Montenegro’s former economic citizenship programme generated €413.85 million in recorded investment and related payments, with tourism developments attracting the largest share of capital.
Tourism projects received approximately €251.47 million, while €86.9 million went to less-developed municipalities. Administrative fees accounted for around €43.58 million, and the Innovation Fund received approximately €31.4 million. Agriculture and processing attracted only around €500,000, highlighting the concentration of capital in tourism and real estate rather than industrial production and export-oriented sectors.
Authorities received 1,113 citizenship applications, approving 869, rejecting 239 and leaving five pending. Although the programme no longer accepts new applications, financial and administrative obligations linked to approved projects continued after its closure.
The €413.85 million total does not represent direct government revenue. It combines private investment in qualifying projects, development contributions and administrative payments.
The programme encouraged applicants to invest in approved hotel and resort developments, supporting financing for higher-category accommodation, particularly in coastal and northern tourism destinations. The broader economic impact depends on whether these projects become fully operational and generate sustained visitor spending. Hotel construction can contribute to employment, construction activity and local tax revenue, but lasting benefits depend on the business activity created once developments are operating.
The limited investment in agriculture and processing also highlights Montenegro’s challenges in attracting foreign capital to productive industries. Property purchases continue to account for a substantial proportion of foreign direct investment.
Future investment incentives could place greater emphasis on operating businesses, technology, manufacturing, energy and export capacity, potentially directing capital towards a broader range of economic activities than a programme dominated by tourism assets.
