Bythe economic citizenship program,29 million euros have been paid into the budget of Montenegro in the form of taxes, according to data from the Investment Agency provided toDan.
In addition, 22 million euros have so far been paid into the accounts of less developed municipalities, and this money has still not been spent, while almost twice that amount is held in an ESCROW account — a special account for the secure settlement of transactions between buyer and seller.
As the Director of the Montenegro Investment Agency, Mladen Grgic, notes, if we take into account the financial indicators and the fact that investment projects have so far brought in just over 46 million euros, we can be satisfied.
“Nevertheless, it seems that with better administrative preparation and greater consistency in implementing the decision, we could have achieved better results. During the preparation of the analysis in the middle of last year, the Agency concluded that the program should be extended for the period during which it was stagnant, due to Covid and delays in issuing licenses.
“Because of the aforementioned problems and poor promotion, there was little interest in the program, which could have led to the suspension of investment projects in the north,” Grgic said.
A total of 753 applications for citizenship by investment and 2,434 including family members were received.
“To date, 447 applications have been approved. Most applications are from citizens of Russia — 1,211, China — 257, Lebanon — 81, Ukraine — 54, the USA — 151, South Africa — 114, 57 from Saudi Arabia, 56 from India, while among the applicants there are also citizens of Australia, the UAE, Japan, Kazakhstan, Mexico, the Philippines, Canada, Poland, Turkey…” Grgic said.