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EU Bid Makes Montenegro End Its Citizenship-for-Investment Plan

The coastal town of Budva, one of the major tourist spots on Montenegro's Adriatic coast, on Aug. 17, 2020. 

The coastal town of Budva, one of the major tourist spots on Montenegro's Adriatic coast, on Aug. 17, 2020. 

Photographer: Savo Prelevic/AFP/Getty Images

Montenegro will stop granting citizenship to wealthy foreigners who invest in the Balkan country as the European Union, which it wants to join, doesn’t approve of the program.

The cash-for-passport program, designed for those who would invest at least 250,000 euros ($300,000), make a 100,000 euro deposit and pay application fees, hasn’t brought in the revenue the previous administration had hoped for.