Two real estate projects in Tivat, which the Government of Montenegro included in the List of Development Projects in the Field of Tourism as part of the Special Investment Program of Special Importance for the Economic Interest of Montenegro, have so far resulted in the granting of 120 economic citizenships of Montenegro for foreigners who purchased apartments in these facilities.
As stated in the Information on the Implementation of Projects from the List recently considered by the Government, which summarizes the progress of a total of 15 such real estate projects across the country, when purchasing apartments in the Boka Place complex in the Tivat nautical and tourist center Porto Montrenegro, out of a total of 146 such requests submitted by the end of January this year, 119 applications for economic citizenship were approved for the buyers of these properties. 23 requests were rejected.
The construction of the condo-hotel "Boka Place" in Porto Montenegro was included in the List of Priority Projects for the Economic Development of Montenegro in June 2020 by the Government of the then Prime Minister Duško Marković (DPS), at the proposal of the then Ministry of Sustainable Development and Tourism, which, following the previously submitted resignation of the Minister Pavle Radulović (DPS), at that time also led by Prime Minister Marković.
As announced by the Government, the business plan of the investor, the company "PM 4.1", which is a daughter company of Adriatic Marinas, which is implementing the entire Porto Montenegro project, plans to build a five-star hotel with a capacity of 240 accommodation units, with an estimated value of 43,67 million euros. The investor's intention was to create 96 new jobs within the complex, which, apart from a small number of hotel apartments, consists mostly of private apartments that are later rented out as part of the hotel's rental pool.
According to estimates by the independent controller who submitted reports to the Government, by mid-2023, the originally planned investments for the implementation of the Boka Place project had already been exceeded, as 11 million euros had already been invested as of June 2023, 44,5.
Although the completion of the entire project is behind schedule compared to Adriatic Marinas' original plans, the company informed the government that the new hotel in Boka Place will be open by the end of April, and that it will operate as part of one of the world's largest hotel groups, "Kerzner International", under the "Siro" brand, as the first in Europe from that brand chain.
Adriatic Marinas previously announced that the "Boka Place" complex will have a hotel with 96 rooms, 213 apartments, both private and those managed by the hotel, 40 business tenants, a cinema, a children's playroom, sports facilities that include about 2.000 square meters of a "wellbeing" club with a 25-meter swimming pool, which can be used in both summer and winter because it will have a roof that opens and closes.
According to their announcements, the project will, when completed and fully operational, provide around 425 direct and up to 475 indirect permanent jobs.
The second real estate project in Tivat that has been included in the List of Development Projects in the Field of Tourism of Special Importance for the Business and Economic Interests of Montenegro is the construction of the hotel and apartment complex "Tivat" on the site of the old hotel of the same name in Seljanovo.
The project, whose investor is the ALK Montenegro-Sofir consortium, was placed on the List at the end of October 2022 by the Government of the then Prime Minister Dritan Abazović (URA). The business plan of the Alk Montenegro-Sofir consortium envisages an investment in the construction of a five-star hotel, with a capacity of 77 accommodation units, with an estimated value of 22,77 million euros, and the investor's intention is to create 82 new jobs within the hotel.
To date, however, not all of the rough construction work on the new condo-hotel and apartment complex in Seljanovo has been completed, and construction is proceeding very slowly.
"For the above-mentioned project, an urgent request was sent to the investor on October 17, 2024 to submit the report of the independent controller. On February 10, 2025, the independent controller submitted drafts of four reports to the Ministry of Regional Investment Development and Cooperation with Non-Governmental Organizations, which are being processed by the ministry. The planned deadline for the completion of the hotel construction works is March 31, 3. A bank guarantee in the amount of EUR 2026 was submitted for the above-mentioned project, valid until May 1.000.000, 1," the Information considered by the Government states.
According to data submitted by the Investment Agency of Montenegro on January 22, 2025, during the duration of the Investment Program of Special Importance for the Economic and Commercial Interest of Montenegro (obtaining economic citizenship), five applications were received for the project of construction of the hotel and apartment complex "Tivat", of which one was approved and three were rejected.
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