There has been much talk surrounding yet another upcoming option for citizenship by investment as Montenegro continues to tweak its program. Adding to the buzz, the small country often referred to as the “pearl of the Mediterranean” is actively engaged in talks to join the EU.
According to a report from Investment Migration Insider, the country’s government scrapped plans to select a bid from a pool of major investment migration firms and instead will be designing the program in-house. The commission tasked with developing the investment scheme will be made up of representatives from the Ministries of Economy, Finance, Interior, and several others, including the Prime Minister’s Office.
However, the Commission has still put out a public invitation to firms requesting advice on which type of model would see the most success in Montenegro, provided all participating firms allow the Commission to freely implement any submitted proposal.
Montenegro’s government has placed a strong emphasis on implementing an investment program that both attracts foreign investors and will benefit the country economically in a substantive way, rather than a mere residence acquisition program. The Commission envisions using the program to spur on development of the country’s industries and some of its more underdeveloped regions.
Montenegrin officials were explicit in their desire to avoid a model similar to the Hungarian Residency Bond Investor program, which has since been suspended as of April 2017.
Perhaps in an effort to add to the hype of the upcoming Special Investor Programme, the Global Citizenship Forum held its October 2017 event on the small Montenegrin island of Sveti Stefan. The event featured worldwide politicians, business leaders, and artists, including Montenegrin Prime Minister Duško Marković himself.