Montenegro’s economic citizenship program is nearing its administrative conclusion, nearly four years after the acceptance of new applications was halted. As of the end of July 2026, only five out of a total of 1,113 applications remain unresolved. The program has generated approximately €413.5 million through investments, fees, and contributions towards development projects, significantly impacting the tourism sector and public finances while also presenting a politically sensitive issue amid the country’s ongoing European Union accession efforts.
According to government data, by July 31, 2026, the Ministry of Interior had granted citizenship approvals for 869 applications, while 239 were rejected. The remaining five applications are currently under review by the Prime Minister’s Office and the Ministry of Interior. Additionally, one application that had received approval is undergoing verification related to its financial transfer.
These figures indicate that about 78.1% of all submitted applications have been approved, with approximately 21.5% rejected and only 0.45% still pending. Overall, nearly 99.6% of the initial applications have been processed.
During July alone, one additional application received a positive decision, reducing the number of unresolved cases from six to five and increasing approvals from 868 to 869. This particular application was submitted via Arton Group GmbH, an authorized agent based in Austria; however, the investment amount associated with this case has not been disclosed.
The slow pace of finalization highlights the lengthy administrative process resulting from Montenegro’s Special Investment Programme designed for significant economic interests. Although the program ceased accepting new applications on December 31, 2022, applications submitted before this deadline remain valid and continue through various verification stages for investment and citizenship.
Launched in 2019 with an initial cap of 2,000 principal applications, the program required applicants to invest a minimum of €250,000 in approved development projects located in less developed regions or €450,000 in Podgorica and coastal areas. Over time, these financial requirements became more stringent; by the program’s final year, individual applicants effectively needed to commit around €465,000 for qualifying northern projects or €665,000 for those in coastal areas and Podgorica.
This increase in financial obligations included a new contribution aimed at supporting Montenegro’s innovation policy. Notably, during July alone, the Innovation Fund received an additional €100,000, raising total contributions linked to this initiative to €31.4 million. The Investment Agency reported cumulative receipts of €31.3 million; discrepancies between these figures were attributed to timing differences rather than disputes over transactions. An additional €500,000 remains in escrow for innovation-related contributions tied to applications still in progress.
The tourism sector has benefitted most from the capital generated through this program. By late July, applicants had directly invested €251.22 million into projects listed for government-approved tourism development. Furthermore, approximately €2.085 million is still held in escrow accounts awaiting completion of necessary procedures related to tourism investments.
In addition to tourism-related investments totaling over €251 million, the program also saw about €500,000 allocated towards agriculture and processing industries. However, it primarily functioned as a mechanism for tourism and hotel development rather than fostering a diverse industrial investment landscape.
The concentration on tourism is evident from the types of projects that were approved throughout the program’s duration. Notable developments include Bjelasica 1450 in Kolašin and various hotel projects across northern Montenegro aimed at driving economic activity away from more developed coastal areas.
Despite its intended purpose of attracting investment to less developed regions like Kolašin through lower investment thresholds, some projects faced challenges meeting their financial commitments. In March 2022, six tourism projects were removed from the development list due to non-compliance with investment obligations or failure to provide necessary bank guarantees.
The government responded by tightening requirements for participation in the program through irrevocable bank guarantees linked to minimum project investments. Nonetheless, the overall financial legacy remains substantial.
The total recorded inflow associated with this initiative amounts to approximately €413.5 million by late July 2026 when accounting for tourism investments (€251.22 million), agricultural investments (€500,000), administrative fees (€43.58 million), contributions to the Innovation Fund (€31.4 million), and support for less developed municipalities (€86.8 million).
It is important to note that while this figure reflects significant economic activity related to private capital invested in development projects rather than direct government revenue generation—around €251.7 million was directed into private initiatives rather than state coffers—its impact on Montenegro’s economy is nonetheless meaningful.
Administrative fees alone contributed about €43.58 million to central finances alongside roughly €86.8 million allocated for less developed municipalities and another €31.4 million for innovation funding—collectively exceeding €160 million linked to public institutions or designated development purposes.
The total inflow exceeding €413 million equates to nearly 5% of Montenegro’s projected GDP for 2026; however, these amounts accumulated over several years and are not representative of annual economic output.
As Montenegro transitions toward EU membership—having provisionally closed 16 negotiating chapters as noted in June 2026—the relevance of maintaining investor citizenship programs becomes increasingly questionable against potential political costs with Brussels.
The European Commission has expressed heightened scrutiny towards investor citizenship schemes due to associated risks such as money laundering and organized crime—a sentiment echoed following Montenegro’s decision to terminate its program at the end of 2022.
The political ramifications surrounding such programs must be evaluated alongside their financial contributions as Montenegro moves closer to EU integration while seeking sustainable foreign investment avenues outside citizenship-linked incentives.
With just five unresolved applications remaining from an original pool of 1,113 cases—representing only 0.45%—the government anticipates finalizing its financial assessment once these cases are resolved. The enduring implications will likely extend beyond citizenship statistics into whether financed hotels evolve into sustainable businesses capable of generating long-term economic benefits for Montenegro without relying on citizenship incentives.
