According to data of the Montenegrin Tax Administration, over 31.000 foreign-owned firms operate in Montenegro, generating nearly €199 million in revenue in 2024.
Economic observer, Vasilije Kostic, says the rise in foreign-owned businesses reflects the growing number of foreign nationals in Montenegro – a trend he views as beneficial for the domestic economy.
“These citizens are likely employed within their own firms, meaning they don’t place additional pressure on macroeconomic indicators or the state budget. A higher number of firms generally brings higher GDP, and destinations that attract business activity become more appealing to other investors,” Mr Kostic told RTV Podgorica, adding that the macroeconomic benefits of such growth are important provided the businesses operate legally.
According to official figures, Turkish nationals own the largest share of foreign firms in our country making up 33%, that is, 9.818 businesses. Russian-owned companies account for 24% (around 7.200), while Serbian companies rank third with 11% (3.220). They are followed by Ukrainian, German, and Italian companies.
