Montenegro has stopped issuing citizenship by investment. The state government emphasized that they are adapting the legislation to the standards of the European Union, an entry candidate that the country became in 2010.
In the press service of the Government of Montenegro it was reported about the termination of the state program for the issuance of citizenship for investment in the state economy.
Montenegro launched the program in 2019. Citizenship of the country could be obtained by investing in local real estate: 250 thousand euros in the northern part of the country and 450 thousand euros in the southern part, the coast and the capital Podgorica. In addition, it was necessary to make a contribution of 100 thousand euros from the state fund.
Montenegro cut the program in line with the European Union’s recommendations on its possible risks, including committing serious crimes, the Cabinet press service said. Montenegro is an official candidate for EU membership; it received this status in 2010.
According to the published list of foreigners who received Montenegrin citizenship between 2008 and 2022, many of them were or are citizens of Russia. In the last two years of the program, Russians accounted for about half of those who received Montenegrin citizenship under the investment program.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
