The South east European country of Montenegro has become to latest in a line of more than 20 countries around the world to offer citizenship to property investors.
Buyers from outside the European Union who invest in as little as EUR 250,000 in property (THB 9.45 million) will be able to obtain a Montenegro passport – but if you want to know more don’t waste time because the country has limited applicants to 2,000.
The “citizenship-by-investment” programme will start next month.
Montenegro property specialist IM Property Group revealed there has been significant interest in the scheme already, and believes that the undeveloped north of the country will particularly benefit from the programme.
Montenegro joins a growing list of countries that are trying to attract foreign direct investments through property investments.
Montenegro will require investors to spend a minimum investment of EUR 250,000 (THB 9.45 million) in approved real estate in an undeveloped region (in the north of the country), or a EUR 450,000 (THB 17.02 million) investment in approved real estate in a developed region (south of the country).
The government will charge EUR 100,000 (THB 3.78 million) per application which will be directed to a special fund for underdeveloped areas.
This makes it one of the most competitive schemes in Europe.
A Montenegro passport, when approved, will provide investors with visa-free travel to 123 global destinations including Hong Kong and Singapore, and all the 26 countries in Europe’s Schengen Area.
Milos Radmilovic, Director at IM Property Group said: “We are getting several daily enquiries about the programme, so it is likely to have a big impact on what is already a booming market.”
Montenegro has recently marked its first-year anniversary of NATO membership and hopes to join the European Union in the future. It has already adopted the Euro as its currency, and is in the process of integrating EU legislation into national law.
It is also one of the fastest growing economies in the Balkans, according to the World Bank, and is quickly becoming a key destination for some of the most important industries around the world due to its strategic position.