On December 31, 2022, Montenegro has terminated its Citizenship by Investment Program due to pressure from the European Union. This Program, prepared for a very long time, lasted only for three years but made significant results. Not just for the economy, but for the overall business ambiance and, in complete honesty, for the under-developed municipalities in the north of the country.
Darko Đikanović, from Adriatic Appraisal Podgorica, has summarized the results of the Program in numbers. So, thanks to this Program, Montenegro will have 16 new high-category hotels. Although we know that the coast is very attractive, we also are aware that without the Program, the 10 hotels in the north would probably not be built. And considering the size of Montenegro, these are significant numbers when it comes to new accommodation units and job openings.
In its short lifespan, the Program generated almost half of the yearly tourism income of Montenegro. And those are only the direct revenues, without the other effects these investments and investors obviously bring.
According to the information, Montenegro has got over 200 high-end investors, and a large number of applications are still being processed.
The largest number of applicants that were granted citizenship came from Russia, followed by China. We’ll be awaiting the final results when all the applications are processed, although there probably won’t be any significant changes when it comes to the percentages.
All in all, we believe that the Citizenship by Investment Program could have been used better and lasted longer. Especially in a time of global uncertainty and migration of people, talent, and capital. And as we like to point out regularly, people and capital will always migrate, seeking better opportunities, conditions, and safety. And other than the famous “risk” platitudes from the EU officials, we still haven’t heard a truly valid argument against citizenship programs. And every person must have a right to change citizenship, residence place, and place of business.
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