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Where the numbers come from

Almost every figure on this site comes from Tourism Doing Business – Investing in Montenegro (2026). This page explains how we use it, how we check it, and lists every reference behind it.

The guide

Tourism Doing Business – Investing in Montenegro was published in 2026 by the World Tourism Organization (UN Tourism), with the Ministry of Tourism of Montenegro. It is free to read and download. We summarise its facts in our own words; the guide's text, charts and photos remain the copyright of UN Tourism, and we do not reproduce them.

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. Every figure on this site shows the period it describes.

Montenegro Invest is independent. It is not affiliated with UN Tourism, the Ministry of Tourism or any other part of the Government of Montenegro, and nothing here is investment, legal or tax advice.

How we check the data

  • Each chart was rebuilt row by row from the guide's page images and cross-checked against its text layer and an independent transcription.
  • Each figure records the guide page and the footnote it comes from. The note numbers on figures refer to the list below.
  • Where the guide contradicts itself, we log the problem, ask the responsible institution, and keep the affected figure or site off the site until it is resolved. Where an issue is minor, the page says so.
  • Planning details for each site are as the guide states them. Inclusion of a site does not confirm title, planning readiness, permitting status, feasibility or availability.

Corrections we have made

  • Cumulative FDI given as €4.9bn and €4.85bn: Site uses €4.85bn, matching the annual series.
  • Figure 4.2 does not say which bar is 2024 and which is 2025: Checked against MONSTAT's 2025 and 2024 releases (Table 3). The left bars are 2025. The guide's 2024 series lists the 2024 values in descending order against the 2025 country ranking, so most 2024 bars belong to other countries. The chart now uses MONSTAT's tables.

References

The guide's own references, numbered as in the guide. Unpublished administrative data was supplied to UN Tourism by the institutions named.

