Montenegro gives passports in exchange for investment

Foreign investors can now obtain Montenegrin passports based on investments in development projects.

Source: cdm.rs
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(Thinkstock)
(Thinkstock)

The Montenegrin government's decision on "economic citizenship" came into force on Tuesday, Montenegro-based website CdM is reporting.

An investor can get Montenegrin citizenship in several ways, including by making an EUR 100,000 payment to the account set up to finance "less developed local community unit."

Citizenship can also be acquired by paying at least EUR 450,000 for the purpose of investing in a development project in Podgorica and the coastal region, or EUR 250,000 in the northern or central parts of Montenegro.

According to the report, this money will go to a special fund that will finance construction of infrastructure in less developed municipalities, primarily in the north of the country. The decision specified that payments will be monitored by an independent auditor.

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