Montenegro Prime Minister on becoming the world’s fastest-growing hub for millionaires

Fortune

Montenegro Prime Minister Milojko Spajić told the Fortune Global Forum that his country is "very keen to bring the smartest and brightest of the world to Montenegro," adding that low taxes are to thank for the influx in ultra-wealthy residents.

Transcript

00:00We think the people that tie their destiny to Montenegro,

00:04be it investors, employees, workers, managers,

00:10whoever is kind of invested into Montenegro's success,

00:16we give them tax benefits.

00:18And obviously we live from tourism as well,

00:20and the people have to, you know, when they visit our country,

00:24they pay VAT and excise tax, et cetera,

00:26and this is where we earn our fair share of the revenues for the country.

00:30But the people who really invest themselves into Montenegro

00:35are the people who will lower the tax rates for them.

00:39So CIT, you mentioned corporate income tax,

00:41is among the lowest in Europe, and soon it will be the lowest.

00:45PIT, various kinds of contributions that form a labor tax wedge,

00:51and we have by far the lowest labor tax wedge in Europe.

00:54And the reason is, again, because the people who come to Montenegro

00:58to tie their destiny to Montenegro,

01:00we want them to be benefiting from this.

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