To get investors to come into the country, some countries offer a golden visa program for them to avail. Using these golden visas, they can stay in the country and get citizenship. Some people take advantage over these visas, especially those who are dealing with shady business. However, the benefit of these visas is undeniable and Montenegro is now offering the visa.

Montenegro’s Golden Visa Program

On Thursday, the government began the application process for its Citizens by Investment Program (Golden Visa). The program offers rich foreigners and their families citizenship in return for investments amounting to hundreds of thousands of euros.

According to the government, they expect to raise EUR1 billion from the program by 2021. The money is expected to help the country speed up its economic development and create new facilities to boost jobs, tourism, agriculture and processing. Citizenship will also bring political and economic stability for the country.

The golden visa program was green-lit last November and decided the prices.

At least EUR450,000 must be invested by foreigners in one of the country’s investment projects in Podgorica or EUR250,000 investment in north or central Montenegro will make them eligible for the project.

If they wish to be a full citizen, they will need to pay EUR100,000 per applicant. Only 2000 can apply for citizenship.

Montenegro is not yet an EU member country, but it does offer visa-free or visa-on-arrival for 122 countries. Many expats also fly to Montenegro for its low cost of living, making the new program appealing.

Aside from Montenegro, twenty other states are selling residency permits and residency to foreigners in exchange for investment. While there is a risk with golden visas, the European Union has called its members to tighten their programs to ensure no one takes advantage of the scheme.

Montenegro Travel Tips

For those interested to travel to Montenegro, you can check the Montenegro Travel Portal to learn more about the country. We also have a guide on where to stay while in the country, how to travel from Belgrade to Montenegro by train, which beaches are in the country and transportation.

For those who wish to work in the country, we have a salary, real estate and retirement guide available. EURAXESS Montenegro also has the extensive guide on how to apply for a work permit in Montenegro.

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The European Union has a lot of investment based residence permit schemes. Countries like Malta, Portugal and Latvia are among some of the options investors have to acquire a residence permit in exchange for a real estate investment.

Greece however, has an edge among most of the programs. In one side, Greece’s Golden Visa program is one of the most affordable. On the other hand, property in the country is currently among the cheapest among all EU 27 country members.

With an investment of € 250,000 in real estate, a non-EU citizen can acquire residency in Greece. According to the Greek Ministry of Migration Policy, the number of citizens granted a Greek Golden visa is on the rise.

From January to the beginning of June in 2019, 645 Golden Visas in Greece have been granted to non-EU citizens. Among the top investors are the Chinese, with a large contribution. Russians and Turks are also among the nationalities with the highest number of applicants.

Most of the investments are made in the Attica region, where the capital Athens is. But if one wonders outside Athens, even further bargains are available.

The Greek real estate market is yet to recover from the decades of economic mismanagement in the country. With a considerable number of Greeks leaving the country or in difficult economic conditions, it is not hard to find bargains even in Athens.

Since the program’s launch, almost 5000 Golden Visas have been issued. The program is likely to expand, as the Greek economy shows more sign of stability.

Advantages of Greece and Golden Visa Competition

Greece does have a lot of advantages for a number of investors. Apart from bargain prices, the country offers a high quality of life, great weather and a relatively low cost of living. The proximity to Turkey, the Middle East, and even Russia also adds attractiveness for some investors.

The country is likely to face a greater competition on the Golden Visa market though. Countries that did not have programs until recently, are now also trying to catch some of these property investors.

Just slightly North of Greece, Montenegro also has a similar programs. Equally as Greece, it is not hard to find a bargain. If you go further north Hungary is also an option, which is a full EU and Schengen Area member.

Traveling to Greece? Check our guides on where to stay in Athens and the best places to stay in Corfu.

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