Tourism investment guide
Mountains meet the sea in one of Europe's most compact countries: a euro economy aiming to join the EU by 2028, with 2.73 million international arrivals in 2025 and 15 sites open to investors, from the Bay of Kotor to the northern ski corridor.
Bay of Kotor
In a single trip, guests can sail the Bay of Kotor, walk medieval towns, stay at an Adriatic resort, raft the Tara canyon and ski on Bjelasica. That range is the investment case for a year-round season.
Tourism earns about 45% of Montenegro's exports. The conditions behind it are strong.
Montenegro uses the euro, with no exchange controls and free repatriation of profits, dividends and capital.
Corporate income tax in bands up to 15%, 15% VAT on hotels and restaurants, and 44 double taxation treaties.
The most advanced EU candidate, with 18 of 33 negotiating chapters provisionally closed.
Investors from more than 60 countries in 2021–2025: about €7,800 per resident, the highest intensity in the region.
Branded rooms under construction, adding 20.3% to the branded stock. Luxury rooms average $459 a night.
Of the land is protected, across 78 areas and 5 national parks, from the Durmitor massif to Skadar Lake.
Each sector matches a priority of the national tourism strategy, with incentives and public infrastructure behind it.
$459luxury hotel rate a nightCoastal resortsBranded resorts, residences and boutique hotels on the Adriatic.
about 2,026marina berthsNauticalSuperyacht marinas, cruise ports and commercial berths.
€209.5Mpublic ski investmentMountain & skiHotels beside five state-built ski resorts.
5national parksNature & adventureEco-lodges, camps and outdoor operators.
3.1 millionairport passengersCity & MICEBusiness hotels and congress space in the capital and Nikšić.State-built ski resorts and public land offered for hotels, resorts and camps. Pins are approximate.
Naval yards, barracks and ageing state hotels turned into international destinations under long-term leases.
Brownfield conversion · Tivat
A decommissioned state military shipyard can become a globally branded destination, and the asset can later attract a sovereign institutional buyer.
Regent Porto Montenegro
Brownfield conversion · Herceg Novi
Montenegro can attract both marquee hotel brands and the patient, sovereign-linked capital needed to deliver them.
Jobs: About 350 in the low season to about 800 at peak
One&Only Portonovi
Greenfield · Tivat
A long-term lease can underwrite a master-planned development programme that runs over several decades.
The Chedi LušticaBay · Centrale LušticaBay by Angsana
Mountain anchor · Kolašin
One anchor investment paired with public ski infrastructure can seed a whole alpine destination outside the coast.
Swissôtel Resort Kolašin
Hotel reconstruction · Ulcinj
Ageing state-owned hotels can be revived through lease plus international management, a model relevant to several open sites.
Karisma Hotels
Arrivals are at a record and foreign investment passes a billion euros in strong years. The shoulder months are growing fastest.
| Year | International tourist arrivals (million) | International tourism revenue (USD billion) |
|---|---|---|
| 2020 | 0.35 | 0.17 |
| 2021 | 1.55 | 0.9 |
| 2022 | 2.04 | 1.08 |
| 2023 | 2.45 | 1.63 |
| 2024 | 2.44 | 1.58 |
| 2025 | 2.73 | 1.48 |
Figure 4.1, International Tourism Statistics, Montenegro, 2020–2025 (UN Tourism, 2026, p. 50). Underlying source: UN Tourism (2026). World Tourism Barometer, Vol. 24, No. 2, May 2026. Madrid: UN Tourism. https://doi.org/10.18111/wtobarometereng (Accessed: 20 July 2026). MONSTAT (2026). Arrivals and Overnights of Tourists, Total 2025. Podgorica: MONSTAT. https://www.monstat.org/uploads/files/TURIZAM/ukupno/2025k/Arrivals%20and%20overnights%20of%20tourists%20total%202025.pdf (Accessed: 19 August 2026)
| Year | FDI inflows (EUR million) |
|---|---|
| 2021 | 928.1 |
| 2022 | 1,151.7 |
| 2023 | 862.3 |
| 2024 | 891.1 |
| 2025 | 1,018 |
Figure 3.1, FDI Inflows to Montenegro, 2021–2025 (UN Tourism, 2026, p. 44). Underlying source: Montenegrin Investment Agency, unpublished administrative data supplied to UN Tourism, May 2026
Every site in one short PDF, or a call about a specific project. 5 flagship projects have already turned state land and buildings into more than €2.64bn of investment.
Sveti Stefan
We collect the planning documents, parcel data and the right contacts at the Ministry of Tourism, the Montenegrin Investment Agency and the municipality, and run those conversations in parallel with you.
We reply within one business day. Prefer email? Write to hello@montenegroinvest.com.
Figures from Tourism Doing Business – Investing in Montenegro (2026). Data current to the first quarter of 2026 unless a figure states otherwise; EU accession status as of July 2026; hotel performance to July 2026.