The government of Montenegro has reportedly delayed the expiration of its Citizenship by Investment program, which was set to sunset Dec. 31. The move came after the Montenegrin cabinet met in a session on Dec. 29 and decided to extend the CBI program for one more year, according to Montenegro media. Global investors can now continue to invest in projects in the tourism, manufacturing and agriculture industries.
However, the extension of the program comes with stricter rules and higher investment amounts. No new projects will be approved and all investors will need to provide a bank guarantee of at least half of the investment amount to the government within 30 days.
Investors who are seeking citizenship will also need to pay 100,000 euros into an Innovation Fund in addition to the 100,000 euros they already have to pay to a government fund for underdeveloped communities, media reported.
The government is estimating that the total value of all projects is around 450 million euros and could lead to more than 2,200 jobs.
Montenegro aims to launch new Digital Nomad Visa
The Montenegrin Cabinet this week also adopted an action plan for a program Attracting Digital Nomads in Montenegro. The government announced that it plans to regulate the status of digital nomads and define tax breaks for this category of foreign residents.
“Our goal is to recognize Montenegro as a globally attractive destination for digital nomads,” said Tamara Srzentić, Minister of Public Administration, Digital Society and Media.
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