In 2010, Montenegro stopped its ‘investor citizenship’ programme after criticism that it would attract “shady tycoons”

Published: October 9, 2013 at 11:07pm

Bloomberg Business Week, November 2010:

Montenegro freezes business citizenship offer

Acting on an EU request, Montenegro has frozen its bid to grant citizenship to wealthy businessmen who invest in the country.

Foreign Ministry official Zeljko Stamatovic insists the government has not abandoned the so-called “economic citizenship” program but says it will be “harmonized” with European Union regulations.

Montenegro gained independence in 2006 and is seeking to join the 27-nation EU.

Montenegro had said previously that anyone who invests more than euro500,000 ($704,200) in the republic can apply for citizenship. Critics say moves will attract shady tycoons.

Montenegro has already granted citizenship to former Thai Prime Minister Thaksin Shinawatra, who fled corruption charges at home and has promised to invest in Montenegrin tourism.




One Comment Comment

  1. Mr Meritocracy says:
    October 9, 2013 at 11:59 pm

    The key phrase from that report is ‘Acting on an EU request’.

    Clearly, this indicates that at the very minimum, this is not compliant with regular EU practice; while the worst case scenario is that such practice contravenes EU law.

    So I’m just hoping that the EU will ‘wake up and smell the coffee’ (to quote Emperor Joseph) on this issue and actually pull this pathetic excuse of a Government’s socks up.

    Brussels, I feel, is our only remaining hope if we are to maintain even a shred of international reputation.

    Reply

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