How Montenegro became a favorite spot for billionaires

More than 60 millionaires call the country home

TRD NATIONAL /
Apr.April 13, 2019 11:00 AM

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


Related Articles

arrow_forward_ios
Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

arrow_forward_ios