How Montenegro became a favorite spot for billionairesMay 14, 2019
A tiny Balkan country is emerging as the preferred destination for the world’s richest people.
Montenegro is one of the most popular travel destinations among billionaires this year and also home to a growing population of the ultra wealthy, according to a recent report by Business Insider.
The country has a total population of 620,000 and is approximately the size of Connecticut, but it also has a 182-mile coastline on the Adriatic Sea, which makes it a haven for yacht owners. (To be exact, 450 yachts can dock at one time in the newly-built Porto Montenegro.)
Membership in the North Atlantic Treaty Organization a few years ago seems to have fueled Montenegro’s appeal among the affluent. After joining NATO in 2017, Montenegro adopted the euro as its currency and airlines added more direct flights into the country. By the end of 2017, Montenegro reportedly had 64 millionaires among its residents, compared to 54 millionaires the year before.
In another step to lure wealthy individuals, a government program launched last October offers passports to 2,000 investors who pour at least $291,000 (plus additional fees) into a government-led development projects.
Residential real estate prices in Montenegro are still low, at least compared to the French Riviera and Monaco. For example: three-bedroom luxury condos with an ocean-view terrace and four-bedroom homes are listed for under $300,000. [Business Insider] – Mike Seemuth