After only entering the market in early 2019 and issuing its first approval in February 2020, the Montenegro Citizenship by Investment Programme is now set to end on 31 December 2021.
The Decision in which the Montenegro Citizenship by Investment Programme finds its basis implements both a volume and time limit on the Programme. When the Decision entered into effect on 1 January 2019, the Montenegro Citizenship by Investment Programme entered the market capped at 2,000 applications and subject to a three-year time limit.
At its 15th session on 18th March 2021, following concerns as to the Programme’s purpose and effect on Montenegro’s accession to the European Union, the Montenegrin Cabinet confirmed that the Programme will not be extended after 31 December 2021.
Cabinet cited two main reasons for the decision:
- The Programme’s “questionable purpose” and “contribution to economic development”
Despite being subject to a cap of 2,000 applications, since the Programme began accepting applications in October 2019, only 131 applications have been received, of which 37 were approved and 12 rejected, with the remainder still awaiting a decision.
These figures reflect interruptions in application submissions due to Covid-19.
- The reservations of the European Commission
Concerns have been raised by the European Commission about the Montenegro Citizenship by Investment Programme slowing down Montenegro’s accession to the European Union. Montenegro started the process of accession in 2005 and is a candidate for the European Union acquis by 2025.
How does this affect me?
If you would like to obtain citizenship of Montenegro via the Montenegro Citizenship by Investment Programme, applications must be submitted before the end of the Programme on 31 December 2021.
How can I find out more?
If you want to learn more about the acquisition of Montenegrin citizenship, please contact CS Global Partners in our capacity as a referral sub-agent.