A Strategy for Montenegro's Economic Growth Through Investment
Following Malta’s discussion, Montenegrin financial portal bankar.me produced a detailed interview with Bojan Bugarin, Montenegro’s former coordinator of the visa liberalization process, about the potential return of the CBI program. According to the interview, Bugarin has emphasized that reviving the program could bring over €1 billion euros to the country’s economy. He also pointed out that completing pending CBI applications processes—left unresolved after the program’s closure on December 31, 2022—could provide a significant financial boost to the country’s economy.
“Montenegro should consider the possibility of relaunching the Citizenship Program by Investment, possibly with appropriate adjustments. The previous program, launched in 2019, was designed to approve up to 2,000 applications for citizenship, but the number of applications that met the conditions was less than 1,000. This means that there is room for more than 1,000 additional applications with a renewed program”, said Bugarin.
Bugarin, who was also a coordinator of Montenegro’s EU accession, noted that the program could offer much-needed financial support as the country continues to develop its economy and move closer to European integration.
Understanding Montenegro's CBI Program
Montenegro’s CBI program, which officially ended on December 31, 2022, has been a key component of the country’s economic strategy since its inception in 2019. Throughout its operation, the program attracted significant foreign investment, particularly through real estate projects, generating approximately €500 million in total investments. According to official government data, Montenegro granted citizenship to nearly 300 investors and their families during the program's 3-year run.
These investments were directed primarily towards the development of luxury tourism and real estate projects along Montenegro’s scenic coastline, helping to bolster the nation's economy while supporting its EU accession goals. Despite its discontinuation, the program's economic impact remains a topic of discussion, with some advocates calling for its revival as a means to further stimulate financial growth.
The EU's Legal and Political Environment around CBI Programs
The recent opinion regarding Malta’s CBI program has sparked a renewed debate about the role of citizenship in investment initiatives across Europe, including in Montenegro. Although some EU policymakers are cautious about the risks associated with such programs, others believe that, when properly regulated, CBIs can provide significant advantages for smaller economies like Montenegro’s, which has faced notable fiscal challenges. The country's thriving tourism and real estate sectors, especially with luxury properties along the Adriatic coast, stand to benefit significantly if the program is reintroduced.
For investors, Montenegro’s CBI program could present an attractive proposition, offering a strong passport with visa-free access to numerous countries. Additionally, the program would provide a favorable tax regime and the possibility of eventually gaining EU citizenship if Montenegro completes its accession to the EU. CBI programs, particularly through real estate investments, appeal to those looking for a second citizenship while making strategic investments in some of Europe's up-and-coming destinations.
The possible return of Montenegro's CBI program, especially in light of recent legal opinions in Europe, is an important development in the global citizenship-by-investment landscape, offering advantages for both Montenegro's economy and potential investors.
How Investment Visa Can Assist
Although the return of Montenegro's CBI program remains speculative for now, it is expected to attract global investors seeking new opportunities in Europe. At Investment Visa, we specialize in guiding clients through the complexities of citizenship through investment programs, not just in Montenegro but in more than 20 countries worldwide, including the Caribbean and the South Pacific. Our personalized services are designed to meet the needs of high-net-worth individuals, helping them navigate legal frameworks, explore investment options, and secure a second citizenship in favorable nations.
Stay informed with Investment Visa as more updates emerge on Montenegro’s CBI program and how it can benefit you.
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