The Government of Montenegro has approved the proposal to include a four-star hotel and seven villas in Žabljak in the list of projects under the “Citizenship by Investment” program. At presentthis listincludes 14 projects on the basis of which one can obtain Montenegrin economic citizenship.
The company Durmitor Development from Nikšić submitted an application to the Ministry of Sustainable Development and Tourism for a public tender. The application was accompanied by supporting documentation, including a business plan, certificates of available funds for financing the project, founding documents, and other materials.
“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 villas) with 88 beds (46 in the hotel and 42 in the villas).
The project is valued at 20.47 million euros. In addition, the investor intends to create 43 new jobs within the complex,” 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.
As a reminder, the program for granting Montenegrin citizenship in exchange for investment began on October 1, 2019. It is valid for three years. Interested candidates must invest from250,000 eurosin one of the projects in the north of the country or from450,000 euroson the coast or in the country’s capital, Podgorica.
Applications for citizenship can be submitted remotely; applicants need to visit the country only once. At the same time, investors and their family members will not have to renounce their original citizenship in favor of Montenegrin citizenship, as they will be able to keep both.
For more details on how to obtain Montenegrin citizenship, what payments are required, and the citizenship procedure,read our article.