The Citizenship of Montenegro by investment program began to work actively in the midst of the Covid pandemic. It was a time when the whole world paused, and such an industry as tourism was generally under threat. However, as we see now, people want to catch up — to relax in resorts both in summer and in winter. Perhaps travelers are ready to open new directions for holidays. And Montenegro can occupy a unique niche, offering tourists and its own citizens not only vacations at sea, but also in the mountains, in Kolasin.
It was the CIP that became the tool that helped to create a site for a high-level resort in a short time. Working of course together with government financing of local infrastructure. In just 2.5 years, 6 new hotels (authorized under the citizenship of Montenegro program) were built in the north of the country. Some hotels are already being completed and are at the stage of interior finishing, such as K16. Other larger projects like the Montis Mountain Resort by Splendid are under construction.
Ivan Petrovich, Managing Director of APEX Montenegro, and Nuri Katz, Founder and President of Apex Capital Partners, near the construction site of Montis Mountain Resort. And also, we may see the progress of the construction of The Westin Ski Resort Kolašin, Bjelasica 1450, K16 and Grand Chalet Kolašin.
Infrastructure development of the Kolasin region
In 2020, in the Kolasin region, the length of the ski runs was 46 km. By the end of 2021, another 15 km were added. But this work is also in progress. And, according to the plan, the total length of the tracks will be increased to 125 km. Both public and private ski elevators operate during the season.
And in 2022, a new highway was completed and launched, connecting Kolasin with the capital of Montenegro, Podgorica, where an international airport is located in the suburbs. Thus, the travel time between these two cities will be about 30 minutes. For Montenegro, this is a very big step towards improving the logistics of goods and transport accessibility. According to the plan, in the future this highway will become part of the high-speed route connecting Montenegro with Serbia (Podgorica-Belgrade).
Now Kolasin is developing rapidly, there are more gas stations here, restaurants and shops are open all year round. Moreover, this location has become attractive not only for the construction of hotels with the support of the citizenship of Montenegro program, but also for projects with exclusively private investments. For example, Dukley Resort & Spa Kolasin from the developer who built a unique resort in Budva. The project of the complex provides for the construction of ten cottages: four of them with two apartments and six with four apartments. The property is rented fully furnished and can be rented out by a management company. This is an investment option.
CIP of Montenegro
The Citizenship of Montenegro by investment program left the market at the end of 2022, but applications from investors continue to be processed. Everyone who managed to invest in authorized hotel projects under construction in Kolasin (northern Montenegro) or Tivat (south Montenegro) is waiting for a decision on citizenship applications (we, at Apex Capital Partners, receive notifications every week). The next stage after approval is to receive an invitation to visit Montenegro to take biometrics, and after that, passports are also issued for dependent family members submitted in the application.
Is there another passport program in Europe?
At the moment, there is no replacement program for Montenegro in Europe. Only Malta’s MEIN program continues to work, where investment citizenship can be obtained after a long stage with a residence permit. Meanwhile, Montenegro is systematically moving towards integration into the EU. This, in fact, was relied on by investors who invested in the passport program. As for the residence permit in Montenegro, it can be obtained both for the purchase of real estate in the property, and for open companies.
APEX has gained expertise in the premium real estate market in Montenegro for those who have decided to acquire their own home in the Mediterranean.
