Why Montenegro

Investing in Montenegro can be a strategic decision due to its growing economy, favourable business environment, and potential for development in various sectors such as tourism, real estate, and renewable energy. Montenegro offers a competitive tax system, political stability, and access to the European market through its EU candidate status.
Additionally, the country’s beautiful landscapes and increasing tourism industry make it an attractive destination for investors looking for opportunities in a growing market.

The business environment in Montenegro is favourable, with competitive tax rates and incentives for investors. The government has implemented reforms to improve the ease of doing business, further enhancing the investment climate.

An investor can easily start his business in Montenegro. Foreign investors are subject to the same conditions as domestic investors when it comes to establishing a company and making an investment. A foreign investor in Montenegro may be a foreign natural or legal person.
The currency in Montenegro is the euro. Montenegro’s tax system has become one of the most competitive in Europe. With a 9% and 15% personal income tax rate, companies operating in Montenegro enjoy not only a business-friendly environment but also a low tax burden, thus maximizing their operational profit.

When presenting the opportunities for doing business in Montenegro, one should start with what is immediately evident – the strategic geographic location of Montenegro as a Mediterranean country Montenegro is located in Southeast Europe and borders: Serbia, Croatia, Albania, Bosnia and Herzegovina, and Kosovo. The total land area of Montenegro is 13,812 km2. Also, it consists of 7,835 km of roads and 250 km of railways.
One of the key priorities was to protect natural resources and preserve the identity of its unique space. After Montenegro adopted the Declaration on the Ecological State (August 20, 1991), it became the first country in the world to be declared an ecological state.
The main industrial port is Bar and 2 international airports: Podgorica and Tivat.

The tourism sector in Montenegro is thriving, thanks to its stunning landscapes, historic sites, and growing reputation as a luxury travel destination. This presents opportunities for investment in hospitality, leisure, and real estate development. The real estate market in Montenegro is also on the rise, offering potential for property investment and development projects.

Furthermore, Montenegro has untapped potential in renewable energy, with opportunities for investors in green energy projects. The country is investing in infrastructure development, creating further opportunities in sectors such as construction and transportation.
Overall, investing in Montenegro can provide diversification benefits to an investment portfolio, as well as the potential for attractive returns in a growing economy with a range of investment opportunities across various sectors.

According to “Monstat” estimates, in the middle of 2022, 617,213 inhabitants lived in Montenegro.
One of the most important characteristics of the Montenegrin population is the diverse ethnic structure. The main ethnic groups living in Montenegro are: Montenegrins, Serbs, Bosnia’s, Albanians, Muslims and Croats.

Some of the basic data, including the labor market of Montenegro, are presented below (based on MONSTAT 2023 data):



Total number of employees (2023)



Total number of unemployed (2023)



Active population (2023)



Inactive population (2023)

64,1 %

Activity rate (2023)

86,9 %

Employment rate (2023)

13,1 %

Unemployment rate (2023)

Economic indicators

Economic indicators that characterize today’s economy of Montenegro


billion EUR

GDP – 2023 (The Statistical Office of Montenegro)


GDP Growth Rate 2023 (The Statistical Office of Montenegro)



GDP per capita in 2022. (The Statistical Office of Montenegro)


Inflation rate 2020


The share of personal income tax and mandatory social security contributions in gross earnings is 21% for the minimum wage and 22% for the average wage (tax wedge).



Employees by activity sector – 2023

Population structure, by level of education and age - Montenegro 2023

People with a high school diploma have the largest participation in the educational structure of the active population education, namely 59.7%, followed by 33.6% of persons with completed higher or higher education and 6.7% of persons with completed elementary school or lower education.
The largest participation in the educational structure of the population outside the labor force is held by persons with completed secondary education by education, namely 53.2%, followed by 37.3% of persons with completed elementary school or lower, and the remaining 9.5% are persons with completed higher or higher education.
The educational structure of employed persons shows that 58.3% of persons have completed secondary school, followed by employees with completed higher or higher education 35.5%, and persons with completed elementary school or lower education 6.2%.
The educational structure of unemployed persons shows that 69.3% of persons have completed secondary school, followed by unemployed persons with completed higher or higher education 21.1%, and persons with completed primary education school or lower education 9.6%.

Employed persons according to employment status

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