Montenegro ought to rethink the revival of its citizenship-by-investment program, as foreign investments are essential for economic growth, particularly in tourism. Blagota Radović, owner of Zetagradnja, argues that without the incentive of economic citizenship, few investors would be willing to fund new hotel developments.
Following a recent European Court of Justice ruling that allows Malta to continue granting citizenship to wealthy investors, Radović sees potential benefits for Montenegro. He believes attracting such investors could open opportunities beyond real estate, fostering broader economic development.
Radović noted that the previous citizenship program successfully attracted foreign investments, significantly benefiting his company, Zetagradnja, which built hotels at the Kolašin ski resort. He expressed frustration over the current suspension of the program, emphasizing that while hotels are completed, the necessary infrastructure remains absent.
“We have finished hotels in Kolašin, but there is no infrastructure,” he said. “This is a significant loss for the state, which could have been collecting various taxes and payroll contributions. Now we face a situation where completed hotels are closed due to a lack of electricity, water, and sewage systems. The state was unprepared for the development of hotel complexes, especially in Kolašin,” he concluded.
Bojan Bugarin, an expert in immigration law and former coordinator for Montenegro’s visa liberalization with the EU, recently suggested that Montenegro should explore relaunching its economic citizenship program with necessary adjustments. He highlighted that the previous program, launched in 2019, allowed for 2,000 applications but attracted fewer than 1,000 qualified submissions, indicating room for a renewed effort.
Vedrana Šašović, executive director of Amma Resort and Hotel InterContinental, emphasized that such programs are becoming increasingly important for the economic development of smaller countries. Montenegro and Malta serve as prime examples of how these initiatives can bring significant benefits, attracting foreign investments and positively impacting tourism, infrastructure, and job creation, thereby contributing to long-term economic growth.
David Margason, general director of Porto Montenegro, pointed out that these programs have facilitated development in less attractive areas of their projects and attracted highly educated, entrepreneurial individuals to Montenegro. He asserted that these investors not only advance their own projects but also directly support the Montenegrin economy.