Montenegro has successfully positioned itself on the global map of investment migration through its Economic Citizenship Program, alongside nations like Malta, Portugal, Greece and the Caribbean. Although the program officially concluded in December 2022, investor interest in Montenegro remains strong. Daria Šolmova, Senior Relationship Manager at Henley & Partners, highlights that the marketing aspect of the program has already established Montenegro as a desirable destination. Extending the program would expedite attracting investors and creating new opportunities for the country’s economic development.
Program’s financial impact: Half a billion euros
Henley & Partners, a global leader in residency and citizenship planning with 60 offices worldwide, attracted over 500 investors to Montenegro through the Economic Citizenship Program. The total financial impact of the program in Montenegro is estimated at half a billion euros. The firm specializes in helping wealthy individuals and families navigate the complexities of investment immigration, providing expertise and experience to thousands of clients each year.
Šolmova, who has lived in Montenegro for years and worked with hundreds of applicants to the economic citizenship program, is well-acquainted with the real estate market and the interests of investors in the country. According to her, the program was a significant success, generating over 500 million euros in direct financial contributions and facilitating more than 1,000 successful family applications.
New hotels and economic contributions
In addition to the financial benefits, the program spurred the construction of several high-profile hotels, such as InterContinental, Swissotel, Pullman, and Radisson. Šolmova personally interacted with many applicants who were keen to see well-known foreign hotel brands in Montenegro, which contributed to the program’s credibility and seriousness on the global investment migration map.
The program also contributed to the Innovation Fund of Montenegro, supporting the country’s entrepreneurial spirit. Many applicants, after visiting Montenegro for the first time, were captivated by the natural beauty, warm hospitality, and the safety they felt in the country. Many of them now wish to deepen their connections to Montenegro by opening businesses, spending more time in the country, or getting involved with the local business community.
Malta’s success and the EU’s stance on economic citizenship
Šolmova compares Montenegro’s success with Malta, which has had a thriving economic citizenship program for years. While the European Union has raised concerns and initiated legal proceedings regarding these types of programs, a recent opinion from the EU’s Advocate General emphasized that each sovereign state has the right to determine its citizenship policies. This sentiment was echoed in Malta’s efforts to retain control over its citizenship laws, despite pressure from the EU.
Šolmova notes that Montenegro’s economic citizenship program underwent rigorous due diligence, with background checks conducted by Montenegrin banks, specialized companies from the UK and Canada and the Ministry of Internal Affairs, ensuring that only the most trustworthy investors were granted citizenship.
Potential benefits of extending the program
Extending the Economic Citizenship Program could bring numerous benefits. As Šolmova points out, Montenegro has already been established as a key destination for investment migration, and renewing the program would attract new investors much more quickly than in the past.
Numerous countries are developing similar programs, and it would be a missed opportunity if Montenegro failed to take advantage of this growing trend. Given the professional experience in Montenegro’s government, particularly in the Ministry of Internal Affairs and the Investment Agency, the country is well-positioned to handle a new wave of applications, ensuring the program’s success.
Infrastructural projects and future contributions
Šolmova also highlights the potential for new programs to focus not only on real estate investments but also on critical infrastructure projects. Many applicants, including successful professionals from industries like IT, fintech and banking, can contribute not only financially but also intellectually and professionally to Montenegro’s development. The country could benefit from investments in healthcare, education, the arts and other areas that often remain underfunded.
By fostering relationships with these high-caliber individuals, Montenegro can ensure long-term, multifaceted growth and continued economic prosperity.
