Montenegro Enacts Crucial Amendment to CIP Rules, Admitting Minor DependentsDecember 31, 2019
The Montenegrin Citizenship Act has, until now, had a critical inadequacy; it did not formally allow anyone under the age of 18, or even adult dependents, to obtain citizenship by investment. In December last year, we explained why:
Following their appointments in March, representatives of the three approved intermediaries – Henley & Partners, Arton Capital, and Apex Capital – have repeatedly impressed upon Montenegrin authorities the importance of amending the law to reflect the reality that CIP-investors tend to have families for which they would like to obtain citizenships as well.
In a recently announced Decision, the government recognizes that the formulation in Article 12 must be clarified because “it is evident that a minor cannot acquire Montenegrin citizenship by admission under Article 12 of the law, which can have a negative effect on credible and serious investors and that can ultimately slow down the economic and regional development of Montenegro in attracting new foreign investment, especially considering all other countries operating economic citizenship programs do allow for minor dependents to acquire citizenship as well.”
In a separate circular, authorities also reveal that a further three hotel developments, none of which were mentioned by name, are currently under consideration for designated development status. So far, the government has approved four projects.
So far, said the circular, intermediary agents had submitted a total of five CIP-applications.
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