Montenegro has participated in the Common Reporting Standard (CRS) and joined in international efforts to combat tax evasion since October 3rd, 2019, reported by the Organisation for Economic Co-operation and Development (OECD). Although Montenegro has not yet set the date for its first tax information exchange, being a CRS signatory is believed to be a big move for the European Union (EU) candidate to obtain full EU membership.
Montenegro is expected to be a member state of European Union in 2025, based on the information revealed by the EU commission. Now, the process is even forwarded. Joining the CRS shows the country’s strong determination in complying with EU standard in regard to tax and financial matters. Before that, Montenegro has already been the only non-EU country that adopts Euro as its official currency.
The high likelihood of joining the EU won Montenegro’s newly launched citizenship by investment program (CIP) attention from worldwide investors and high-net-worth individuals. The CIP program is currently the only legal access for foreigners to obtain a Montenegro passport. If Montenegro does successfully become an EU member, holders of Montenegro passport will then be allowed to enjoy multiple benefits as EU citizens do within European Union.
The first application for Montenegro Citizenship by Investment Program (CIP) was submitted by Globevisa Group’s cooperated law firm earlier this month. Since then, the market has shown an increase of interest in this program. As a cost-efficient choice of this kind, the program enables applicants to acquire Montenegro citizenship along with a passport through investing EUR 250,000 in a designated real estate project and contributing EUR 100,000 to the government.
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