, Turkey, and the United Arab Emirates without a visa. Having this passport also allows you to apply for certain visas that are not available to some countries, such as the E-21 American work visa, which is not available to citizens of Russia, for example.

• Favorable tax:

The taxation regime in Montenegro is among the most favorable in Europe, with low tax rates for individuals and legal entities of only 9-15%, which is one of the lowest taxes in the world. Montenegro - which adopted the euro as its currency in 2002 - does not impose foreign exchange controls, and is a signatory to taxation agreements with more than 40 countries. We also consider the absence of non-resident income tax, gift tax and inheritance tax to be an advantage.

• No need to relocate or renounce citizenship:

You will only need to visit Montenegro once to complete your immigration applications, sign the final paperwork and provide your biometrics. In addition, there is no need to move to Montenegro after receiving the passport. This significantly facilitates the process, and makes the offer of economic citizenship even more attractive considering the simplicity of the process itself and the benefits that come with it! Of course, the fact that foreigners do not have to renounce their existing citizenship, but have the right to dual citizenship, is also significant!

• Future EU passport:

According to numerous estimates, it is expected that Montenegro will join the European Union in 2025 at the earliest! Which, of course, may be optimistic predictions, but it is certainly a possibility! Montenegro really provides a huge set of benefits for foreign nationals who apply for this program, precisely because of its rapid and enviable progress and development.

An extremely important fact is that those who wish to obtain Montenegrin citizenship by investment can choose a project for investment from the list of projects previously approved by the government. Additionally, projects must go through a very complex approval process all the way through, so that one can invest, fill out an application and apply for citizenship. Basically, the application process is not overly complicated for foreigners, but it is extremely demanding for the authorities in charge of processing applications.

Owning real estate in a state that offers you this many options is truly one of the smartest financial decisions that can secure your future. Whether you are a foreigner who wants our citizenship or you are already a citizen of Montenegro, it is time to think about investing in important projects! Our advice is of course real estate, because the world of real estate guarantees the future and security!