Porto Montenegro to invest €500 million over next decade

Porto Montenegro is the Mediterranean’s leading luxury yacht marina and is to invest €500 million over the next 10 years to become a year-round destination and business hub.

Porto Montenegro, Montenegro

The statement was originally issued at a private gathering during the Monaco Yacht Show 2019 following the Mediterranean’s most successful luxury yacht chartering seasons. Danilo Kalezic, Porto Montenegro Senior PR and Marketing Manager said during his speech:

“We are currently only building on 30 percent of a vast 24 hectares that once belonged to the Arsenal, a former Yugoslav naval base: To date we have invested €500 million and I believe that in the next 10 years, we’ll invest additional €500 million to develop half of the remaining land. This is difficult to predict because the site study is still being adopted but we’re on the right track.”

During the summer luxury yacht charter season, Porto Montenegro acted as host to numerous events, including the very first RC44 Regatta, the Gigayacht Captains’ Forum, and the Sunreef Yachts Rendezvous in addition to Gumball 3000 Supercar Rally, the inaugural polo tournament and music, fashion and wine festivals, taking advantage of the personal tax of only 9% and corporate tax of 7% on marine-related businesses and their tax-free fuel.

Porto Montenegro to invest €500 million in the next 10 years

“All berths for yachts under 30m/98ft were fully occupied this summer and overall occupancy was 11.5% higher compared to 2018,” continued Danilo Kalezic. “In the winter season, we recorded a 10.5% increase compared to last year. Over 30 metre berthing is expected to exceed 2018 by the end of the winter as the Bijela shipyard and new pre-Bijela offers draw positive attention from the market.”

The recently completed Regent Pool Club Residences which consist of two wings – AQUA and BAIA – are filled with apartments and penthouse suites that will further draw visitors and residents to the area. in addition to the five-star Regent Porto Montenegro hotel.

In conjunction to the leisure side of Porto Montenegro, the business aspects are also being developed to provide new co-working spaces and office hubs: The Ambulanta Club will provide new offices close to the Arena and Blue Room venues with gaming facilities including laser clay shooting and archery also nearby.

The first family office for new business residents welcomed Monte Carlo Yachts, Beneteau and Sunreef Yachts in 2019.

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