Montenegro is already an established touristic destination in Europe, however, the authorities hope for 2018 to be one of the best years so far and the revenues from touristic activities to have a greater contribution to the country’s Gross Domestic Product (GDP). The numbers registered until now indicate that this season will bring more tourists compared to last year, so if you want to open a company in tourism, our lawyers in Montenegro can guide you.

Revenue from tourism activities could reach 1 billion euros this year

Montenegro is one of the most sought touristic destinations on the continent, even if its coastline spans on 300 kilometers, representing one of the shortest coastlines to the Adriatic Sea. Nevertheless, the affordable prices and the impeccable services offered by companies in Montenegro attract many tourists every year. In 2017, for example, the revenue generated by companies in the tourism sector was 900 million euros. This year, the same companies and the authorities expect to have a total income of nearly 1 billion euros, the highest income since 1987, the best summer season registered by Montenegro.

June was a very good month for the tourism industry in Montenegro, as companies registered an 11% increase compared to the same month of the previous year with respect to hotel, camping and resort arrivals. Also, the number of nights spent in these accommodation units rose by 5.3% during the same period, compared to June 2017.

Our law firm in Montenegro can help foreign entrepreneurs who want to invest in tourism.

A higher number of Western countries visitors in Montenegro

Even if Russian and Serbian citizens represent the largest share of tourists in Montenegro, this summer season marked a higher number of tourists from Western Europe and from Scandinavia. Another first was the greater number of Turkish, Chinese and Middle-Eastern tourists coming to Montenegro.

Since the beginning of the year, almost 170,000 tourists have entered Montenegro and the overall growth during the first half of the year was of 22% compared to the same period of 2017.

At the moment, tourism represents over 23% of Montenegro’s GDP and accounts for more than 30% of the employment market. If you want to invest in this prolific sector, please contact our Montenegro lawyers.