  1. UNESCO World Heritage Centre (n.d.) Montenegro.Source
  2. MONSTAT (2026) Labour Force Survey 2025 and Average Earnings release (January–March 2026). Podgorica: Statistical Office of Montenegro.
  3. International Monetary Fund (2026) World Economic Outlook Update, January 2026. Washington, DC: IMF.Source
  4. International Monetary Fund (2026) Global Financial Stability Report: Global Financial Markets Confront the War in the Middle East and Amplification Risks. Washington, DC: IMF, April.
  5. UN Tourism (2026) World Tourism Barometer, Vol. 24, No. 2, May 2026. Madrid: UN Tourism.Source
  6. World Bank (2025) Western Balkans Regular Economic Report No. 28: Towards Better Jobs. Washington, DC: World Bank.Source
  7. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism.Unpublished
  8. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025. Washington, DC: IMF.Source
  9. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025. Washington, DC: IMF.Source
  10. Statistical Office of Montenegro (2026) Average Earnings (Wages) 2025. Podgorica: MONSTAT. Released 30 January 2026.Source
  11. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025. Washington, DC: IMF. ; International Monetary Fund (2026) World Economic Outlook Update, January 2026. Washington, DC: IMF.Source 1Source 2
  12. Statistical Office of Montenegro (2026) Labour Force Survey 2025. Podgorica: MONSTAT. Released 31 March 2026. ; Statistical Office of Montenegro (2026) Average Earnings (Wages) 2025. Podgorica: MONSTAT. Released 30 January 2026.Source 1Source 2
  13. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025. Washington, DC: IMF.Source
  14. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025, Annex V: External Sector Assessment. Washington, DC: IMF.Source
  15. Montenegrin Investment Agency (2023) Law on Foreign Investments (consolidated text). Podgorica: MIA.Source
  16. Law on Companies, Official Gazette of Montenegro No. 90/2025, and No. 44/2026.Source 1Source 2
  17. Montenegrin Investment Agency (2024) Law on Public-Private Partnership. Podgorica: MIA.Source
  18. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism.Unpublished
  19. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025, Annex II: Impact of Europe Now Programs. Washington, DC: IMF.Source
  20. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism. ; PwC (2025) Montenegro – Corporate Taxes.Source
  21. PwC (2025) Montenegro – Corporate Taxes.Source
  22. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism.Unpublished
  23. Law on Tourism and Hospitality (Official Gazette of Montenegro, No. 2/18, as amended). English translation.Source
  24. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism.Unpublished
  25. Unpublished administrative data supplied by the Ministry of Regional and Investment Development of Montenegro to UN Tourism, May 2026. ; Government of Montenegro (2016) Regulation on Business Zones, as amended.Unpublished
  26. Government of Montenegro, Regulation on Incentives for Direct Investments; Montenegrin Investment Agency. ; U.S. Department of State (2025) 2025 Investment Climate Statements: Montenegro.Source 1Source 2
  27. Unpublished administrative data supplied by the Ministry of Education, Science and Innovation of Montenegro to UN Tourism, May 2026.Unpublished
  28. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of TourismUnpublished
  29. Unpublished administrative data on double taxation agreements in force, supplied by the Ministry of Finance of Montenegro to UN Tourism, May 2026.Unpublished
  30. Montenegrin Investment Agency (2026) Invest in Montenegro. Podgorica: MIA.Source
  31. Council of the European Union (2026) Montenegro. ; European Commission (2025) Montenegro Report 2025. Brussels: European Commission.Source 1Source 2
  32. European Commission (2025) Montenegro Report 2025. Brussels: European Commission.Source
  33. Bevan, A. and Estrin, S. (2004) 'The determinants of foreign direct investment into European transition economies', Journal of Comparative Economics, 32(4), pp. 775–787. ; Campos, N.F., Coricelli, F. and Moretti, L. (2014) 'Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union', Journal of Economic Integration, 29(4), pp. 766–789.
  34. European Bank for Reconstruction and Development (2006) Transition Report 2006: Finance in Transition. London: EBRD. ; European Commission (2019) Country Report Croatia 2019. European Economy Institutional Paper 102. Brussels: European Commission. ; Sanfey, P. and Milatovic, J. (2018) The Western Balkans in Transition: Diagnostics and Challenges. EBRD Working Paper No. 219. London: European Bank for Reconstruction and Development.
  35. European Commission (2023) Growth Plan for the Western Balkans.Source
  36. UNCTAD (2026) World Investment Report 2026. Geneva: UNCTAD.Source
  37. UNCTAD (2026) World Investment Report 2026: International Investment in a Turbulent Era. Geneva: United Nations Conference on Trade and Development.
  38. Montenegrin Investment Agency (2026) FDI Data 2021–2025. Podgorica: MIA.
