Montenegro offers residency and citizenship to property investors
Montenegro has announced a citizenship-by-investment programme, starting in October 2018 for property investors from non-EU countries. Leading property specialist IM Property Group says there has been significant interest in the scheme already, and believes that the undeveloped north of the country will particularly benefit from the programme.
Montenegro joins a growing group of countries seeking to attract foreign direct investments through the programme, which it has limited to 2,000 applicants. The programme requires a minimum investment of EUR 250,000 in approved real estate in an undeveloped region (north of the country), or EUR 450,000 investment in approved real estate in a developed region (south of the country). The government will, in addition, charge a fee of EUR 100,000 per application which will be directed to a special fund for underdeveloped areas. This makes it one of the most competitive schemes in Europe.
A Montenegro passport will provide investors with visa-free travel to 123 destinations, including Hong Kong, Singapore, the UAE, and all the countries in Europe’s Schengen Area (26 countries).
Milos Radmilovic, Director at IM Property Group says: “We are getting several daily enquiries about the programme, so it is likely to have a big impact on what is already a booming market. It appeals particularly to buyers from the Middle East and nationalities outside the Schengen countries. We expect property prices to rise as a result and developers to start tailoring their products and property prices around the CBI threshold.”
Mr Radmilovic believes the scheme will encourage investment in the north of the country, which is already benefiting from a new motorway that has shortened the journey time to the region from Podgorica Airport to between 30-45 minutes, a reduction of 1 hour. Tourism in the north is also taking off with naturally beautiful sites such Tara Canyon (Second largest in the world) and the mountainous region of Kolasin and Zabljak, being key attractions.
The country has recently marked its first-year anniversary of NATO membership and hopes to join the European Union at some stage. It has already taken the euro as its currency and is in the process of integrating EU legislation into national law.
Montenegro is one of the fastest growing economies in the Balkans, according to the World Bank, and is quickly becoming a key destination for some of the most important industries around the world due to its strategic position.
To find out more about the property market in Montenegro, please contact IM Property Group via www.improperty.group
IM Property Group
IM Property Group is a property specialist that sources, sells, and advises clients on property purchases and investments in Montenegro. With over 12 years’ experience the team advise on all property transactions from a specific property purchase to land purchase for development.
For institutional and private developers, they offer project management and delivery of schemes. Their professional team consists of experienced individuals and partner companies who have previously held senior roles or been retained by leading developments in Montenegro and internationally.
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