<p><img src="https://cdn.henleyglobal.com/ru/storage/app/media/COUNTRIES/MONTENEGRO/Montenegro-714x400.jpg" title="Investment Migration Without Montenegro - What Now?" alt="Investment Migration Without Montenegro - What Now?" dir="ltr" class="fr-fic fr-dii"></p> <p>The <a href="https://www.henleyglobal.com/citizenship-investment/montenegro" rel="noopener noreferrer" target="_blank">Montenegro Citizenship by Investment Program</a>, which is popular among investors worldwide, will probably come to an end at the end of 2021. What alternatives will be available for investors in 2022?</p> <h4><strong>Citizenship</strong></h4> <h3><strong>The Caribbean for travel</strong></h3> <p>All Caribbean countries are currently trying to attract investors with special offers. This is because their economies are heavily dependent on tourism and have severely suffered as a result of Covid-19 restrictions being introduced.</p> <p>The passports of all Caribbean states with investment programs give their holders visa-free access to the Schengen Area. However, they are often considered to be documents for travel purposes only because they do not grant their holders the right to live and work in the EU. All Caribbean programs have essential differences, so the choice will depend on the applicant's goals. The&nbsp;<a href="https://www.henleyglobal.com/citizenship-investment/st-kitts-nevis" rel="noopener noreferrer" target="_blank">Saint Kitts and Nevis Citizenship by Investment Program</a>, the <a href="https://www.henleyglobal.com/citizenship-investment/antigua-barbuda" rel="noopener noreferrer" target="_blank">Antigua and Barbuda Citizenship by Investment Program</a> (investments start from USD 100,000) and non-refundable contributions to a government fund are worth taking into consideration.</p> <h3><strong>Turkey</strong></h3> <p>The <a href="https://www.henleyglobal.com/citizenship-investment/turkey" rel="noopener noreferrer" target="_blank">Turkey Citizenship by Investment Program</a> (investments in real estate start from USD 250,000) is relatively popular at the moment. Various reports show that Russian nationals are interested in this destination and in obtaining permanent residence in the country.</p> <h3><strong>Malta</strong></h3> <p>The <a href="https://www.henleyglobal.com/citizenship-investment/malta" rel="noopener noreferrer" target="_blank">Malta Citizenship by Naturalisation for Exceptional Services by Direct Investment</a> is an exceptional case. In the fall of 2020, it replaced the Malta Citizenship by Investment Programme after the quota of 1,800 investors was filled in July 2020. According to the new rules, applicants and all adult dependents over 17 years of age should be residents of Malta for a minimum of 36 months (or 12 months in special cases) before applying for citizenship. The minimum investment amount is EUR 1 million. The annual quota is set at 400 applicants, with the program being limited to 1,500 applicants in total, meaning it will last for about four years.</p> <h4><strong>Residence</strong></h4> <h3><strong>Greece</strong></h3> <p>The media reports that the Government of Greece continues to take measures to protect the local real estate market, to tackle property price increases, and to fight the shadow economy connected with the <a href="https://www.henleyglobal.com/residence-investment/greece" rel="noopener noreferrer" target="_blank">Greece Golden Visa Program</a> that allows the obtention of a residence permit through investment.</p> <p>The planned changes will come into force after the relaxation of Covid-19 restrictions. They will include the introduction of coefficients that connect the cadastral and the market value to prevent the overpricing of houses and apartments offered within the program. There will also be additional incentives for buyers of real estate in the western and northern parts of Greece to stimulate the property market there (today, investors are mostly interested in Athens and Thessaloniki).</p> <p>Greece’s Ministry of Development and Investment has proposed to adapt the program’s investment threshold – which is currently set at EUR 250,000 for property investments – depending on the region. In addition, candidates will need to include a certificate of value for the purchased property as part of their application.</p> <p>There is no requirement for a minimum stay in Greece. Holders of Greek residence permits have the right to free movement in the Schengen Area.</p> <h3><strong>Portugal</strong></h3> <p>Although the <a href="https://www.henleyglobal.com/residence-investment/portugal" rel="noopener noreferrer" target="_blank">Portugal Golden Residence Permit Program</a> is still in place, changes will be introduced on 1 January 2022. These include an increase in the cost of participation and new limits to the areas of investment.</p> <p>— Capital investments/bank deposit: the minimum threshold of investment will increase from EUR 1 million to EUR 1.5 million.</p> <p>— Investment funds: the minimum threshold of investment will increase from EUR 350,000 to EUR 500,000.</p> <p>— Real estate investments: the minimum threshold of investment will not change (EUR 500,000/350,000), but the qualifying areas for property purchases will be limited to regions outside of Lisbon, Porto, and Algarve, with the main focus being on the provinces and islands.</p> <p>It is, however, important to note that these new geographical restrictions will only apply to residential property. It will therefore still be possible to buy other types of real estate (offices, warehouses, hotels etc.) in any region of the country.</p> <p>— Investment in workplaces: the minimum threshold of investment will increase from EUR 350,000 to EUR 500,000.</p> <p>These changes are connected to the Portuguese government’s desire to distribute foreign investments more evenly; currently, investments are almost entirely limited to the affluent regions of Lisbon, Porto, and Southern Portugal. In addition, prices for residential property in these regions have increased due to demand from those Europeans who do not participate in the program but who want to find a comfortable place to live in Portugal. The current goal of the program is therefore to promote the development of Portugal’s islands and other under-developed regions.</p>