If you are looking for the most affordable European passport, consider getting Montenegro citizenship. A passport from this southeastern European country is a fraction of the price of what Malta and Cyprus currently require with experts say it is destined to become the next Croatia.
Having gained independence from Serbia in 2006, Montenegro has developed to becoming a top European tourist destination with ski resorts and one of the world’s most luxurious yachting marinas in Porto.
Montenegro is currently a member of NATO and holds the Euro currency. It is predicted to become an EU member by 2025, with a stable economy that is attracting foreign investment. For applicants looking to apply this means getting a bargain price in comparison to once it becomes part of the EU.
The Montenegro citizenship by investment program started in 2019 and will run until the end of 2021. Applications are capped at 2000 and a total of 28 have been submitted so far with 6 successful approvals. Following a recent delay on processing applications due to COVID-19, interest for the program is predicted to rise once the borders reopen since Montenegro was the first country to become COVID-19 free in Europe.
To apply for this CBI program, applicants must be non-EU passport holders, have a clean criminal record and proof of investment funds. A minimum of EUR 250,000 can be invested in projects in the north of the country with prices rising if the applicant chooses to invest in the more developed southern region. The applicant must also deposit EUR 100,000 in an escrow account as an economic contribution towards the government.
Once approved, the applicant can obtain a passport within 3 to 6 months and enjoy visa-free travel to over 120 countries.