The Government of Montenegro has removed three tourism investment projects in the northern part of the country from the official list of development projects that had previously been included in the framework of the economic citizenship investment programme. The decision was adopted at the government’s latest session following a review of the projects’ implementation status and investment commitments.
The projects affected by the decision include the planned “Black Pine” hotel project in Mojkovac, the “Bobotov Hotel and Resort” development on Žabljak, and the “Magnum” tourism project in Kolašin. All three initiatives had earlier been recognised as projects of special importance for Montenegro’s economic development under the investment programme designed to attract foreign capital through large-scale tourism infrastructure.
Within that programme, investors were expected to commit significant financial resources to the construction of new tourism facilities in northern municipalities, particularly in mountain destinations where the government aims to diversify the country’s tourism offer beyond the Adriatic coast. Applicants for the projects had already invested certain funds during the initial phases of preparation and approval.
However, the government’s latest assessment concluded that the projects should be removed from the official list of eligible development investments. Such removal effectively ends their status within the programme that previously allowed investors to link project financing with the economic citizenship framework. The decision reflects a broader reassessment of projects approved under earlier versions of the programme.
The economic citizenship scheme was originally designed to attract foreign direct investment by offering citizenship to investors who financed large tourism and real-estate developments considered strategically important for the national economy. Many of these projects were concentrated in Montenegro’s northern municipalities, where authorities hoped to stimulate economic growth, increase employment and encourage infrastructure development.
Tourism investments in mountain regions such as Žabljak, Mojkovac and Kolašin were seen as particularly important for reducing regional economic disparities between the more developed coastal areas and the less developed northern part of the country. Large hotel complexes and resort projects were expected to support the development of year-round tourism based on winter sports, mountain recreation and nature tourism.
The removal of the three projects therefore illustrates the challenges associated with implementing large tourism developments in northern Montenegro. While the region has significant natural tourism potential—particularly around the Durmitor and Bjelasica mountain ranges—many projects have faced delays related to financing structures, permitting procedures, infrastructure limitations or investor readiness.
Government officials have not ruled out the possibility that some of the removed projects could be redesigned or relaunched under different investment frameworks in the future. However, their removal from the official list marks a shift in the state’s approach to managing large tourism developments that were previously tied to the economic citizenship model.
The decision also reflects a broader transition in Montenegro’s investment policy. After formally ending the economic citizenship programme in 2022, authorities began reviewing the status of projects approved under the scheme in order to determine which developments remained viable and aligned with current tourism and economic strategies.
In this context, the reassessment of projects such as Black Pine in Mojkovac, Bobotov Hotel and Resort on Žabljak, and the Magnum development in Kolašin forms part of a wider restructuring of Montenegro’s investment pipeline in the tourism sector. The government continues to emphasize the importance of attracting investment into the north of the country, but with greater scrutiny regarding project feasibility, environmental sustainability and long-term economic impact.
For the northern municipalities involved, the removal of these projects highlights the continuing need for viable investment models capable of transforming the region’s tourism potential into sustainable economic development.
