Despite Montenegro's discontinuation of its Citizenship by Investment Program, the nation has processed 280 applications submitted before the program's closure.

The decision to approve these applications post-closure has sparked debates within Montenegro. Questions have arisen regarding the management of funds generated by this program, according to VisaGuide.World.

The program, also known as the Golden Passport Program, was a pathway for affluent internationals to gain Montenegrin citizenship through significant financial investments and meeting specific criteria.

Montenegro's Golden Passport scheme was viral in Europe. The Best Investment Migration Real Estate Index, developed by Henley and Partners and Deep Knowledge Analytics, ranked Montenegro as the third most attractive European real estate investment destination.

Nevertheless, Podgorica's authorities terminated the program on December 31, 2022, declaring that no new applications would be accepted from January 1, 2023.

BNN Breaking reports that Montenegro granted citizenship to over 1,200 internationals, with 800 through the Golden Passport scheme. Additionally, Radio Free Europe revealed in November that over 400 applications are still under review despite the program's end.

The Montenegrin Investment Agency (MIA) indicates that out of 1,100 passport applications from 2019 to 2022, 413 remain pending.

Concerns about illicit activities like money laundering and corruption prompted the program's termination in December 2022. However, Montenegro's Finance Minister, Aleksandar Damjanović, expressed that ending the scheme could adversely impact the Balkan nation financially.

Damjanović highlighted the expectation of €70 million in revenue from the program for the current year. He anticipates up to €70 million from ongoing yet-to-be-started applications, with €35 million already deemed certain.

Despite associations with questionable practices, various countries continue offering such citizenship programs.

Conclusion

Montenegro's Golden Passport may be a closed chapter, but the story it leaves behind is far from over. The program's legacy of investment, its association with questionable practices, and its uncertain financial impact on the nation will continue to be debated and analyzed. 

As other countries ponder the merits and pitfalls of such schemes, Montenegro's experience serves as a cautionary tale and a call for careful consideration of the long-term consequences before opening or closing the golden door to foreign investment.