Life of a millionaire in Montenegro: wealthy individuals who paid over $400,000 for citizenship during the pandemic.

Millionaires from around the world have started to flock to Montenegro, a small European country often referred to as the "new French Riviera." According to CNN, the number of new applications for Montenegrin citizenship through the "citizenship by investment" program increased by 142% in the first quarter of 2020 compared to the fourth quarter of 2019 - the largest growth among all countries.

According to the program

Launched in Montenegro in 2018, foreign citizens must invest at least 350,000 euros (about 414,000 USD) in the country to obtain a Montenegrin passport. This amount includes a grant of 100,000 euros (118,000 USD) and investments in development projects such as hotels, resorts, and commercial real estate totaling 250,000 euros (296,000 USD). In addition, an application fee of 18,000 USD must be paid.

Such programs

Known as "golden visas," they became popular among millionaires during the coronavirus pandemic when travel became difficult. With sufficient financial resources, travelers can essentially buy a second passport or obtain "elite residency" in a country.

Montenegro, a country in the Balkans located on the Adriatic Sea and comparable in size to the state of Connecticut, seems like an unusual place for millionaires. However, at least 66 millionaires already reside here, drawn by the picturesque coastline, new luxury hotels, and its popularity among yacht owners. Many compare Montenegro to Monaco due to the appeal of the Porto Montenegro marina, which can accommodate 450 superyachts and offers luxury shops and restaurants.

Montenegro is also appealing.

Foreign millionaires with its generous citizenship acquisition program.

Since 2018, Montenegro has been offering a program that allows up to 2,000 wealthy individuals to invest at least 250,000 euros (291,000 USD) in one of the government development projects and receive a Montenegrin passport in return. Since then, the cost of the passport has increased to at least 350,000 euros (414,000 USD).

In addition to citizenship programs, Montenegro attracts sailors with its beautiful coastline and the opportunity for free yacht servicing for 24 hours, as well as tax and duty benefits. Here, you can find luxurious hotels, restaurants, and shops, as well as participate in prestigious yacht owner clubs.

Real estate in Montenegro is still relatively inexpensive compared to Monaco and the French Riviera. However, with the growing interest from foreign buyers, prices and demand for property in the country are on the rise. One particularly sought-after location for purchasing real estate is the picturesque Bay of Kotor, with its majestic cliffs and blue waters. Here lies the oldest city in the Mediterranean - Kotor, which attracts locals and tourists alike with its ancient architecture and charming streets filled with numerous churches and cafes.