Turkish investors establish 1,545 firms in Montenegro in 2018

Published 18.02.2019 00:02

The number of Turkish businessmen launching companies in Montenegro is growing rapidly, according to official figures.

According to the Montenegrin Tax Administration, 2,097 enterprises in Montenegro were established by Turkish citizens, while 2,863 physical and legal citizens of Turkey are registered as owners regardless of their share in the ownership.

Turkish businessmen launched around 1,545 companies in the country last year, up from

435 in 2017, 71 in 2016 and 29 in 2015, data reveals.

Data shows that the new enterprises mainly involved consulting services, construction, wholesale, trade and hospitality.

Last year, Turkish investors mostly preferred Budva, a town along the Adriatic Sea, where they established 1,048 companies last year, followed by Podgorica, where 609 companies were opened, Cafe del Montenegro (CdM) reported.

One of the fastest-growing economies in the Balkans, Mon

tenegro has launched an attractive citizenship-by-investment program.

As part of the program, the Montenegrin government will grant citizenship to 2,000 foreign investors from non-EU countries that invest in development projects throughout the country. The program, which took effect as of the New Year, will run for three years.

Montenegro previously announced the conditions required to obtain a citizenship as part of the program.

The government said investors must not have any criminal convictions and make a certain amount of direct investments depending on the cities they choose. The government currently offers three investment packages: 450,000 euros in investments in and around capital Podgorica and coastal cities, 250,000 euros for the country's northern and central regions and 100,000 euros for less developed areas.The program has also attracted attention of many Turkish businessmen, who seek to benefit from the opportunity.

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