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According to the decision rendered by the Government Secretariat for Development Projects, Alex Capital Partners, Arton Group and Henley and Partners Government Services companies have been chosen for mediation agents in applying for economic citizenship of Montenegro.
“The Secretariat received 21 applications, and after the deadline expired, there was another one”, reads the decision.
The decision on the criteria for acquiring Montenegrin citizenship entered into force on 1st January this year. Up to 2.000 passports of Montenegro will be issued by this decision.
Text by CDM on March 15, 2019, read more at CDM
14 March 2019 - At the latest session of the Government of Montenegro, the Montenegrin Cabinet passed the Regulation on the criteria and procedure for determining the annual number of temporary residence and work permits for foreigners in 2019 and the Decision Amending the Decision on establishing the yearly number of temporary residence and work permits for foreigners in 2019.
The criteria and procedure for determining the annual number of temporary residence and work permits for foreigners are determined by the Regulation on the basis of relation between supply and demand in the labour market; opportunities to satisfy demand in the labour market, employment of the Montenegrin citizens; employment of foreigners in Montenegro in the previous period; the utilisation of the annual quota in the last year; and employers' needs for employment in the year for which the quota is determined.
The regulation stipulates that a number of temporary residence and work permits for foreigners are allocated from the annual quota, which the competent ministry can additionally assign for individual purposes, in accordance with the needs of the labour market, and at the request of the Employment Bureau. The regulation provides for the quota of 15,454 foreign nationals who can temporarily stay and be temporarily hired in Montenegro in 2019.
The discussion concluded that a large number of illegally hired workers have been spotted on large construction sites, that the State is losing significant revenues, and that this issue will take center stage in the work of the Commission for the fight against the grey economy, as well as inspection services and law enforcement agencies in the coming period.
The Government also approved the Report on the implementation of tax policy in 2018, which states, among other things, that state revenues in 2018 increased by 8.9% compared to 2017, and that the total revenues increased by 8,2 compared to the previous year. The discussion pointed out that last year revenues increased by 187 million EUR, while the annual installment for the construction of the Motorway amounted to 186 million EUR, which means that the increased tax revenue paid one installment.
It was concluded that revenues are being generated satisfactorily and that continuous growth has been recorded, and that fiscal and macroeconomic stability, as undoubtedly the greatest success of the 41st Cabinet of Montenegro, gives the opportunity for further growth and creation of new value. It was pointed out that in the coming period, growth should be maintained, at the same time handling the expenditure side of the budget more responsibly.
March 14, 2019 - Montenegro and Azerbaijan have successful cooperation for years, we have done many things together, and there’s still a lot to do in the future, said President of the Republic of Azerbaijan, Ilham Aliyev, at the meeting with his Montenegrin counterpart, Milo Đukanović. Mr Aliyev stressed that it was necessary to introduce a direct flight between Montenegro and Azerbaijan.
“The two countries cherish strong, friendly relations that, along with the extraordinary economic and political relations, make the basis for further strengthening and deepening cooperation, especially in the area of tourism and energy, and even trade and transport,” President Aliyev said.
Both agreed that it was extremely important to discuss and encourage the introduction of direct flights between Montenegro and Azerbaijan, and to abolish visas between the two states.
Last year the country received an income of €2, 62 million from concessions for the use of ports and marinas, reads the information on the activities in the domain of concessions.
Port Management granted its first concession nine years ago to “Ocean Montenegro”, a company which last year paid a fixed part of the €31.163 concession fee.
“The concessionaire is doing a good job. Current tasks are being performed duly. The company has improved the fleet by purchasing “Aran” towboat, which can be used outside the aquatorium of Montenegro”, reads the report.
“Fixed concession fee of the “Port of Adria” amounted to €512.000 whereas the variable fee amounted to €286. 862″.
As far as the works are concerned, construction-reconstruction of GATA 1 coastal wall remains to be completed. The total amount of investments will be around €14 million.
In May of 2015, operations on the coast, land area and water space with accompanying anchorages were to given to the port of Kotor for 120 days. For that period, the port in Kotor didn’t pay the concession fee. At the end of last year, the Government adopted the decision on the commercial use of the port of Kotor. The contract is expected to be signed this year, and it will be a basis for creating investment conditions.
Text written by CDM on March 13, 2019, read more on CDM.
11 March 2019 - Last year, the state generated revenues of 163.7 million EUR from fuel excise taxes, which is by 4% higher when compared to 2017 when revenues amounted to 157.3 million EUR, the Ministry of Finance of Montenegro reported.
The diesel excise tax is 0.44 per liter EUR, while the excise tax on gasoline Euro super 98 and 95 amounts to 0.54 EUR per liter, the Ministry of Finance of Montenegro explained, adding that revenues generated from mineral oils make 66.9% of the total revenues from taxes.
The excise duty last time was changed two years ago when it went up by 0.09 EUR. On the question whether the state plans to decrease the fuel excise duty in this year, the Ministry of Finance of Montenegro emphasized such a decision required the drafting of an in-depth analysis, primarily due to its impact on the budget.
