Russians "conquer" Montenegro

The largest foreign investors in Montenegro for the period of January-May this year are Russian citizens, with a total investment of 52.5 million euros.


Wednesday, 09.08.2023.


Foto: Predrag Jankovic /

Russians "conquer" Montenegro

The highest amount of money has been invested in real estate purchases - 28.9 million euros, then 12.3 million euros, in companies and banks in Montenegro, and in intercompany debt, or loans to their companies in Montenegro in the amount of 13.2 million euros, reported MINA citing Vijesti daily.

This confirms that despite the strained diplomatic relations between Montenegro and Russia due to the Ukrainian crisis and the imposition of sanctions on Russia, Russian citizens continue to come to Montenegro in large numbers and bring their capital to invest. This is also evidenced by the fact that Montenegro issued 21,500 work permits to foreigners for the January-June period of this year, out of which 7,410 were issued to Russian citizens, accounting for 34.3 percent of the total.

Investors from Russia have a very small outflow of investments from Montenegro compared to others. Out of the invested 52.5 million euros, Russian citizens withdrew 11 million euros from Montenegro in these five months, mostly through the sale of properties worth six million.

The second most valuable investors are citizens and companies from Serbia, who invested 48 million euros, with the majority in real estate purchases, 26.1 million euros, 10.5 million euros in loans to their companies in Montenegro, and 8.2 million euros in investment in companies and banks registered in Montenegro. During the same period, investors from the neighboring country withdrew 25.3 million euros from Montenegro, mostly through the sale of properties worth 12.4 million euros.

Investors from Switzerland take third place, investing 39 million euros in Montenegro in these five months. They mostly invested through loans to their companies, amounting to 27.2 million euros. Direct investments in companies and banks were worth 6.6 million euros, and real estate purchases amounted to 5.1 million euros. Investors from this country withdrew 17.7 million euros from Montenegro in the same period, with the majority, 10.5 million euros, coming from sales - reducing their stakes in companies and banks registered in Montenegro.

The fourth spot in terms of the value of foreign direct investments is citizens and companies from Turkey, with an investment of 32.1 million euros. They spent the most on real estate purchases, 21.6 million euros, followed by loans to their companies in Montenegro, amounting to nine million euros, while they invested 815,000 euros in companies and banks. Turkish investors had the largest outflow of investments from Montenegro, totaling 31.8 million euros, resulting in their net influence on foreign investment inflow being only 300,000 euros. Turkish citizens and companies withdrew the most money from Montenegro through the sale of stakes in companies, amounting to 18 million euros, as well as through the repayment of loans, totaling 12 million euros.

Germany as a European Union country took fifth place in terms of foreign investments with 28.3 million euros. Citizens and companies from this country invested the most money in real estate purchases, 18.5 million euros, 5.6 million euros in domestic companies and banks, and four million euros in loans to their companies operating in Montenegro. Investors from this country also had an outflow of investments worth 9.7 million euros, of which 7.6 million euros pertains to the withdrawal of funds from domestic companies and banks.

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