Montenegrin Citizenship by Investment: Full List of Projects in the 2022 Program

The list of properties for citizenship has been updated: January 13, 2022.

Benefits of obtaining citizenship in Montenegro

More and more often, investors are choosing Montenegro instead of Spain or Cyprus. Obtaining Montenegrin citizenship offers a number of advantages:

1. The opportunity to become an EU citizen in 2025.
2. Visa-free entry to 120 countries around the world, including Europe and Russia.
3. Life in a country with a pleasant climate and by the sea.
4. A second citizenship gives you the right to leave your country of residence even during a pandemic.
5. You can obtain citizenship for the main applicant or the family (spouse, children); the total amount of fees depends on the number of people in the application. Children financially dependent on the investor can obtain citizenship together with their parents.
6. As an investment, you can choose a resort project that includes developer-guaranteed returns.
7. The possibility of obtaining a non-immigrant U.S. E2 visa (for 5 years with further extension every 2 years). This makes it possible to move to the USA.
8. Simplified visa processing for the UK.

The first Montenegrin passport was obtained by a Russian citizen

The first holder of a Montenegrin passport obtained under the “Citizenship of Montenegro by Investment” program was a Russian citizen. To date, several hundred applications have been approved. The implementation of the project to grant Montenegrin citizenship in exchange for investment began on October 1, 2019. The program runs until the end of 2022. Interested candidates must invest from 250 thousand euros in one of the projects in the north of the country or from 450 thousand euros — on the coast or in the country’s capital, Podgorica. The priority sectors include infrastructure, tourism, agriculture, and processing industry. The program quota is 2,000 people. The application fee is 100 thousand euros. It is important to understand that buying real estate in Montenegro does not provide an opportunity to obtain citizenship. Citizenship documents can be submitted remotely; applicants need to come to the country once. At the same time, investors and their family members will not need to renounce their original citizenship in favor of Montenegrin citizenship; both can be retained. For more details on how to obtain Montenegrin citizenship, what payments are required, and the citizenship procedure, read our article.

List of authorized projects for citizenship

At the moment, the list includes 13 projects, submitted to the Investment Agency. All projects on the list are eligible to participate in the economic citizenship program. The total value of the projects is 373 million euros, which is one of the proofs that it is worth investing in Montenegro.

Kolašin Resort & Spa

The 4-star hotel is located in northern Montenegro, in Kolašin, right next to the ski lifts. Kolašin Resort & Spa is designed for 93 rooms; the hotel also has a restaurant, bar, conference room, and pharmacy. According to the business plan, the investment is estimated at 11.5 million euros. The first project under the program, October 2019. The project founder is a citizen of Bangladesh. With an investment of from €250 000 you will receive a share in the resort (share agreement):

• no maintenance costs,
• no right of residence,
• annual income from hotel profits of up to 30%,
• the option to sell after 5 years,
• the option to apply for Montenegrin citizenship (additional costs).

Hotel Breza

The 5-star hotel is also located in Kolašin, 10 minutes by car from the ski lifts. In Hotel Breza there will be 170 rooms, a restaurant, a bar, a spa complex, and a gym. The project cost is 19.5 million euros; after opening, 120 people will be able to find work here. The project founders are a citizen of Montenegro and a citizen of the Russian Federation. With an investment of from €250 000 you will receive a room in ownership (certificate of ownership):

• there are maintenance costs (€50 per 1 m²/year),
• the option to reside (15 days per year),
• 40% profit from rental income of your unit (hotel room),
• the option to sell after receiving the certificate of ownership (about 2 years),
• the option to apply for Montenegrin citizenship (additional costs).

Hotel K-1600

Kolašin 1600 is the highest Montenegrin resort, located in the southern part of the Bjelasica mountain range. Within the four-star project Hotel K-1600 two residential zones with premium apartments and family villas will be built. The ski slope area will be integrated into the settlement, ensuring ideal accessibility for all residential units in the resort — skiers can ski “from the doorstep and back.” From Podgorica Airport to Kolašin it takes 35 minutes. The total project cost is 6 million euros. The hotel will have 116 residential units. In addition, the investor intends to create 58 new jobs in the hotel with a condominium business model. Construction stage: started in spring 2020. With an investment of €250 000 you will receive a room in ownership (certificate of ownership), as well as the opportunity to apply for Montenegrin citizenship.

Bjelasica 1450

The 4-star hotel is located in Kolašin, the largest center of mountain tourism in Montenegro. Bjelasica 1450 will provide visitors with the perfect balance between adventure and sophistication. Its total area will be 3,000 square meters. The hotel will offer 168 refined rooms, each with high quality and comfortable living conditions. The hotel is planned to create 96 jobs. The investment volume is almost 18 million euros. The work is being carried out by Zetagradnja, owned by businessman Blagota Radović. Completion of construction works — winter 2021-2022. With an investment of from €250 000 you will receive a room in ownership (certificate of ownership), as well as the opportunity to apply for Montenegrin citizenship (additional costs).