Similarly, 23 concessionaires were able to use considerable water resources of Montenegro in 2018, and at least 2.16 million EUR of revenue will be generated from water tariffs.
There have been 23 concessions – 14 agreements on the use of water for bottling, two agreements for water supply, one agreement for fish-farming and propulsion and technological needs respectively, and five agreements for water bottling which are now in the termination procedure.
As far as water tariffs are concerned, Water Management calculates them for one calendar year. According to the final statement, water tariffs for 2017 amount to 2.28 million EUR in total. Around 1.69 million EUR goes on the use of water. Concessions for water bottling amount 103,526 EUR and 18,636 EUR for water supply and bottling of water for the concessionaires who failed to build factories.
The final statement will be finished this month.
Funds paid this way are divided in such a way that 30% belongs to the state budget, and the remaining 70% is divided among municipalities where the managed water is being used.
11 March 2019 - Interim Administrator of Atlas Bank, Tanja Terić, has adopted a decision to issue 22 million EUR worth of shares for the sale of this financial institution.
In a press release published on the bank’s website, Terić explained that the decision on the issue of shares was adopted on Thursday in line with the Law on Banks. “A total of 88,710 shares with the nominal value of 248 EUR per share have been issued,” the press release says.
The call says that the issue will be considered successful if all issued shares have been registered and paid for within the defined deadline. Terić informed the interested buyers that the shares might be bought within 20 days, starting from the first weekday after the publication of the call.
As specified in the advertisement, interested parties have the right to inspect the public call on the website of Atlas Bank, www.atlasbanka.com. The sale of shares will be done through an investment firm in a regulated market.
Previously, the private placing for recapitalisation of Atlas Bank in the value of 22 million EUR for existing shareholders was not successful. The decision for private placing, which only applied to existing shareholders, was adopted on January 16, and the process itself began three days later.
These shareholders could, based on the legal right of pre-acquisition, purchase a part of 88.71 thousand shares with an individual nominal value of EUR 248, which covered a capital increase of 22 million euros.
On December 7, the Central Bank introduced the provisional administration to Atlas and Invest Bank Montenegro (IBM), which later ended with the bankruptcy of IBM. In the meantime, both banks deal with the prosecution for suspicion of money laundering.
09 March 2019 - Excluding Turkey from the Balkans represents a non-objective approach with bad intentions, as Turkey’s approach to the regional problems does not differ from the one the European Union has towards the Balkans, Ambassador of Turkey Ms Songül Ozan said for Pobjeda daily.
“Our relations have been continuously improving in all areas. One can notice the existence of high level of political dialogue and cooperation between the two states,” Ambassador of Turkey Ozan stressed.
When it comes to direct foreign investments in Montenegro, she added that Turkey holds the 5th position.
“We have the same approach in solving the international and regional issues. Thanks to Turkish Airlines, our global brand, the citizens of Montenegro can visit the most beautiful landmarks in Turkey or worldwide. Also, Ziraat Bank in Montenegro has been providing the most favorable banking services to Montenegrin citizens as well as to Turks working in Montenegro. These are the facts proving that relations between the two states are excellent,” Ozan pointed out.
There is a potential for improving cooperation, according to her.
“During my term of office, I will be committed to improving our cooperation in all areas. Montenegro is a young and dynamic state, with an economy continuously developing and there are so many untouched places good for investments,” Ozan said adding that Montenegro benefited a lot from NATO membership.
“Montenegro has become a very attractive country thanks to the fact it has foreseeable future, and it is a NATO member state and future EU member state. Keeping in mind our joint history and culture, as well as the fact that Montenegro citizens are always so hospitable just as we are, there is no doubt it all positively affects our citizens,” Ozan concluded, adding that Montenegro represents one of the most popular countries for Turks.
March 10, 2019 - Portonovi resort, whose principal investor is Azmont Investments, is one of the most significant European tourist projects of this type. The countdown to the opening of Portonovi in the summer of 2019 has begun as they participate in the International Boat Show in Moscow, said the company.
The nautical fair in Moscow belongs to the most significant global events in the field of yachting and maritime, and it is especially attentive to recreational and water sports enthusiasts.
Portonovi marina has one of the most prominent stands at this prestigious fair, given that the opening of this marina is awaited with impatience in the world of the international nautical industry.
"With the world's highest standard of service, the D-Marin Portonovi Marina will provide the owners of superyachts and seafarers with the opportunity to visit the ports in the Adriatic and across the Mediterranean with privileged access to our marine members. Designed to receive ships up to 120m in length, with a capacity of 238 berths, D Marin Marina is equipped with the most advanced technology, providing the highest level service," the company said.
