Visit-Montenegro.com: Natural and tax paradise

(June 29, 2009) Tivat – New marina for super yachts and the future nautical center “Porto Montenegro” which is being built in Tivat by the “Adriatic Marinas” company, owned by Canadian magnate Peter Munk, hit the headlines of the word’s most popular magazines.

Nonetheless, Friday opening ceremony of the first phase of Tivat marina was presented in the latest edition of the respectable magazine the “Financial Times” which is entirely dedicated to nautical industry.

In the article titled “New Cool Port”, a journalist of “Financial Times” Claire Wethol wonders if Porto Montenegro will “draw away rich people and their luxurious yachts from the French Riviera”. While writing of the “amazing beauty” of the Bay of Kotor she quoted Lord Byron’s description of this coast as “the most beautiful encounter between land and sea”. She emphasizes that new elite nautical center and marina with 130 berths for super yachts long up to 180 meters and 500 berths for smaller boats will sprout exactly in this perfect surrounding.

(Paraphrased) - Inner port of Porto Montenegro consists of elegant jetties paved with grey stone which is sourced and refined locally and decorated by big palm trees from Spain and illuminated by specific light fittings installed in unusual water fountains made of authentic stone olive grinders. The landscaping is the vision of the architect Martin Lane Fox. Porto Montenegro is the future “nautical community” composed of luxurious, residential and apartment facilities made of stone and designed to fit in the local architecture to the greatest extent – roofs made of clay tiles, narrow streets between the buildings, inner yards with open pools – reported the prominent magazine reminding that the first stage of new marina is just opened offering 85 berths “whole year before scheduled deadline since the first apartment building with 29 flats will be finished in 2010”.

The “Financial Times” reported of the concept genesis for building Porto Montenegro in the area where Arsenal, the former military shipyard from 19th century, was once and it is stated further that “it is in a way symbolic that the legacy of mighty Austro-Hungarian Empire was breathed new life into by a man born in Budapest – Peter Munk, even if he considers himself a Canadian.”

(Paraphrased) - This is not the biggest thing that I have done so far, but in terms of pleasure and fun, building Porto Montenegro out of nothing is certainly one of the most exciting things that I have done in my life – Peter Munk says adding that Porto Montenegro will be gradually developed and built into the best marina for mega yachts in this corner of the world.

What followed is the reminder of earlier celebrity visits to Montenegrin coast in the second half of 20th century - such as the British Royal family, film stars Sophia Loren, Elizabeth Taylor, Richard Barton, Sidney Poitier, Kirk Douglas, Klaus Kinski and Richard Widmark.

“The Financial Times” writes that Porto Montenegro altogether with the nearby project of Aman Resorts on Sveti Stefan, tends to bring again these prestigious clients to Montenegro on regular basis.

(Paraphrased) - Montenegro and Porto Montenegro are also attractive havens for yacht owners in terms of taxing policy. There are no taxes and customs in Porto Montenegro, and service tax charges are 7 percent. Also, there is no capital gains tax on selling property – it is stated in the magazine.

When asked by “Financial Times” whether Porto Montenegro is destined to become the best marina in Europe, Peter Munk replied:

(Paraphrased) “The market situation may be difficult now, but in my opinion we are in the right place, at the right time and in the right location to make it. Porto Montenegro is close to Venetian, Dalmatian and Greek coast, 40 minute-flight from Rome, two-hour-flight from London and two and a half hours from Moscow. In any case, whatever happens in the world we still have to enjoy life and people with yachts will always need a place where to keep them” – concluded Munk.

By S.L.