Nov 21, 2019

Citizenship of Montenegro for investment into real estate in 2020: approved development projects

How can you acquire Montenegrin citizenship? The easiest and the fastest way to do it in 2020 is to become a citizen of the country in exchange for investment into real estate. The most affordable investment targets are the government-approved developers’ projects that currently number four. Below please find descriptions of these projects.  

Montenegro is an independent country in the South-East Europe. Notwithstanding its modest size, Montenegro has a lot to offer in terms of natural beauties and tourist attractions. Coming to the country, the foreign visitor will find panoramic views of the Adriatic Sea, clear lakes, wild rivers, thick forests, and countless mountains.

Montenegrin real estate is growing in popularity with both domestic and foreign investors. The launch of the ‘citizenship for investment’ state program in the country is likely to increase the demand for real property in Montenegro and drive up its prices.

It has to be borne in mind, however, that the abovementioned program allows investing only into the property that is constructed in the frameworks of the development projects that have been officially approved by the Government. The Ministry of Tourism and Sustainable Development approves projects that meet the following criteria:  

  1. The property shall conform to five-star hotel standards if it is built in the seaside areas or in the capital city of Podgorica. It shall conform to at least four-star hotel standards if it is built in the central or the northern regions excluding Podgorica;
  2. The total development project cost shall be minimum 15,000,000 euros if is accomplished in the seaside areas or in Podgorica. If the project is carried out in other regions, its minimum total cost shall be 5,000,000 euros;
  3. When the project is completed and the resort is put into operation, the total number of its employees shall be minimum 80 people for the seaside areas and Podgorica, and minimum 25 people for other regions;
  4. The resort shall have minimum 60 accommodation units (rooms) if it operates in the seaside areas or Podgorica. It shall have minimum 35 such units if it operates elsewhere in the country.

At the current moment, there are four resort construction projects that the Montenegrin authorities have approved: Kolašin Westin Ski Resort in Kolašin (in the Southern part of the country); Kraljičina Plaža Hotel in the maritime city of Budva; an average size  Durmitor Hotel and Villas in Žabljak; and a Condominium Hotel Breza in Kolašin.

Thus three of the four development projects are accomplished in the north of the country where the amount of the required investment is 250,000 euros. At the same time, the minimum required investment that will lead to citizenship in Montenegro is 450,000 euros if the buildings are located in the capital city or in the popular tourists regions in the south of the country.

Montenegrin citizenship via purchase of real estate in the country in 2020: Kolašin Westin Ski Resort (Kolašin)

This ski resort will be built in the northern part of the country offering deluxe and presidential suites as well as detached villas to the clients. The resort will be located only a few dozen yards away from the ski lifts. The guests will be able to treat themselves to the Mediterranean and international cuisines in the restaurant as well as cocktails and snacks at the bar.  

There will be a fitness center, a business center, and conference halls at Kolašin Westin Ski Resort. In addition to that, the resort will have a spa salon and a swimming pool where the guests can relax after the long day of skiing and other recreation activities.  

As this development project is carried out in the north of Montenegro, the investment required for acquiring citizenship in the country amounts to 250,000 euros.

The developers are planning to invest into the construction of this four-star resort in Kolašin around 11.36 million euros. This project will create 66 new jobs. The total number of accommodation units (rooms) is going to be 93, and the number of beds 380.

ARNN Group of Companies is implementing this development project. For over two decades, this Group has been involved in innovative and sustainable business projects in different sectors of economy in such countries as Malaysia, Singapore, the UAE, Australia, and Montenegro. In particular, it has been engaged in hotel business, construction, and real estate management.

Montenegrin citizenship via purchase of real estate in the country in 2020: Kraljičina Plaža Hotel (Miločer)

The construction of the five-star Kraljičina Plaža Hotel will be carried out on the territory of an existing hotel in Miločer Park (botanical garden). The Park is located in Budva Riviera popular with tourists. The old hotel has been out of use and has deteriorated.

With the new Kraljičina Plaža project, buildings with different numbers of stories (from one to four) will be erected on the territory of the old hotel. The total number of rooms is going to be 126 and the number of beds 262. 60 standard hotel suites will be available and 66 apartments.  

The area of the suites will be between 30 and 70 square meters (323 to 753 sq. ft.). These will be single and double rooms. The apartments’ area is going to be between 62 and 317 square meters (667 to 3,412 sq. ft.). Each of them will have an entrance hall, a bathroom, a kitchen, a dining room, a living room, two to four bedrooms (with a bathroom and a cloakroom each), a study, and a terrace with green plants. The apartments will have two, three, four, five, or six sleeping accommodations. 11 suites for handicapped people will be found on the ground floor.  

