Balkans, Montenegro. (Image: provided)
Montenegro, a small country located on the Balkan coast, has become a popular tourist destination in recent years and is quickly becoming recognized as a place where foreigners can invest in real estate. Now, South Africans looking for offshore investments linked to citizenship, visa-free travel and possible access to a European passport are turning to Montenegro as an option.
Andrew Rissik, director of Sable International, says the country has embarked on a number of programs aimed at attracting foreign investment, which are proving attractive to South Africans.
“Already classified by the World As an upper middle-income country, Montenegro is in the process of joining the European Union. Montenegro is a future candidate for EU membership and will join the Schengen area by 2025,” says Rissik.
After shedding its Eastern Bloc heritage, Montenegro embarked on a program to attract wealth and investment to the country. To attract investors, Montenegro launched a Citizenship by Investment Program (CBIP) with the aim of encouraging and facilitating foreign direct investment, by offering a Montenegrin passport and associated citizenship to investors who make a defined economic contribution to the country.
“South Africans wanting to establish a base in Europe are opting for the Montenegro Economic Citizenship Program, which allows foreigners to obtain Montenegro citizenship through a designated investment. The program allows you to instantly obtain citizenship and passport of Montenegro within three months,” says Rissik.
Montenegrin passport is ranked 42nd in the world with visa-free access to 123 countries, including EU Schengen states, Russia, Turkey, Singapore, etc. A visa is required to travel to the United Kingdom, Canada, Australia and the United States. It already allows free movement within EU countries and the Schengen area.
“Montenegro offers a low tax policy for established businesses and individuals, and property prices remain among the cheapest in Europe. This could change when they are included in the EU and we expect property values to increase,” says Rissik.
“Anyway, Montenegro is incredibly beautiful, with a stunning coastline and interesting culture. It is becoming the new playground for wealthy global citizens and adventurous travelers. Who knows, it could become the next Monte Carlo.
Facts about Montenegro
· Area 13,812 km²
· Population: 662,000 inhabitants
· More than 280 days of sunshine per year
· 295 km of coastline
· 73 km of beaches
· The highest peak is 2,525 m
· Capital: Podgorica
· Mediterranean and continental climates
· 3 hours flight from major European capitals
· Official language: Montenegrin
· Currency: EURO
Investment criteria
For Montenegro’s citizenship by investment program, applicants must invest in approved real estate projects in the country. “Depending on where the selected projects are located, you have the choice between different investment levels, you can either invest a minimum of 250,000 euros in government approved development projects within the country , or investing 450,000 euros in the more developed southern coastal region and in Podgorica,” explains Rissik.
“In addition to the option you choose, you must contribute 100,000 euros in the form of a government donation. This sum is invested in a fund intended for the less developed regions of Montenegro.
Investment Opportunities
A development in the UNESCO-protected Bay of Kotor is attracting the attention of South African investors. Porto Montenegro combines a spectacular lifestyle destination with a world-class full-service marina and luxury residential village offering premium real estate for sale and rent in this part of the Mediterranean. The Superyacht Marina offers investors Montenegrin citizenship, it is above all a convincing real estate investment.
The latest phase of the development, Boka Place, was designed as a direct response to the needs of foreign buyers. It offers an affordable alternative for buyers who want to be part of the Porto Montenegro community, without having to compromise on the quality of accommodation or available amenities.
“We launched Boka Place in South Africa two weeks ago and the interest has been exceptional with several investors already proceeding with the investment as well as the citizenship program,” explains Rissik.
For more information about Investments in Montenegro contact Sable International: 27 (0) 21 657 1584 / im@sableinternational.com
This article and content is sponsored, written and provided by Sable International.