EU Bid Makes Montenegro End Its Citizenship-for-Investment Plan
(Bloomberg) -- Montenegro will stop granting citizenship to wealthy foreigners who invest in the Balkan country as the European Union, which it wants to join, doesn’t approve of the program.
The cash-for-passport program, designed for those who would invest at least 250,000 euros ($300,000), make a 100,000 euro deposit and pay application fees, hasn’t brought in the revenue the previous administration had hoped for.
Only 37 candidates have been approved under the program that will end by the end of the year, the government said in an emailed statement on Friday.
The decision to scratch the plan comes after the EU voiced “reservations” about the program, according to the statement.
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