Montenegro’s Citizenship‑by‑Investment Programme (CIP), which closed to new applicants on 31 December 2022, has now released a near‑final accounting of its four‑year operation.
Application outcomes (as of 31 July 2026)
- Total applications filed: 1,113
- Approved: 869 (≈78 %)
- Rejected: 239 (21.5 %)
- Pending decisions: 5
- Under funds‑transfer verification: 1
Financial flows – The government report dated 20 August 2026 shows €413 million moved through the programme, allocated as follows:
| Destination | Amount (€) | Share of total |
|---|---|---|
| Tourism‑development projects | 251.2 million | 60.8 % |
| Donations to less‑developed municipalities | 86.8 million | 21.0 % |
| Administrative fees (state revenue) | 43.6 million | 10.6 % |
| National Innovation Fund | 31.3 million | 7.6 % |
| Agriculture & manufacturing | 0.5 million | 0.1 % |
| Escrow for pending applications | 2.1 million | 0.5 % |
Marketing agents – Only three licensed agents processed all applications:
- Henley & Partners – 531 applications (431 approved, 97 rejected)
- Arton Group – 295 applications (221 approved, 72 rejected)
- Apex Capital Partners – 287 applications (216 approved, 70 rejected)
Rejection rate and its drivers
The 21.5 % rejection rate is higher than many comparable programmes. Apex Capital Partners’ president attributes this to frequent changes in Montenegro’s government during the programme’s lifespan, leading to turnover among decision‑makers and a prolonged backlog. A year after the programme’s closure, only 484 of the roughly 1,100 applications had been approved, illustrating the delay.
Where the investment went
Of the €251.7 million earmarked for approved development projects, 99.8 % was directed to tourism; agriculture and manufacturing received the remaining 0.2 % despite being highlighted in the original legislation.
- Hotel projects: 15 approved tourism projects, total planned value €431 million, comprising 2,417 accommodation units and an estimated 1,783 jobs.
- Geography: 9 projects in the north (including 8 in the ski resort town of Kolašin); 6 larger developments in Tivat, Budva, and Bar account for €311 million of the total value.
- Infrastructure gaps: Municipalities reported insufficient water supply, road access, sewage, and electricity, delaying the opening of at least two near‑completed hotels in Kolašin.
Pending applications
Four‑plus years after the programme’s closure, a small number of files remain undecided. The report notes that the software used lacked a financial accounting module, requiring retroactive verification through independent audits, which may explain lingering discrepancies. Some pending cases involve applicants currently in litigation with the government.
Legacy and future prospects
Montenegro was one of only two European countries offering a CIP, priced lower than Malta’s programme, which attracted investors drawn to the country’s natural appeal and its EU aspirations. Many successful applicants have purchased property and started businesses, contributing ongoing economic activity.
Speculation continues about a possible residence‑based “golden‑visa” scheme. Analysts highlight two decisive factors:
- Schengen accession – Membership would increase the programme’s attractiveness by offering broader travel benefits.
- Pathway to citizenship – A residence permit that leads to citizenship would be essential to compete with established European residence programmes.
Absent these elements, the government may deem a new programme financially or competitively unviable.
Source article: www.imidaily.com
