Economic Citizenship Effects: Four projects approved, four hotels being built
The Government of Montenegro has announced the effects of the economic citizenship project so far, on the basis of which construction of four top category hotels has started in Montenegro.
The first project on economic citizenship was approved in June this year for the construction of a condominium hotel in Kolasin, owned by Kolasin Resort & Spa.
"In November, the government accepted three more projects: the construction of a hotel in Kolasin by investors from Russia, the Queen's Beach Hotel in Milocer by the investor "Adriatic properties" and the Durmitor Hotel in Zabljak by an investor from Greece, the Autumn Analysis of Macroeconomic Trends and structural reforms quotes.
To recapitulate, for potential investors not familiar with the program, Montenegrin government introduced the project of economic citizenship from the beginning of the year 2019., in order to stimulate investments in Montenegro.
The project defines application costs in the amount of EUR 100.000, and a minimum investment of EUR 450.000 for coastal and capital area projects, and EUR 250.000 for projects in the less developed but resource-rich northern region.
The number of applications is limited to two thousand over a three-year period.