  39. UNCTAD (2026) World Investment Report 2026. Geneva: UNCTAD.Source
  40. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025, Annex V. Washington, DC: IMF. ; Unpublished administrative data supplied by the Montenegrin Investment Agency to UN Tourism, May 2026.Source
  41. Montenegrin Investment Agency (2026) FDI Data 2021–2025. Podgorica: MIA.
  42. Montenegrin Investment Agency (2026) Accelerating Investment in Montenegro (AIM) Project Report. Podgorica: MIA.
  43. UN Tourism (n.d.) UN Tourism Data Dashboard.Source
  44. International Monetary Fund (2025) Montenegro: 2025 Article IV Consultation Staff Report, November 2025, Figure 2. Washington, DC: IMF.Source
  45. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism.Unpublished
  46. MONSTAT (2026) Arrivals and Overnights of Tourists, Total 2025. Podgorica: Statistical Office of Montenegro.Source
  47. Ministry of Tourism of Montenegro (2026) Statistics – Hotels and Tourist Agencies. Podgorica: Ministry of Tourism.
  48. For the purposes of this publication, “branded hotel stock” refers to accommodation establishments operating under a hotel brand pursuant to a contractual relationship with a brand owner or operator. It comprises properties affiliated with international hotel chains, domestic hotel chains, franchise agreements, management agreements and soft-brand (collection) affiliations. Independent and unaffiliated establishments are excluded. Branded residences and residence-only brand licences are counted only where the property also operates keyed hotel inventory under the same brand.
  49. CoStar Group (2026) Montenegro Hospitality Market Report – Montenegro MNE, data extracted 20 August 2026 (licensed to the World Tourism Organization). Washington, DC: CoStar Group.
  50. CoStar Group (2026) Montenegro Hospitality Market Report – Montenegro MNE, data extracted 20 August 2026 (licensed to the World Tourism Organization). Washington, DC: CoStar Group.
  51. Ministry of Maritime Affairs of Montenegro (2026) Marinas and Berths in Montenegro. Podgorica: Ministry of Maritime Affairs.
  52. Unpublished administrative data supplied by the Ministry of Maritime Affairs of Montenegro to UN Tourism, May–June 2026, comprising Port of Kotor traffic statistics 2020–2025 and Port of Adria passenger statistics.Unpublished
  53. Unpublished administrative data supplied by the Ministry of Maritime Affairs of Montenegro to UN Tourism, May 2026.Unpublished
  54. Ministry of Tourism of Montenegro (2022) Tourism Development Strategy of Montenegro 2022–2025 with Action Plan. Podgorica: Ministry of Tourism.
  55. Unpublished administrative data supplied by the Ministry of Tourism of Montenegro to UN Tourism, May 2026.Unpublished
  56. Unpublished administrative data supplied by the Ministry of Tourism of Montenegro to UN Tourism, May 2026.Unpublished
  57. Ministry of Tourism of Montenegro (2026) Ecotourism and Adventure Tourism contribution ; Ministry of Ecology of Montenegro (2026) Protected Areas in Montenegro. Podgorica.
  58. WIPO (2025) Global Innovation Index 2025. Geneva: WIPO.Source
  59. ITU (2025) ICT Development Index 2025. Geneva: ITU.Source
  60. Unpublished administrative data supplied by the Ministry of Education, Science and Innovation of Montenegro to UN Tourism, May 2026.Unpublished
  61. Unpublished administrative data supplied by the Ministry of Economic Development of Montenegro to UN Tourism, May 2026.Unpublished
  62. Ministry of Transport of Montenegro (2026) Information on Airports. Podgorica: Ministry of Transport.
  63. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica: Ministry of Tourism. ; Unpublished administrative data supplied by the Ministry of Transport of Montenegro to UN Tourism, June 2026.Unpublished
  64. Ministry of Transport of Montenegro (2026) Information on Airports. Podgorica: Ministry of Transport.
  65. Ministry of Transport of Montenegro (2026) Information on Airports. Podgorica: Ministry of Transport.
  66. Unpublished administrative data supplied by the Ministry of Energy and Mining of Montenegro to UN Tourism, May 2026.Unpublished
  67. Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework, citing the European Travel Commission. Podgorica: Ministry of Tourism.Unpublished
  68. CoStar Group (2026) Montenegro Hospitality Market Report – Montenegro MNE, data extracted 20 August 2026 (licensed to the World Tourism Organization). Washington, DC: CoStar Group.
  69. Montenegrin Investment Agency (2026) Success Stories: Flagship Investment Projects. Podgorica: MIA.
  70. Ministry of Public Works of Montenegro (2026) Project Investments in Tourism Infrastructure. Podgorica. ; Ministry of Tourism of Montenegro (2026) Montenegro: Tourism Focused Investment Framework. Podgorica.
  71. Government of Montenegro (2026) Municipal and Capital Investment Locations: Žabljak, Nikšić, Berane, Mojkovac, Podgorica and Herceg Novi – planning documentation communicated for the preparation of Tourism Doing Business – Investing in Montenegro. Podgorica.