Durmitor Hotel and Villas

The 5-star hotel is located on the territory of Durmitor — one of Montenegro’s five national parks. Nearby is the picturesque Black Lake. Durmitor Hotel and Villas will offer its guests 55 luxury units, 2 restaurants, a wellness and spa center, indoor and outdoor pools, a meeting room, and a conference hall. Twelve “mountain” villas will also be built on the resort grounds. About 104 people will get jobs at the hotel. Durmitor Hotel and Villas is being built by Greek businessman Petros Statis. Its value is estimated at 20 million euros. Construction began in September 2019. With an investment of from €250 000 you will receive an equity stake in the project (1/10 of a villa in ownership)

• annual income from hotel profits of up to 30%,
• the option to sell after 5 years,
• the option to apply for Montenegrin citizenship (additional costs).

Kraljičina plaža (Queen’s Beach Hotel)

The hotel of the new Janu chain brand will be located in a unique place, in Miločer Park, next to the luxurious island of Sveti Stefan. Adriatic Properties has started construction of the complex and is investing at least 110 million euros in it. The project Kraljičina plaža (Queen’s Beach Hotel) has 126 rooms and several pools, a Janu spa center, as well as an outdoor bar and restaurant. Upon completion of the project, 229 people will get jobs. With an investment of from €780 000 you will receive a residential unit in the project, as well as the opportunity to apply for Montenegrin citizenship (additional costs).

Amma Resort

The 5-star Amma Resort hotel complex will be built in Čanj under a mixed business model. Its value is 77 million euros. The investor will create 241 new jobs in the five-star complex. The hotel complex is designed for 483 rooms, 241 of which are in the hotel itself, and another 242 rooms are in eight luxury villas.

Black Pine

The Black Pine hotel will be built in Mojkovac according to a condominium business model. The hotel will be a four-star property with a total capacity of 174 rooms. Construction will cost 10.5 million euros. The investor intends to create 144 jobs on the complex grounds. Behind the Black Pine hotel and the Amma resort is the Čelebić group of companies, owned by businessman Tomislav Čelebić.

Bobotov Hotel

Hotel and resort complex Bobotov Hotel

worth just over 16 million euros will be built in Žabljak. It is planned to build 160 residential units, 40 of which will be in the hotel itself and another 120 within 40 villas. The investor plans to create 153 new jobs (90 permanent and 63 seasonal).

D Hotel

The “D” hotel with the “E” annex will be a four-star property with a total capacity of 116 rooms. The estimated investment cost provided for the economic citizenship program is about 8 million euros. 61 people will get jobs within a year.

Elite Hotel & Residence

Elite Hotel & Residence will also be a four-star property with a capacity of 150 accommodation units. About 11.5 million euros will be invested in this project. 71 people will find work at the hotel and will work throughout the year.

Montis Hotel & Resort

The future Montis Hotel & Resort hotel complex in Kolašin will be five-star. Its capacity is 238 units, 25 apartments and 213 rooms. The estimated investment cost is projected at 21 million euros. In addition, the investor intends to create 231 jobs on the complex grounds. With an investment of from €250 000 you will receive a room in ownership (certificate of ownership), as well as the opportunity to apply for Montenegrin citizenship.

Boka Place

The Boka Place hotel, which will become part of Porto Montenegro, has also made it onto the list of development projects. The hotel will be five-star. The complex consists of five blocks:

1. Mistral 44 apartments managed by SIRO: from studios to three-bedroom duplexes and penthouses.
2. Siro A wellness hotel with 96 rooms, which also manages 144 apartments.
3. Ostro 40 SIRO apartments, including one-, two- and three-bedroom apartments and penthouses.
4. Sirocco 60 apartments managed by SIRO, including studios, 1-, 2- and 3-bedroom apartments and penthouses.
5. Thea 35 private apartments: studios, one- and two-bedroom apartments and penthouses.
6. Alba 34 private apartments: studios, 1-, 2- and 3-bedroom apartments, duplexes and penthouses. Studio prices start from €190 000, apartments from €265 000 and penthouses from €560 000. However, only properties with an investment of at least €450 000 qualify for citizenship.

Dukley Gardens

In addition, Dukley Gardens has prepared a unique offer — real estate in a project in southern Montenegro + a share in an authorized project. The offer includes 6 luxury-class apartments, ready and fully furnished. With an investment of from €1 800 000 you will receive apartments from 280 m² in ownership (certificate of ownership):

• profit from rental income through a management company (optional),
• guaranteed 6% annual return on the apartment value for the first three years,
• the option to live there for 3 weeks a year (when renting out),
• there are maintenance costs,
• processing participation in the Montenegro citizenship program,
• the costs of arranging the share and citizenship are borne by the developer Dukley Gardens.

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