Citizenship By Investment Program
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For example, in March 2021 to become a citizen or resident in exchange by investment is allowed by law in Malta, Portugal and Greece. The Montenegrin citizenship program is suitable for investors who want to move to live in a European country with a warm climate and good environment. With the Montenegrin passport investors also travel visa-free to 26 countries of the Schengen Agreement. Once approved, the applicants are required to visit the country in order to submit their biometrics to apply for their ID documents.
Becoming a citizen of Montenegro, the foreign investor will be able to travel to 122 countries without a visa. These include Schengen zone states, Turkey, and the Russian Federation. The capital has to be invested into the Government-approved real property that is still under construction in the northern part of Montenegro. Purchase of this property will make the foreigner and his or her family eligible for Montenegrin passports, which will allow legally residing in the country.
Are There Any Residency Requirement For Fast Track Citizenship?
However, business ventures don’t always work, and sometimes a company might go belly up. All of the Caribbean citizenship by investment programs give you visa-free travel to the Schengen Zone (visa-free area of Europe). Finally, a few turkish citizenship countries offer passports that allow visa-free travel to over 150 countries around the world! The Portugal Golden Visa, for example, is quite famous for that reason, other than having a good profit regarding some investment options.
Applicants for Montenegro’s Citizenship by Investment Program are required to contribute EUR 100,000 to government funds, as well as to invest in real estate and real estate projects. The ones who were there were the property investment deputies who were Located. Properties in the less developed northern parts of the country need to cost at least EUR 250,000, while in the bustling southern, coastal areas they will cost € 450,000 or more. Applicable Property Immovable Powers are pre-approved by the Government of Montenegro. Investors usually receive their passports within 6 months of applying, and to renew they are required to travel to Montenegro for five days over five years. The small Balkan state of Montenegro began its citizenship by investment program in 2019, and since then it has gained great popularity.
The Montenegro Citizenship by Investment Program will be open only for 2,000 applicants from only non-EU countries for a limited period of 3 years only. Over the past years, Montenegro has become a stable democratic jurisdiction with a fast-growing market economy. It’s a business-friendly environment, and an open economy has made it one of the cornerstones of Montenegrin economic policy. The new Friendly Nations Visa is more like a traditional golden visa, explains Alastair Johnson. At the end of the procedure for the biometrics scan and to get your passport.
An exception to the flat rate is that non-residents must also pay a 5% tax on interest income. It has a population of around 650,000, with a balanced mixture of Christians and Muslims. Its two main languages are Serbian and Montenegrin, but English is relatively well-understood on the coast and in its capital, Podgorica. €15,000.00 for the applicant; €10,000.00 for each family member, up to four members at maximum; and €50,000.00 for each next family member. ConsAs the newest on the CBI block, it has not yet been truly tried or tested so the jury is out. More expensive than most Caribbean CIPs, Montenegro doesn’t offer as good freedom of movement as the Caribbean islands do.
Citizenship By Investment Program
If you’re interested in this program, our lawyers can help you prepare the documents to participate in the project and get Montenegrin citizenship. The foreign companies of Montenegrin citizens are not subject to coercive registration in Montenegro, which guarantees maximum confidentiality of international business ownership. Montenegrin citizens are eligible for the Е-2 business visa which allows to live and work in the US. Successful applicants will be granted visa-free access to many countries and when Montenegro joins the EU , citizens will also be given access to the rest of Europe. There is also a €15,000 government application fee for the primary applicant plus €10,000 for each family member plus €50,000 after the fourth family member.
According to the government’s statement, the passport program will close the program by the end of 2021. A qualifying investment of €450,000 into this developed area, alongside a government contribution of €100,000, plus associated admin and processing law firm istanbul costs, is all that’s required to obtain citizenship. Starting from October 2018, the Government of this NATO-member country will grant citizenship by investment to 2,000 qualifying entrepreneurs from non- EU Countries for a limited period of 3 years.
Procedures And Time Frame Of The Montenegro Citizenship
Mandatory contribution of €100,000 for the development of poor local communities in Montenegro. Browse our eBooks and guides on Panama immigration, relocating to Panama, doing business in Panama work permit turkey and more. €250,000 investment into an undeveloped area in the north of the country. To qualify for this, you must make a contribution of at least €100,000 specifically to the Government Fund.
Participation in the program takes about six months, so those who wish still have the opportunity to obtain a passport of the country under the current conditions. €250,000 investment in real estate in the norther regions of the country. As with every CBI program where the government runs a pre-approved list of real estate properties that you can invest in, real estate is overpriced. Supposedly, it’s done to ensure real estate deals are legal and transparent, but it’s also an artificial way to inflate prices and charge foreigners a premium. Another important thing about investing in Montenegrin real estate is that the CBI program has split the country into two distinct regions – the northern and the southern – and depending on where you want to invest, the amount will differ.
More capital coming from abroad will make a significant contribution to the overall growth of the Montenegrin economy. We have our own offices in all relevant countries and constantly monitor the worldwide situation. There are also additional fees such as due diligence fees, notary fees, background check, advisor and lawyer fee. The amount of these fees depends on the size of the families who will submit an application. Investors will be issued permanent residency within 3 weeks and after 6 months will receive naturalization certificate for citizenship and passport.
In Montenegro, five percent withholding tax is applied on interest revenues paid out to non-residents. An individual is deemed to be a resident of Montenegro if he/she has permanent home or center of business and vital interests in Montenegro or stays in Montenegro continuously or in intervals at least 183 days in the tax year. There are no annual tax return requirements if no additional income, apart from employment, is generated in Montenegro. You will then receive a citizenship certificate and be able to apply for a passport. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. You are not required to renounce your previous nationality to become a citizen of Montenegro.
It means that Montenegro offers in 2021 the fastest and most affordable European citizenship in exchange for investment. The government’s decision followed the European Union’s “reservations”. As the country plans to join the EU soon, the Montenegrin government accepted that the EU does not approve the citizenship by investment program, according to Bloomberg. While Montenegro’s not a member of the Schengen area itself, the Montenegrin passport allows visa-free access throughout Europe. Montenegro is also a United States E-2 Treaty country, which means citizens of Montenegro have the option to relocate to the USA, provided they are willing to invest in and operate a business there. Montenegro’s Citizenship-by-Investment Programme launched in Q and offers investors visa-free travel to 124 countries and the opportunity to live in one of the most beautiful places in Europe.