The country will start accepting applications on 1 January 2019 and visa will last for three years
The Government of Montenegro has agreed the details for its Residence and Citizenship by Investment Programme.
In August, International Adviser reported that the European Commission is “extremely concerned” about member states offering citizenship to rich investors as they are seen as a potential “security threat”.
Montenegro will start accepting applications on 1 January 2019, it said in a statement.
The scheme will last for three years, during which time a maximum of 2,000 applicants will be granted citizenship.
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The investment requirements are as follows:
- €100,000 (£84,438, $113,486) in the form of a Government Fund Donation, and
- €250,000 investment in approved real estate in an undeveloped region (north of the country), or
- €450,000 investment in approved real estate in a developed region (south of the country).
Each applicant will also pay a government fee of €15,000, with family members paying €10,000 each up to a maximum of four. Each next family member will pay €50,000.
Permanent residence status can be achieved within three weeks. Citizenship is then granted within a period of six months as permanent residents.
Montenegro has introduced criteria to qualify for citizenship, including:
- No criminal record in Montenegro or any other state resulting in a prison sentence of more than one year
- Positive result of an international due diligence assessment
- Relevant investment in a program that contributes to the economic and business development of Montenegro, preferably in the tourism, processing or agricultural sectors
- Proof of the origin of the fees to be paid