The Government of Montenegro has approved the proposal to include a 4-star hotel and seven villas in Žabljak in the list of projects under the “Citizenship by Investment” program. At present this list includes 14 projects on the basis of which one can obtain economic citizenship of Montenegro.
The company “Durmitor Development” from Nikšić submitted an application for a public tender to the Ministry of Sustainable Development and Tourism. The application was accompanied by supporting documentation — a business plan, certificates of available funds for financing the project, founding documents, and more.
“The documents, among other things, state that the construction of a hotel in Žabljak is planned according to a classic four-star business model, including 35 residential units (24 in the hotel and 11 in the villas) with 88 beds (46 in the hotel and 42 in the villas).
The project cost amounts to 20.47 million euros. In addition, the investor intends to create 43 new jobs on the complex’s premises,” the government explained.
To confirm the availability of funds for the project, the applicant submitted an irrevocable bank guarantee in the amount of 2.5 million euros.
Let us remind you that the implementation of the program for granting Montenegrin citizenship in exchange for investment began on October 1, 2019. The term is three years. Interested candidates must invest from 250,000 euros in one of the projects in the north of the country or from 450,000 euros — on the coast or in the country’s capital, Podgorica.
Applications for citizenship 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; they will be able to keep both.
For more details on how to obtain Montenegrin citizenship, what payments are required, as well as the citizenship procedure, read our article.