Once hailed as one of Europe’s most accessible golden passport programs, Montenegro’s Citizenship by Investment Program (CIP) officially closed its doors in December 2022. Yet even in 2025, the legacy of the program lingers — with hundreds of files still in the system, renewed EU scrutiny, and investors reassessing their long-term strategies. So, what has changed in 2025 for Montenegro’s citizenship-by-investment landscape, and what should prospective applicants know?
The Program’s Closure: A Quiet but Firm Goodbye
After three years of operation, Montenegro’s CIP ceased accepting applications on 31 December 2022. The decision followed consistent pressure from the European Union, which has taken an increasingly hard line against investor citizenship programs in EU candidate countries. While there was some speculation that a future administration might relaunch the program, 2025 has put those hopes to rest.
What Sealed Its Fate?
Montenegro’s bid for EU membership played a pivotal role. Brussels made clear that “golden passports” — particularly those without robust residence requirements — are fundamentally at odds with EU principles. As Montenegro deepens its alignment with EU law, any talk of reviving CIP has been firmly ruled out by both Podgorica and European officials.
What Happens to Existing Applications in 2025?
Though the window for new applicants has closed, the story isn’t over. Over 400 applications filed before the deadline are still under review. Authorities have shifted focus to due diligence, with renewed urgency following increased international concern over illicit funds, sanction circumvention, and weak AML enforcement.
Montenegro has assured the EU it will revoke any granted citizenship found to be based on false declarations or criminal activity — a signal that even approved applicants are under watch.
Processing Delays and Screening
- Expected timeline: 3–6 months (though many files have exceeded this)
- Additional reviews: Enhanced background checks, financial tracing, and cross-checks with international sanctions databases
If you are among those still in the queue, expect prolonged processing, potential requests for additional documentation, and heightened scrutiny.
Legacy Investment Structure: Still Binding for Approved Applicants
Applicants already in the system remain subject to the original investment framework. That includes:
| Investment Type | North/Central Region | Podgorica / Coast |
|---|---|---|
| Real estate in approved developments | €250,000 | €450,000 |
| Government donation (non-refundable) | €200,000 | €200,000 |
| Additional fees (gov’t + due diligence) | ~€22,000+ | ~€22,000+ |
| Minimum outlay | ≈ €472,000 | ≈ €672,000 |
Investors must also hold property for five years and renew their passports at least once, requiring a minimum five-day stay in Montenegro during that period.
2025 Benefits: Still a Valuable Travel and Tax Tool
Though Montenegro’s CIP has ended, its passport remains highly attractive, especially for applicants not focused solely on EU membership. Benefits include:
- Visa-free travel to 120+ countries, including the entire Schengen Area
- E-2 treaty investor visa access to the U.S.
- Low flat tax rate of 9% on local income (worldwide income generally exempt)
- Dual citizenship allowed for CIP recipients
EU Membership Outlook
Montenegro remains on track for EU accession between 2028–2030, but there are no guarantees that CIP passport holders will automatically gain extended rights under EU law. Still, the prospect of becoming an EU citizen in the next five years enhances the long-term value of a Montenegrin passport.
Risks in 2025: EU Monitoring and Economic Uncertainty
With the EU watching closely, Montenegro has taken steps to safeguard its program’s integrity. Key risks and mitigations include:
| Risk | Mitigation |
|---|---|
| Misuse by sanctioned individuals | Revocation clauses and stricter screening |
| Concerns over dirty money | Full background audits, cross-checks with EU intelligence |
| Poor secondary property liquidity | Mandatory 5-year hold; hotel-share resale market remains thin |
Investors are advised to tread carefully, especially regarding project resale timelines and maintaining ties with the country for passport renewals.
Missed the Deadline? What Are Your Alternatives?
If you’re looking for an economic passport in 2025, Montenegro is off the table — but the global landscape still offers competitive options:
Top Citizenship by Investment Alternatives (2025)
| Country | Capital Requirement | Timeframe | Notes |
|---|---|---|---|
| Malta (CES) | €738,000+ | 12–36 months | The only EU passport still open to investors |
| Caribbean nations (e.g., Dominica, St. Kitts) | US$100–200k | 3–6 months | Visa-free Schengen & UK, affordable entry point |
Alternatively, Montenegro still welcomes real-estate investors and entrepreneurs via residence permits, which could lead to ordinary naturalization in 10 years — though dual citizenship is not permitted through this route.
A Sunset, Not a Collapse
Montenegro’s Citizenship by Investment Program may be over, but it didn’t implode — it simply matured into obsolescence as the country aligned with its EU future. Investors who made it in under the wire may still benefit handsomely, while others should turn to Malta or the Caribbean for their golden passport goals.
For long-term planners, Montenegro remains a beautiful, low-tax jurisdiction with strong EU prospects — just no longer one that sells its passports.