Montenegro has added a further two projects to its list of approved developments under the country’s young citizenship by investment program (CIP), bringing the total to six.
The newly approved projects, according to the Montenegro Investment Agency, are the K16 and the Bjelasica 1450, both in Kolašin, a ski-town in the north of the country that so far appears to be the chief beneficiary locale of the CIP. Four out of the six approved projects are located in Kolašin, one in Žabljak, some 90km north-west of Kolašin, while only on project is located in the more developed southern coast (in Budva), where minimum investment requirements are higher (EUR 450,000 as opposed to EUR 250,000 in the north).
Among the last European countries to register COVID-19 cases, Montenegro has come away from the crisis relatively unscathed, recording only 324 cases and eight deaths so far. This has allowed construction activity in the country to continue largely uninterrupted.
“From the first day of prescribing health and safety measures, although temporary, we were aware that capital projects must not be allowed to stop in this period,” said Prime Minister Duško Marković in Parliament last week.More From This Category
“And that is exactly why, when asked if the Government plans to continue the started infrastructure projects in the North of our country, we are pleased to witness today that the implementation of the aforementioned capital investments actually flows continuously. […] Despite the epidemic-induced challenges, all construction sites in northern Montenegro, which have been preserved during the winter period, continue to operate. […] At the construction sites of all three ski resorts in the area of Bjelasica and Komovi – Kolašin 1600 in Kolašin, Žarski in Mojkovac, and Cmiljača in Bijelo Polje.”
The combined value of the three projects already under construction amounted to some EUR 70 million, commented the Prime Minister.
The citizenship by investment program, he declared, had already “begun to yield results”, especially for the northern regions, where five out of the six approved projects are located.
“The total value will amount to over EUR 74 million and putting these five hotels into operation will create preconditions for the creation of over 400 new jobs. Accommodation capacities will be greater for 525 high-class rooms in 4- and 5-star hotels.”
The projects, he postulated, would increase the overall attractiveness of Montenegro as a destination, not merely for foreign investors or tourists, but also for the country’s own citizens.
Want to know more about the Montenegro CIP? To see recent articles, official links, FAQs, and more, visit its Program Page. To see which firms can assist with applications to the program, visit the Residence & Citizenship by Investment Company Directory.