TORONTO, Canada – The government of Montenegro has decided that it will not extend the duration of the Special Investment Program from the special one importance for the economic and economic interest of Montenegro, after the expiration of the three-year period duration of the program as of December 31, 2021.
However, while not extending the proposal in its current format, evaluation was not excluded for “a new system for obtaining Montenegrin citizenship” and “change the existing program of economic citizenship into a program of citizenship for highly qualified workers”, as reported.
In the brief review a Citizenship by Investment (CIP) industry leader has identified that “given Europe’s approach to the Cypriot and Maltese citizenship programs, this is hardly a surprising development.” In the case of Montenegro, the programmes price point “was high and was always going to lead to challenges.” Moreover, “the real estate investment perspective is plausible averse to resell after five years to prospective Montenegrin citizenship.”
To reinforce that Montenegro’s loss is the Caribbean islands gain, CIP industry stakeholders know all too well that national instability, price point and vagueness to real estate options are major distractions.
The government of Montenegro weighed several national issues and two primary arguments to advance their decision.
First, the country’s economic citizenship program is contrary to its chance to join the European Union. And given the European Commission’s action against Malta and Cyprus “clearly shows that EU institutions do not look favourably on economic citizenship programs,” and noted, “the only potentially viable program with the framework of the EU is the one applied in Portugal […]”.
Second, is the question of unsustainable development projects within the planned three-year program (2019-2021). Alongside, the unspecified economic value of the CIP contribution to the economic development of the country.
Montenegro’s loss is the Caribbean islands gain, comes at a time of ripeness for Caribbean CIP programmes and in some cases, the programme is in high demand.
A look at the statistics for some of the most successful Caribbean programs indicates high volumes, a wide cross-section of nationalities, high net-worth and highly skilled. All of these factors are positive indicators for the growth and development of the region.
It has also become clear that the Caribbean region is safe, competitive and well position to conduct business.
In addition to Dominica’s Citizenship by Investment Programme, which has visa-free or visa-on-arrival access to almost 75 percent of the world, the island has introduced – Work in Nature (WIN) Visa – that allows relocation to work remotely and live in the “Nature Isle of the Caribbean” for up to 18 months.
Further, there is the expectation that with the impending wavier access to China, citizens of Dominica would have access to the world’s six biggest economy and business hubs across the world.
Grenada has a premium CBI product and is open for business, with direct access to global markets. Grenada has a US E-2 visa programme. It’s a unique program and much sort after by professionals and business executives. Visa-free to China and Russia is key. For instance, if you are a US citizen, you require a visa to mainland China.
Grenadian citizens can travel without visa restrictions to more than 130 international and Commonwealth countries. These include the United Kingdom and all other members of the European Union, and important business hubs such as Singapore and Hong Kong.
Grenadian citizens enjoy unique access to the US E-2 visa privileges to Europe, Russia, Moldova, Kyrgyzstan, Schengen area, Brazil and China.
This is a further indication of why Montenegro’s loss is the Caribbean islands gain, by way of Grenada remaining open for business, maintaining its pricing in the face of drastic reductions from its competitors.
This has increased the economic viability of citizenship investors attractiveness to Grenada, while the government and people of Grenada benefit directly from socio-economic contributions, growth and development.