Home Page
 
News 24 Jun 15

Montenegro Revives Plan to Sell Passports to Investors

Ministry says foreigners will be able to obtain citizenship in return for directly investing in the undeveloped north of the country - although when the offer will begin remains unclear

Dusica Tomovic
BIRN
Podgorica

Montenegro's government plans to offer citizenship to foreign investors who are willing to invest money in the undeveloped north of the country, media reported on Tuesday.

The Tourism Ministry is preparing an "economic citizenship" package designed for foreign investors but has not specified a date when the scheme will begin.

In 2010, the government announced initial plans to sell passports to "renowned businessmen of credible reputation" if they invested at least half a milion euros.

But the project had to be suspended until the measure was harmonised with European Union regulations.

The daily newspaper Vijesti reported that the idea for "selling passports" is supported by the country's Foreign Investors Council and the Chamber of Commerce.

Similar programmes have been introduced by Antigua and Barbuda, Grenada, Malta, The Netherlands and Spain, allowing direct citizenship by investment or routes to citizenship for wealthy investors.

Concerns have been raised about transparency and accountability, however.

"We believe the new concept of the program for Montenegro should be based primarily on the development of the northern region," the ministry said.

Several foreign businessmen have already obtained Montenegrin citizenship, including ousted Thai prime minister Thaksin Shinawatra and former Palestinian minister Mohammed Dahlan, who is suspected of embezzling hundreds of millions of state funds in his home country.

Nathaniel Rothschild, son of the famous banking dynasty and one of the financiers of the Porto Montenegro development in the resort of Tivat, has held a Montenegrin passport since 2011.

Talk about it!

blog comments powered by Disqus

Related Headlines:

croatian-military-policemen-sentenced-for-lora-prison-crimes-04-24-2017
24 Apr 17

Croatian Military Policemen Jailed for Lora Prison Crimes

Three former Croatian military policemen were jailed for crimes against Serb prisoners of war who were beaten and tortured at the Lora prison camp in the coastal city of Split in 1992.

24 Apr 17

The Balkans Today: 24th - 28th April 2017

24 Apr 17

Montenegro to Try Kosovo War Murder Suspect

24 Apr 17

Albania Opposition Vow to Radicalize Protests

Premium Selection

belgrade-s-indestructible-mayor-faces-uncertain-future-03-25-2017
24 Apr 17

Belgrade’s ‘Indestructible’ Mayor Faces Uncertain Future

The political future of Mayor Sinisa Mali remains cloudy as protesters in Belgrade on Tuesday showed they were not about to forget his role in the notorious Savamala affair.

belgrade-sarajevo-highway-sparks-battles-in-bosnia-04-21-2017
24 Apr 17

Belgrade-Sarajevo Highway Sparks Battles in Bosnia

The planned construction of an expressway connecting Belgrade and Sarajevo, intended to aid national reconciliation, has instead generated fights between towns in Bosnia over the route.

21 Apr 17

Albania Pours Dollars Into US Lobby Firms