Despite having substantial assets, Mr. T., who seemed unlikely to encounter any barriers with his Montenegro investment application, faced challenges in proving the source of his funds.
Why would an investor with significant assets choose the Montenegro program?
Montenegro is a beautiful country located in Southern Europe, known for its scenic landscapes and UNESCO-recognized cultural heritage. Compared to other EU countries, Montenegro has strong economic growth potential due to its focus on expanding business freedoms and a stable monetary market. The Montenegrin government has attracted foreign investors through its citizenship-by-investment program, which offers numerous benefits:
- Enjoy the lowest tax rates in the EU (9% – 15%).
- Become an EU citizen with excellent investment and economic development potential.
- Gain the freedom to live and work in Montenegro without restrictions, as well as visa-free travel to 75 countries.
- Access partnerships with Caribbean community members.
- Purchase real estate or invest in businesses without limitations.
- Notably, as a Montenegrin citizen, you can easily apply for a U.S. E-2 visa. This non-immigrant visa allows foreign investors to bring their families to the U.S. for residency, study, and work by investing in a business.
The ease of obtaining a U.S. E-2 visa through Montenegrin citizenship is due to a Maritime Trade Agreement between the two nations, enabling citizens of both countries to travel and conduct business freely, which helps drive economic growth. This program serves as a “shortcut” for investors to bring their families to the U.S. amid increased visa scrutiny, limited immigration quotas, and stricter investor immigration requirements.
Understanding these unique benefits, many investors have chosen to invest in Montenegro.
Challenges in Preparing the Montenegro Citizenship-by-Investment Application
To obtain Montenegrin citizenship, investors are required to prepare the following expenses:
- 15,000 EUR for the primary applicant and 10,000 EUR for each additional family member, with a maximum of four dependents. For a fifth family member, an additional 50,000 EUR per person is required.
- 100,000 EUR government fee.
- A minimum investment of 250,000 EUR in government-approved development projects or real estate (in Northern and Central Montenegro, excluding Podgorica) or 450,000 EUR in Podgorica and coastal regions.
While it may seem that meeting financial requirements would allow for an easy investment into the EU, Montenegro has strict requirements, as applicants must prove that their funds are clean and free of any legal encumbrances.
Despite possessing substantial assets, Mr. T.Th.T., a restaurant, hotel, and real estate entrepreneur in Bac Giang, was confident he could meet the financial requirements to acquire Montenegrin citizenship for himself and his family, thereby enjoying its unique benefits.
However, Mr. T.Th.T. faced significant challenges in proving the legality and clean source of his funds due to the diverse origins of his assets. Furthermore, he submitted his investment application for Montenegrin citizenship amidst the complex COVID-19 situation in Vietnam, which restricted travel and created additional difficulties. Compounding these issues, the Montenegrin government’s Citizenship-by-Investment Program was only one month away from its official closure.
Successfully submitting the application and receiving Montenegro’s citizenship approval letter
Due to these obstacles, Mr. T. sought assistance from various service providers, but all declined, citing the challenging circumstances. Unlike other providers, SI Group readily accepted Mr. T.’s case, working swiftly to compile the necessary evidence to verify the source of his investment assets and submitting the application just in time before the program’s closure.
Finally, after over two years of waiting, on November 7, 2023, Mr. T. received Montenegro’s citizenship approval letter. This approval confirms the legitimacy of his funds and authorizes the disbursement of his investment into the pre-agreed project, paving the way for Montenegrin citizenship and facilitating his future application for a U.S. visa.
At SI Group, we take pride in our client’s successes, as they reflect our dedication and persistence. For us, anything is possible—except giving up.
