According to data from Montenegro’s Tax Administration, 31,814 foreign-owned companies are currently operating in the country, generating nearly €199 million in revenue in 2024.
Economic analyst Vasilije Kostić said the rise in foreign-owned firms reflects the growing number of foreign residents in Montenegro and is a positive trend for the national economy. He noted that many of these individuals likely work in their own companies, reducing pressure on public spending and supporting GDP growth.
Kostić added that the government should guide this process through targeted incentives to encourage business development in sectors most important for Montenegro’s economic growth. He also highlighted the cultural and entrepreneurial benefits of a more diverse business environment.
Official statistics show that Turkish citizens own 33% (9,818) of all foreign companies, followed by Russians with 24% (7,200) and Serbians with 11% (3,220). Other major investors come from Ukraine, Germany, and Italy. Most foreign-owned firms operate in trade (24%) and construction (13.4%), equivalent to more than 4,000 companies in the building sector.
