20 June 2019 - For the first time ever, the Government of Montenegro has agreed that the Malaysian owners of the company Kolašin Resort & Spa which is to build a condo-hotel in Kolašin, can obtain Montenegrin citizenship based on this investment.
At the 126th session of the Government of Montenegro, chaired by Prime Minister Duško Marković, the Government established the List of Development Projects in the Field of Tourism. This Development Projects List includes the construction of the condo hotel Kolašin Resort & Spa, Kolašin, delivered by the Stock Company Kolašin Resort & Spa from Podgorica.
“The first project submitted under the Governmental Decision on the criteria, method and procedure for the election of a person who can acquire Montenegrin citizenship by admission for the implementation of a special investment program of special importance for the economic interest of Montenegro implies the construction of a four star hotel in Kolašin, with a capacity of 93 accommodation units or 380 beds and an estimated investment value of 11.360.959,00 EUR, and that the investment implies the opening of 66 new jobs,” says the official report of the Government from the session.
The Government agreed that the owners of the company "Kolašin Resort & Spa", "hiding" behind an offshore company from Malaysia, which is to build a condo-hotel in Kolašin, can obtain citizenship of Montenegro based on this investment.
In the Government's proposal, this condo hotel is included in the "list of development projects in the field of tourism", which is the basis for obtaining "Montenegrin citizenship by the reception to realize a special investment program of special importance for economic and economic interest".
In the decision of the Government, the names of the new Montenegrin citizens from this company are not listed, but they will be determined in continuation of the procedure before the Government Agent for Economic Citizenship Affairs, reports Vijesti daily.
According to data from the Central Registry, the founder of the company "Kolašin Resort & Spa" is the offshore company "Oriental Management INC" from Malaysia. Representatives in the Board of Directors and potential new Montenegrin citizens are Rowshan Ara Chowdhury, Mohammed Abdul Alim Chowdhury and Salim Chowdhury Nirjhor.
Damir Davidović, Secretary of State at the office of the Ministry of Sustainable Development and Tourism of Montenegro, explained that “the investor for economic citizenship is expected to meet strict criteria, primarily related to the size of the investment, the number of jobs the investment would create and the financial ability to realize the project, so the business plan for such projects requires serious and extensive preparation”, reports Vijesti daily.
“Investment projects aimed at economic citizenship in the field of tourism can be hotels with at least five stars, 60 accommodation units and at least 80 new jobs in the coastal region and Podgorica. In the north, it is necessary that the hotel has at least four stars, 35 accommodation units, and 25 new employees. The minimum value of the project on the coast and in Podgorica is 15 million euros, and in the north five million euros,” highlighted Davidović.
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