Montenegro’s economic citizenship programme has produced approximately €413.85 million in investment and related payments, with the tourism sector receiving the majority of this capital. Government records indicate that as of October 1, 2026, around €251.47 million was allocated to tourism-related projects.
In addition to tourism, €86.9 million was invested in less-developed municipalities, while administrative fees contributed about €43.58 million. The Innovation Fund of Montenegro benefited from approximately €31.4 million, whereas agriculture and processing sectors received a modest sum of around €500,000.
The data reveals a clear emphasis on tourism and real estate investments over industrial production or other export-focused industries. Authorities processed a total of 1,113 applications, approving 869, rejecting 239, and leaving five pending.
The programme ceased accepting new applications in December 2022; however, financial and administrative commitments related to approved projects remain active following its closure. It is important to note that the reported total of €413.85 million does not represent direct government revenue but rather includes private investments in qualifying projects, development contributions, and administrative fees.
The structure of the programme incentivized applicants to invest in designated hotel and resort developments, significantly boosting funding for high-category accommodations, particularly in coastal and northern tourist areas. This raises questions about the long-term economic impact of these projects on local employment and tax revenues.
The limited investment in agriculture and processing highlights ongoing challenges in leveraging foreign capital for the expansion of productive industries within Montenegro. This trend is reflected in broader foreign direct investment statistics, where property acquisitions comprise a substantial share of foreign investments.
This programme serves as a critical case study for policymakers as they explore future investment incentives. A revised framework prioritizing operational businesses, technology, manufacturing, energy, and export capabilities could lead to a more diversified economic landscape compared to one that heavily favors tourism assets.
While the citizenship scheme has injected significant capital into Montenegro, its ultimate impact will be assessed based on the sustainable business activities, job creation, and regional development fostered by these investments.
