Since passports came into general use after the First World War, those who hold citizenship of more than one country have been a privileged minority. The benefits are many, as a second passport can open doors that would otherwise be closed.
The most obvious of those benefits is the ability to travel more freely without costly or hard-to-get visas. Without question, that convenience makes life a great deal more pleasant – but there are many more valuable and important benefits, especially in our increasingly turbulent world.
Holding dual nationality is the best way to ensure that you can lead an international lifestyle with greater freedom and flexibility, protect yourself and your family from political and economic turmoil, and safeguard your hard-earned assets.
Today, in a world where uncertainty seems to be the only certainty, these benefits are more important than ever. With travel bans still only partially lifted after two full years, we have lost the freedom of movement we once took for granted. As the world stumbles from one crisis to another, it is disrupting economies, businesses and the lives of individuals – with the impact being felt in developed and emerging countries alike. So it is little wonder that a growing number of high-net-worth individuals are exploring options for a second citizenship.
How to obtain dual citizenship
There are several routes to obtaining a second passport, some of them more complex and time-consuming than others.
The main investment route is Citizenship by Investment. A scheme offered by a limited number of countries around the world – among them, Montenegro – this is the simplest and fastest route to a second passport for those with sufficient funds to invest.
Montenegro’s current Citizenship by Investment (CBI) programme was introduced on 1 January 2022 and will end on 31 December 2022. To qualify, applicants need to invest a minimum of 450,000 euros in an approved real estate development – such as the new Boka Place neighbourhood of Porto Montenegro – and in addition must contribute a total of 200,000 euros to the country’s economy: 100,000 to the Montenegrin Government’s Development Fund and 100,000 euros to its Innovation Fund.
Benefits of investing in Porto Montenegro’s Boka Place to gain citizenship
Part of the highly regarded superyacht port and residential community of Porto Montenegro, Boka Place has been designed for year-round living, with integrated residential, leisure, retail and hospitality amenities.
Offering great added value, wellness facilities have been designed into the fabric of this new community and the neighbourhood has ready access to all key services that a family or business person may need, including an International school, a medical clinic, business hubs and three international airports – the nearest of which is less than 10 minutes’ drive from Boka Place.
At the heart of Boka Place is the world’s first SIRO hotel. Created by one of the world’s most highly regarded hospitality brands, Kerzner International (One & Only Resorts, Atlantis), it has been designed to deliver a holistic well-being experience.
This pioneering wellness-based concept is integrated into each of Boka Place’s 144 SIRO-managed residences – bright and airy open-plan spaces that open onto generous balconies to create a seamless indoor-outdoor flow. Buyers of all SIRO-managed residences qualify to apply for Montenegro’s Citizenship by Investment programme and, unsurprisingly, they have been selling fast.
For those who love the sea, Porto Montenegro enjoys an exceptional waterfront location in the Bay of Kotor, one of the Adriatic’s most sought-after tourism locations, with the renowned cruising waters of the Eastern Mediterranean right on its doorstep. For those who love hiking, mountain-biking and trail running, the mountains immediately sheltering the Bay – as well as those further afield – offer countless inspiring options.
Added to these benefits, Porto Montenegro – of which Boka Place is the newest neighbourhood – has a proven track record as an investment, with great long-term rental, re-sale and growth potential. And beyond this financial return, home-owners become part of a one-of-a-kind international community.
Benefits of Montenegrin Citizenship
The benefits of Montenegrin citizenship are many, with tangible advantages for both individuals and Montenegrin-owned businesses, as well as the less tangible, quality-of-life benefits of Montenegro’s outstanding natural beauty, pristine landscapes, clean air and clear water.
A Montenegrin passport allows visa-free or visa-on-arrival entry to 123 countries including the Schengen Area, Russia, and Turkey and is ranked 45th strongest in the world (Henley Passport Index 2022 Q2). What’s more, you’ll be a citizen of an official EU candidate nation with accession planned for 2025.
Low-Tax Regime and Low Cost of Living
The cost of living is significantly lower than in Western Europe, while Montenegro also has highly favourable rates of personal, corporate and capital gains tax, as well as avoidance of double taxation thanks to treaties with more than 40 countries.
A Solid Base for Business
Montenegro is a solid base for both large and small businesses, and a trending destination for entrepreneurs, with simple company registration requiring just €1 founding capital and minimal paperwork. There is the reassurance in the fact that Montenegro’s currency is the Euro; corporate taxation rates are very low and there are no restrictions on foreign currency exchange or the transfer of profits abroad. For businesses involved in import-export, Montenegro offers free-trade zones, where firms are exempt from paying VAT and customs duties.
Safe & secure lifestyle
Whether relocating as an individual or with the entire family, Montenegro promises a safe, child- and family-friendly environment with a wealth of natural and cultural treasures. The inclusive, multinational and multilingual culture and community of Montenegro make it immediately welcoming.
Ideal Relocation Destination
Montenegro is a beautiful country, well developed yet rich in pristine nature. With its spectacular scenery, clean air and fantastic Mediterranean climate, Montenegro perfectly accommodates healthy and active lifestyles. Significantly, for both business and leisure travel, Montenegro is within a two- or three-hour flight of most European capitals, making it an ideal relocation destination.
Citizenship for the Entire Family
All dependent members of your immediate family will also qualify for A Montenegrin passport, and there is no requirement to renounce your existing citizenship.
Fast and Simple Processing of Applications
With a total processing time that could be as little as 6 months from the date of lodging your application along with all of the supporting documentation, Montenegro’s Citizenship by Investment Programme can accommodate remote applications, with no obligatory interviews or language requirements.
In conclusion, under the conditions of the world that we live in today, it is more important than ever to have options. And a second passport is the ultimate insurance policy that guarantees protection, privacy and freedom.
With Montenegro’s current Citizenship by Investment programme scheduled to end on the last day of 2022, and 92 percent of the CBI-qualifying units in Boka Place already sold or reserved, now is the time to take action. To find out more about obtaining Montenegrin Citizenship through investment in Boka Place, please contact BokaPlace@PortoMontenegro.com or visit https://www.portomontenegro.com/real-estate/citizenship/