As they say, D Marin Marina will welcome the boats and super yachts that want to explore the Mediterranean, Adriatic and Dalmatian coasts, at the same time serving as a border crossing. D Marin Marina Montenegro will also have additional amenities such as water supply, electricity, use of shower, clothes and gas station service, helipad, shopping, and sophisticated restaurant offerings on the seaside are only part of the rivers program that will have different activities throughout the year.
"In addition to the variety of customer service available, the Marine Management will pay special attention to its relationship with customers as well as to the high level of direct service. A customer who becomes a member of the D-Marin Group and a member of the D-Marin Portonovi Marina will have a special set of privileges in other D-Marin marinas throughout the Mediterranean, such as a free-of-charge day," the company said.
Residents of Portonovi will be able to choose between 214 flats in the first phase of the construction of the coastal residential area of Portonovi Village and the Marina Residences that make single-story, penthouses and villas, which will include restaurants, boutiques, galleries and salons of the world's most prestigious offer and D Marin Marinas Marina along the 1.8km of shore.
The first One & Only in Europe, whose opening is planned for the summer season 2020, will offer 113 hotel rooms and ten branded villas on the private beach with private berths and beaches. Global recognition of Espace Chenot Heath Wellness Spa will provide its clients with the highest level of health care through their scientifically based wellness program in 17 clinics.
07 March 2019 - Portonovi Resort developed by Azmont Investments, is one of Europe’s largest tourism development projects. The Company Azmont Investments has announced the opening of the first phase of the exclusive resort for 2019.
As reported by the representatives of AI, Portonovi is set to become one of the most sought-after residential and leisure destinations in the Mediterranean, located in Montenegro’s stunning Bay of Kotor – one of the most unique spots of the Montenegrin coast loved by sailors and travellers alike. The Resort will offer a 26 hectares haven of exclusivity with over 1.8 kilometres of beachfront access, delivering Europe’s first-ever One and Only Hotel, along with 214 luxury residential properties in first phase, high-end boutiques, world-class restaurants, and a deep water D-Marin Portonovi Marina that is due to start operations from June 2019.
"People from all over the world are turning to undiscovered places that nurture a lavish, but also inspiring lifestyle, nature and its wealth, a relaxing and safe environment, as well as an inspiring cultural and artistic scene. In addition to all of the above, Montenegro has one of the most favourable legal framework for investments. The growing number of airlines that connect the country with global destinations is certainly an advantage, as well as an open visa policy for many countries of the world. All this gives us confidence in good cooperation on the international level "said Ahmet Erentok, Chairman of the Board of Directors of Azmont Investments for TVCG.
Montenegro enjoys growing popularity, especially in the context of its natural beauty, Mediterranean climate, long tradition, and rich cultural heritage.
"The spirit of tradition, but also the specific elegance that will soon come to life in Portonovi, makes it one of the most interesting residential options in the Mediterranean, but also one of the most exclusive luxury property projects in this part of Europe," Erentok emphasizes.
The countdown to the opening of the Portonovi Resort in the summer of 2019 began with the participation at the Moscow Boat Show. The show is the leading event for representatives of yachting business, professionals of the branch and numerous fans of water sports and active outings.
"D-Marin Portonovi marina has one of the most prominent booths at this prestigious fair, since the opening of this marina is eagerly awaited in the world of international nautical industry," the company announced. “The marina, which is furnished with the latest features and technology, is equipped to cater for vessels of up to 120 meters and has a berthing capacity of 238. It will play host to yachts wishing to explore the Mediterranean, Adriatic and Dalmatian coasts and will serve as a customs entry and respond to needs such as water, electricity, shower, laundry and gas stations, ”explains the statement by the Azmont Investments.
Project Portonovi was launched six years ago. The plan was to invest more than 600 million euros, but the representatives of the company confirmed that it is almost certain that this figure will be exceeded. The total investment, including the hotel itself, is expected to amount to 700 million euros, "said General Manager of the Portonovi Resort Stevan Milić.
The addition of Portonovi to the Mediterranean coast will continue to position Montenegro amongst the most attractive yachting destinations worldwide, guaranteeing a first-class tourist and lifestyle offering.
March 8, 2019 - Before joining the European Union, it is necessary that Montenegro prepares a register of small coastal fishing. To protect the traditional way of fishing, we need to collect data as a base on negotiations with Europe. It is thus possible to seek the protection of the habits which are historically, geographically and culturally belonging to the people of the coastal area of Montenegro.
March 7, 2019 - Representatives of the Lufthansa Group visited the Tivat Airport, a month before their first flight to Montenegro. For the first time in history, the biggest European company is flying to Tivat from Munich, and a day later from Frankfurt. During talks with the Airport of Montenegro's Managing Director, Danilo Orlandić, representatives of Lufthansa informed that their airplane from Tivat would fly to Munich and Frankfurt once a week.
Remax Property of the Week
Editorial
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07 Mar 2018, 08:08 AMWelcome to Total Montenegro News!
Interview of the week
- 09 Nov 2020, 20:21 PM
Ranka Vukasovic Botica on Montenegro as a Maritime Country
