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Montenegrin citizenship when buying real estate
17.04.2022
In 2018, Montenegro announced the launch of the state program "Citizenship by Investment". Montenegro does not oblige investors to renounce their first citizenship and does not force them to live (or spend most of the year) on its territory.
Note!
The Montenegrin Citizenship by Buying Real Estate program is valid until December 31, 2022.
New conditions. From January 1, 2022, the requirements for investors are becoming tougher. Now all new applicants for economic citizenship will have to contribute an additional €100,000 to the innovation fund.
Citizenship of Montenegro allows you to visit many countries of the world without a visa, including all the states of the Schengen zone, Israel, Turkey, and the United Arab Emirates.
In a few years, Montenegro can become a full member of the European Union, so its citizens will live and work in any EU country.
With a Montenegrin passport, you can also move to the United States. Montenegro is one of the few countries with a citizenship by investment program that has entered a visa agreement with the United States to issue E2 non-immigrant visas to investors, allowing Montenegrin citizens to live and do business in the States.
Investors are attracted by the country itself - climate, nature, mentality. They want to invest in a business in Montenegro but opt for citizenship through a real estate investment program as it is one of the quickest and easiest options to get a suitable residence status plus gives the investor other benefits.
Terms of investment program of Montenegro
To get a Montenegrin passport for investment, you must fulfill all the following conditions:
- donate €100,000 to a specially created state fund, the funds from which will support the less developed regions of the country (non-refundable contribution);
- donate €100,000 to the State Innovation Fund (non-refundable contribution);
- invest €450,000 in government-approved projects in developed areas (in the south, in the capital or along the coastline: (apart hotels, hotels and mixed complexes) or €250,000 in projects in less developed areas in the country's north (apartment hotels, hotel and mixed complexes).
A foreigner can get a Montenegrin passport within 3 to 6 months.
A spouse and financially dependent children can be included in the application for citizenship - there are no age restrictions. Recently, the Parliament of Montenegro adopted amendments to the Law "On Citizenship", which will allow the children of participants in the investment program to receive a Montenegrin passport without waiting for the age of the majority.
Note!
Only selected construction projects that have received accreditation from the Montenegrin government take part in the program. All complexes undergo a rigorous selection and must meet the criteria for the volume of investments, the number of jobs, and the timing of commissioning. The list of projects is regularly updated - check with our managers for current opportunities.
The conditions for the purchase of real estate are regulated by an agreement with the developer - sometimes, the investor becomes the owner of individual apartments, in others - shares in the complex. Procedure for accruing income is also determined by the management (lease) agreement. The law does not limit the minimum period of ownership of an asset (real estate can be sold immediately after obtaining a passport), but it prohibits the reuse of the same object in the program.
Additional costs for obtaining citizenship
Additional state fees are paid: €15,000 for the main applicant, €10,000 for each family member if only four dependents are included in the application, and €50,000 for each additional family member.
It is also necessary to pay due diligence: €7,000 for the main applicant, €10,000 for a family of four (including the main applicant) and €1,500 for each additional family member. There are fees for a biometric passport.
There are other costs to keep in mind:
- opening an escrow account where funds must be placed before the application is processed (from €1,000 to €5,000);
- medical insurance, if required;
- translation of documents
- agency fees;
- notary fees.
When buying a property, there is no tax, including stamp duty. Only notary fees are paid when signing the booking contract and later when signing the sales contract. An annual property tax of 0.25 to 1.00% (depending on the municipality) must be paid by the owner as soon as his name is entered the cadastre.
Conditions for the costs of maintaining the property will be spelled out in the management agreement.
Please note: the Montenegrin passport program is the fastest in Europe. And the whole procedure (except for biometric data and getting a physical copy of the passport) can be completed remotely.