The construction site is located on the territory of a beautiful Mediterranean park within walking distance from the famous Queen’s Beach, only one kilometer (0.6 miles) away from Sveti Stefan settlement, and six kilometers (less than four miles) away from the historic part of the city of Budva. The new resort lies 30 kilometers (18 miles) away from Tivat airport and 80 kilometers (50 miles) from Dubrovnik. 

The official project description shows that Kraljičina Plaža Hotel will have two buildings above the ground that will be connected by a passage via the ground floor and the semi-basement.

In addition to that, two underground floors will be built. The height of the hotel from the ground floor to the attic is going to be 21.84 meters (around 70 feet). The main entrance will be located in the eastern wall at the ground level. 

The complex will also have the following facilities: a lobby, a restaurant with international cuisine, an a la carte restaurant, the main restaurant for 210 seats, a lobby bar, a playroom, an indoor swimming pool, a spa salon, and a gym. This modern hotel will also have several swimming pools in the open air giving fantastic views of the coast. Two underground floors will host 137 parking lots.

Adriatic Properties Development Company is carrying out this construction project. The Company is also the manager of Sveti Stefan Aman Resort. It is expected that the project will be completed in two and a half years from now.

Montenegrin citizenship via purchase of real estate in the country in 2020: Durmitor Hotel and Villas (Žabljak)

Durmitor National Park will soon boast a new five-star hotel that is called Durmitor Hotel and Villas. The designers of this hotel have been inspired by the wild beauty of the mountains around. Only natural materials will be used in the hotel construction. The new hotel will be built on the site of an old resort, while the original architectural style will be preserved.  

The new Durmitor Hotel and Villas will have multistory buildings accommodating 70 suites, a conference hall, two restaurants, an indoor and an outdoor swimming pools, and spa salons. Apart from that, 11 villas will be constructed in the nearby forest. There will be both sheltered and unsheltered parking lots.  

This luxurious resort is going to attract tourists all the year round. Its guests can go skiing or snowshoe walking in winter, and hiking, mountaineering, and rafting on the Tara in summer. The Tara river canyon is the most famous landmark in the area. The depth of the river reaches 1,300 meters (4,265 feet).

The project designers stress that they want to do their best to pay due respect to the environment and thus, a great amount of technological and investment resources will be employed to create an energy system that uses geothermal features available in the area. In addition, biological water filters are going to be installed in order to lessen the load on the country sewage system.

The development project is taking place on the site of an old hotel that has the same name. The constructors are planning to compete Durmitor Hotel and Villas by May 2022.

Last October, the Montenegrin Prime-Minister Duško Marković (the third person from the left in the photograph below) laid the first stone into the foundation of the Žabljak hotel. The construction project investor is Durmitor Hotel and Villas Company that is a subsidiary of Adriatic Properties.

The founder and the owner of Adriatic Properties is Petros Stasis, a well-known businessperson from Greece (the second person from the left on the photo above). He bought the old Durmitor Hotel and Villas in 2016. The Adriatic Properties subsidiary that is building the new hotel was established last year. Its goal is to complete the construction project that is going to cost around 20 million euros and put the new hotel into operation.

The new hotel is expected to give employment to 80 to 120 people. Residents of Žabljak will be given employment priority. Besides, the construction project itself is already providing jobs for around 100 people.

When talking about this project to the mass media, Premier Marković said that this new tourist complex is going to be one of the most beautiful such complexes in the region. “We promised that we would develop the whole of Montenegro, not only the coastline. The central region should also become an elite tourist destination. Durmitor Hotel and Villas is going to make Žabljak one of the best tourist places in Montenegro and attract more foreign investment to the country”.  

Montenegrin citizenship via purchase of real estate in the country in 2020: Condo Hotel Breza (Kolašin)

Condo Hotel Breza will be located in the northern suburb of the city of Kolašin that is especially popular with lovers of downhill skiing. However, hiking tours, horseback riding, and swimming opportunities are also available in this area during the seasons other than winter. Some 25 kilometers (a bit over 15 miles) away, Bukumir (Bukumirsko) Lake can be found that offers some stunning views and natural phenomena.

Breza a very peaceful and picturesque place. The condo-hotel format of the intended building means that some apartments there will be bought while others rented. Both tourists and permanent residents of Condo Hotel Breza are going to love the place when its construction is completed. Currently, it is too early to say when the building will be put into operation because the construction work has just started. However, the developers promise that it will not take too long.

Kolašin is located not far from Montenegrin international Tivat and Podgorica airports.   

If you would like to learn more about acquiring Montenegrin citizenship in a fast, comparatively inexpensive, and efficient way, please make a personal contact with our consultants by writing to info@offshore-pro.info. We will be happy to answer all your questions about this attractive opportunity.

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