Turks are the largest investors, account for five percent of tourism, and own 20 percent of companies in Montenegro.

Turkish investors have invested the most foreign investments in Montenegro in the first eight months of this year, with 92,2 million euros invested, which is 21 percent of total foreign direct investments. Their capital is in 14,5 thousand companies registered in Montenegro, or one in five. Last year, tourists from this country accounted for 6,7 percent of the total number of guests, while they achieved 740 thousand overnight stays or 4,9 percent. Of the total number of passengers at both Montenegrin airports of 2,8 million last year, 560 thousand or 20 percent were on flights between Montenegro and Turkey.

These are official data from the Central Bank and Monstat, which indicate that Turkey and its citizens are significant partners in the economic development of Montenegro, but also that recent events may affect the severance of these ties, reducing economic growth and state revenues.

On Saturday, Turkish and Azerbaijani citizens injured a Montenegrin citizen in Podgorica after an argument with knives, followed by an attack on Turkish shops and organized groups walking around the capital shouting offensive and chauvinistic messages, while the government officially abolished the visa-free regime for Turkish citizens.

President of the Turkish Chamber of Commerce in Montenegro (TurkCham) Burhan Genc He told "Vijesti" that he believes that these events may affect the reduction of economic activities in the short term, but that in the long term, the interest of Turkish investors and citizens in Montenegro will not decrease.

According to the Ministry of Internal Affairs, there are one hundred thousand foreigners with temporary or permanent residence in Montenegro, most of whom are citizens of Serbia and Russia, while 13,5 thousand are Turkish. According to this data, Turkish citizens with residence make up about two percent of the total population in Montenegro, including domestic citizens and all foreign citizens.

According to data from September, there are a total of 68 thousand companies in Montenegro, of which about 20 percent are now owned by Turkish citizens.

The Montenegrin tax system after the "Europe Now 2" program is based on indirect taxes, i.e. taxes on consumption (VAT, excise duties,...). After the abolition of health insurance contributions and the halving of pension contributions, the state budget is somehow maintained thanks to the growth in the collection of consumption taxes, while official documents and assessments by foreign international financial institutions state that the consumption of a large number of foreigners living in Montenegro contributes to this growth in collection.

According to unofficial estimates, foreign citizens with residence permits, who make up about 15 percent of the population, also contribute a similar percentage to the state's current budget revenues. That is, they contributed about 300 million out of the two billion budget. In proportion to this figure, the contribution of Turkish citizens with residence permits to the budget would be about 40 million per year.

Turkish investors have invested 451,7 million euros in Montenegro in the past six years, from 2019 to August this year, of which 217,9 million in the purchase of real estate, 35 million in direct investments in companies, as well as 193,7 million euros through so-called intercompany debt or loans from Turkey to affiliated companies in Montenegro.

In 2023, Turks were in third place in terms of foreign investment with 85,4 million euros, behind Serbs and Russians, while last year they came in second place with 100,9 million, and investors from Serbia were in first place with 118 million investments. In eight months of this year, Turks came in first place with 92,2 million, while Serbs were in second place with 91,8 million.

Genc says that Turkish investors are among the leading foreign investors in Montenegro.

"According to data from 2024, the number of companies owned by Turkish citizens, which was around 10.000 at the time, increased to approximately 12.500 by September 2025. When companies with multiple co-owners are included, around 14.500 Turkish citizens are owners or shareholders of companies in Montenegro. While Turkish investors are most active in the construction, tourism and real estate sectors, their business activities cover a wide spectrum - from banking and finance to logistics, from renewable energy sources to mining, from healthcare to technical consulting, as well as from textiles to furniture and white goods production," Genc said.

He states that economic and political relations between Turkey and Montenegro have developed on friendly and strong foundations in recent years.

“Turkey has been one of the key supporters of Montenegro’s NATO accession process and continues to sincerely support the country’s goal of joining the European Union. This mutual understanding and trust constitute a solid basis for the further development of business relations between the two countries. However, the introduction of the new visa regime may bring certain bureaucratic and operational challenges, especially for business people. Temporary slowdowns may occur in areas such as business travel, project implementation and employment of workers. Restrictions on labor mobility could particularly affect sectors such as construction and tourism, in which Turkish companies are very active,” Genc believes.

He believes that this situation will be resolved through constructive cooperation between the authorities of both countries.

"Our goal is to contribute to the dialogue and facilitate measures that will allow Turkish investors to continue their activities without interruption," Genc said.

Genc: We are optimistic, we expect continued interest from Turkish investors

When asked whether recent events and the abolition of the visa-free regime could discourage Turkish investors from doing business in Montenegro, Genc said that this decision could lead to certain administrative and bureaucratic challenges in the short and medium term.

“Naturally, for the sustainability of the investment environment, it is important that the bureaucracy functions in a predictable and efficient manner. It should be borne in mind that excessive administrative procedures can slow down investment decision-making. On the other hand, the Turkish business community maintains strong confidence in Montenegro's stable political environment, its growth potential and European perspective. As TurkCham Montenegro, we are in close contact with both the Turkish and Montenegrin authorities and are working to ensure that the process runs constructively and optimistically for both parties. In conclusion, we believe that the interest and commitment of Turkish investors to Montenegro will continue. We will also remain actively involved in strengthening these relations, reducing potential obstacles faced by the business community and deepening economic cooperation between our countries,” Genc said.