EXTENSION OF THE PROGRAM FOR ACQUIRING MONTENEGRIN CITIZENSHIP BY INVESTMENT AND NEW REQUIREMENTS
On 30 December of 2021, the Government of Montenegro adopted the Decision amending the Decision on the criteria, method and the procedure for selection of persons who may acquire Montenegrin citizenship by admission for the purpose of implementation of special investment programs of special importance for the business and economic interests of Montenegro (“Decision”) and thereby extended the application of the program allowing the applicants to acquire Montenegrin citizenship by investing in programs of special importance until 31 December 2022.
In addition to the extension of the program, the Decision also establishes a couple of new requirements for both the applicants and the investors of the special importance projects.
In regard to the applicants, and in addition to the previously established payments required for (i) the purpose of the process expenses, (ii) donations to the less developed local administrations and (iii) the investment to the qualified development project itself, the Decision establishes that the applicant shall be required to pay additional 100.000,00 EUR to the Innovation Fund of Montenegro. In regard to the investor, they are now required to submit an irrevocable bank guarantee payable on first demand in the amount of 50% of the minimum investment, which guarantees the implementation of the development project in accordance with the dynamics and purpose set out in the business plan and revised main design, within 30 days of entry into force of the Decision, otherwise, the state administration authority responsible for tourism shall remove such project from the List of Development Projects.