European nation Montenegro is set to introduce citizenship by investment programme in October this year following years of deliberation.

The new programme, which will offer residency and citizenship to the interest investors, is expected to encourage foreign direct investments in the country.

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The Montenegro Citizenship by Investment Program includes a €100,000 in the form of a Government Fund Donation along with a €250,000 investment in approved real estate in an undeveloped region or €450,000 investment in a developed region.

Accordingly, the programme requires a minimum starting investment of €350,000 from the interested applicants.

The programme will be limited to 2000 applicants from non-EU countries during a period of three years.

After a due diligence process of the applications, the investor will receive permanent residence status within 3 weeks and citizenship within six months.

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Montenegro is a NATO member and is expected to join European Union by 2025 under the future expansion process.

The country, which uses Euro as its currency, is integrating EU legislation as its national law.

One of the fastest growing economies in the Balkans, the country is estimated to host key industries due to its strategic position, according to World Bank.

According to The Passport Index, the Montenegrin passport is ranked 37th enabling its citizens visa-free travel to 115 countries.