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Montenegro CIP – one development project received so far

Montenegro has already received one application in the Citizenship by Investment Program, CIP, Damir Davidović, the State Secretary in the Ministry of Sustainable Development and Tourism, MORiT, told in Budva at the 2019 Festival of Real Estate and Investments, FREI.

“What I’m particularly pleased to say is that the development project refers to the northern region of Montenegro,” stressed Mr Davidović.

He also pointed out to the fact that Montenegro published the public call for economic citizenship in the area of tourism in February this year and it will last by the end of 2021.

According to him, the implementation of projects doesn’t only mean new investments but new knowledge, ideas, partners of investors and maybe even new offers in tourism.

The projects in the area of tourism may include: hotels with a 5-star or higher classification, 60 accommodation capacities and at least 80 new employees in the coast or in the capital, Podgorica. As for the north of the country, it’s necessary to have at least a 4-star hotel, 35 accommodation units and 25 new employees. The minimum value of the project in the coast and Podgorica is €15 million, and €5 million in the north.

The Citizenship by Investment Program will be limited to only 2,000 applicants over a three-year period.

Davidović: 2.5 million tourists are expected to visit Montenegro

Speaking about the results in tourism, Mr Davidović said that, according to the existing results and projections, the country will exceed the last year’s results, i.e. Montenegro will host around 2.5 million tourists and have more than 14 million overnight stays.

He emphasized that in the first quarter of 2019, the number of tourists in collective accommodation rose by 40 per cent, which means that there was around 35 thousand more guests compared to the same period last year.

 

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