Russians "conquer" Montenegro

Business portal presented official data from the Central Bank of Montenegro.

The highest amount of money has been invested in real estate purchases - 28.9 million euros, then 12.3 million euros, in companies and banks in Montenegro, and in intercompany debt, or loans to their companies in Montenegro in the amount of 13.2 million euros, reported MINA citing Vijesti daily.
This confirms that despite the strained diplomatic relations between Montenegro and Russia due to the Ukrainian crisis and the imposition of sanctions on Russia, Russian citizens continue to come to Montenegro in large numbers and bring their capital to invest. This is also evidenced by the fact that Montenegro issued 21,500 work permits to foreigners for the January-June period of this year, out of which 7,410 were issued to Russian citizens, accounting for 34.3 percent of the total.
Investors from Russia have a very small outflow of investments from Montenegro compared to others. Out of the invested 52.5 million euros, Russian citizens withdrew 11 million euros from Montenegro in these five months, mostly through the sale of properties worth six million.
The second most valuable investors are citizens and companies from Serbia, who invested 48 million euros, with the majority in real estate purchases, 26.1 million euros, 10.5 million euros in loans to their companies in Montenegro, and 8.2 million euros in investment in companies and banks registered in Montenegro. During the same period, investors from the neighboring country withdrew 25.3 million euros from Montenegro, mostly through the sale of properties worth 12.4 million euros.
Investors from Switzerland take third place, investing 39 million euros in Montenegro in these five months. They mostly invested...

Continue reading on: