The Collection Magazine vol. 32 by The Collection magazine

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THE COLLECTION Luxury T R E A S U R E

T H E U LT I M AT E

ST. REGIS BELGRADE IS THE BEATING HEART OF BELGRADE – EXCLUSIVE INTERVIEW WITH MR. NIGEL COOK, GENERAL MANAGER MAMULA ISLAND STEP INTO A NEW WORLD

Cover image:

CHEST SHOWCASING THE BEST OF THE REGION

MAGAZINE

Volume 32 | Summer - Autumn 2022

THE DEFINITIVE LIFESTYLE MAGAZINE | MAGAZIN O VISOKOM ŽIVOTNOM STILU

STORIES – PRESENTATION OF THE UNIQUE HOTELS OF CROATIA THERE IS SO MUCH TO BE EXPLORED INTERVIEW WITH MS TESSA GORMAN, GENERAL MANAGER OF ONE&ONLY PORTONOVI

PORTONOVI No better place for a home by the sea IN OUR SUMMER 2022 EDITION, ENJOY A SNEAK PEEK INSIDE THE NEW DIORIVIERA POP-UP AND CONCEPT STORES AT DIOR PORTO MONTENEGRO. EXPLORE THE ICONIC HISTORICAL ESPLANADE ZAGREB HOTEL. VISIT LA NAVA DEL BARRANCO - ONE OF THE FINEST PRIVATE ESCAPES IN EUROPE. WITNESS IN AWE LUŠTICA BAY - A SPECTACULAR TOWN EMERGING. WE CELEBRATE THE SUCCESS OF THE 20TH ANNIVERSARY WITH CREATORS OF WHISKY INVESTMENT, ATTRACTING 50 INVESTORS OF SCOTCH WHISKY TO MONTENEGRO. JOIN US IN THE LAUNCHING OF SALON PRIVÉ AND DISCOVER MONTENEGRO’S FIRST PRIVATE MEMBERS CLUB. LAZURE HOTEL & MARINA – BRINGING TOGETHER THE PAST AND THE FUTURE INTO ONE DESTINATION. BOOK YOUR CRUISE WITH THE TOUCH OF A BUTTON - ALLEGRA KRSTARENJA DELIVERS A BRILLIANT NEW ROYAL CARIBBEAN WEBSITE AND MUCH MORE.

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CONSTELLATION COLLECTION

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HAPPY HEARTS COLLECTION

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IMPRESSUM THE COLLECTION UREĐUJE I IZDAJE / EDITING AND PUBLISHING The Collection d.o.o. Podgorica Ulica Vukice Mitrović 16B 81000 Podgorica T: +382 20 655 717 sales@theluxurycollection.me GLAVNI UREDNIK / EDITOR-IN-CHIEF Sofija Aćimović DIZAJN, PRIPREMA ZA ŠTAMPU / DESIGN, PREPRESS DesignBox.me TEKSTOVI / TEXTS George Roberts, Miodrag Spahić, Miloš Duletić, Marija Crnjak, Sofija Aćimović, Milica Nicović ART DIREKTOR / ART DIRECTOR Jadranka Simonović TEHNIČKI UREDNIK / TECHNICAL EDITOR Miodrag Spahić FOTOGRAFIJA / PHOTO U magazinu su korišćene fotografije institucija i kompanija oglašivača NASLOVNA STRANA / COVER PAGE Cover image: Portonovi, Montenegro Photo credit: Portonovi, Montenegro OGLAŠAVANJE / ADVERTISING Miodrag Spahić +382 67 305 035, sales@theluxurycollection.me Miloš Duletić +382 67 261 817, milos@theluxurycollection.me Sofija Aćimović +381 63 440 047 sofija.acimovic@thecollectionmags.com PREVODIOCI / TRANSLATORS Sanja Stojović LEKTORI / PROOFREADERS George Roberts ŠTAMPA / PRINTING BY DPC - Grafotisak, Grude TIRA Ž/ COPIES 8.000 Rješenjem Ministarstva kulture Crne Gore list je upisan u Evidenciju medija pod rednim brojem 693. Copyright@2021, RLC Montenegro CIP - Каталогизација у публикацији Централна народна библиотека Црне Горе, Цетиње 338 . 48 (497 . 16) (05) The Collection / urednik Sofija Aćimović . - Vol. 32 (2022) - . - Podgorica (Vukice Mitrović 16 B) : RLC Montenegro, 2011. - 33.5 cm OSNIVAČI / FOUNDERS Rade Ljumović, Kieran Kelleher Kvartalno. - Tekst na engleskom, crnogorskom, srpskom, hrvatskom, bosanskom i slovenačkom jeziku. ISSN 1800-9077 = The Collection, Montenegro (Podgorica) COBISS.CG-ID 18421264

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Luštica Bay

CONTENTS

WINE, DINE & ACCOMMODATION THERE IS SO MUCH TO BE EXPLORED INTERVIEW WITH MS TESSA GORMAN, GENERAL MANAGER OF ONE&ONLY PORTONOVI

WINE, DINE & ACCOMMODATION ESPLANADE ZAGREB HOTEL, THE HISTORICAL LANDMARK OF ZAGREB THE PERFECT BLEND OF HISTORY AND TRADITION, EXCEPTIONAL ART DECO STYLE, TOP-NOTCH SERVICE AND OLD-WORLD GLAMOUR

WINE, DINE & ACCOMMODATION

THE ST. REGIS THE BEATING HEART OF BELGRADE - INTERVIEW WITH MR. NIGEL COOK, GENERAL MANAGER

MAMULA ISLAND STEP INTO A NEW WORLD

LAZURE HOTEL & MARINA CONVERGENT TRAVEL EXPERIENCE TO HISTORY AND MODERNITY

Beovision Harmony & Beolab 28 A M AG I C A L H OM E C I N E M A E X P E R I E N C E

www.bang-olufsen.com

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110 124 WINE, DINE & ACCOMMODATION

SALON PRIVÉ - DISCOVER MONTENEGRO’S FIRST PRIVATE MEMBERS CLUB

CELEBRATING SUCCESS WITH CREATORS OF WHISKY INVESTMENT SWI MONTENEGRO

CONTENTS

WINE, DINE & ACCOMMODATION

TRAVEL & DESTINATIONS STORIES CROATIAN UNIQUE HOTELS

134

TRAVEL & DESTINATIONS THERE IS NO BETTER PLACE FOR A HOME BY THE SEA THAN PORTONOVI

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TRAVEL & DESTINATIONS

TOURISM IN CROATIA IS BOUNCING BACK, BUT INFLATION IS THE BIG CONCERN

LUŠTICA BAY A SPECTACULAR TOWN EMERGING

LA NAVA DEL BARRANCO ONE OF THE FINEST PRIVATE ESCAPES IN EUROPE

INTRODUCTION

Miodrag Spahić, Director, The Collection Magazine

Sofija Aćimović, Editor in Chief - Digital The Collection Magazine

fter two years of not being able to travel 'all over the world', we missed being present on all the meridians, but we used this period to explore the surroundings. We have found amazing things and decided to be in the region this summer. Due to the pandemic, great interest was shown for the local tourist and hospitality offer, which was wind in the sails and luck in the misfortune, so now that we are getting back on our feet and returning to normal, having a fantastic regional offer. The main section of the highway through Montenegro has finally been completed, which will make the trip to the Montenegrin coast much easier for tourists coming from Serbia. This is the largest infrastructure project in Montenegro - over one billion euros worth, which connects the central and northern region and provides for faster development of the north. Accor continued to expand its business in Serbia and now they have a third hotel in their portfolio - it is the "Fruske Terme" resort, which is now part of the "Movenpick" brand. Everyone is impatiently waiting to see the impressive building – The Belgrade Tower, which will be the home to one of the world's most luxurious hotel brands - St. Regis of the Marriott family. As for Croatia, we witnessed the opening of the first 5-star hotel in Makarska - Aminess Khalani Beach Hotel with 299 accommodation units, as well as a beautiful reconstructed villa from the 19th century in Istria, Palazzo Rainis. The Michelin Guide has again confirmed the excellence of Croatian restaurants this season and confirmed stars for 10 of them, while 84 restaurants have one of the prestigious MICHELIN symbols.

From August, the Mamula Island Hotel will appear on the map of must-visit places, and there is already a waitlist for it. For those who would rather avoid the hustle and bustle of the seaside, hedonism with a capital H can be experienced in numerous wineries in Croatia, Slovenia and Serbia. This increasingly popular way to recharge batteries is primarily intended for those who love wines, but also ones who love green landscapes and excellent food from small local productions. This summer will certainly be marked by a major crisis in air transport. Large crowds and lack of staff at airports make travel exhausting and uncomfortable. There are also waiting lists for private flights, so the expansion of that type of travel is noticeable. In addition, this year's Spring Venice Boat Show had more visitors and buyers than before the pandemic. As for the investment sector in Belgrade, the growth trend and increasing demand are still its characteristics. Some of the most interesting projects are certainly the long-announced Dorćol Marina, Belgrade Waterfront, Tesla Palace in Kragujevac, Wellport... Finally, the most important is that we enjoy everything that happens to us and live every moment with eyes wide-open in the company of people we choose, since summer is the time for rest and precious and luxurious moments offline.

Welcome! Sofija Aćimović

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TRAVEL & DESTINATIONS

WHAT’S ON AT PORTO MONTENEGRO THIS SUMMER

DIOR UNVEILING - NEW DIORIVIERA POP-UP AND CONCEPT STORES

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TRAVEL & DESTINATIONS

NEW INVESTMENT OPPORTUNITIES – UNIQUE MOUNTAIN GETAWAY KOLAŠIN

BOOK YOUR NEXT CRUISE LIKE A PRO - ALLEGRA KRSTARENJA

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ART, ARCHITECTURE, DESIGN & WELLBEING

MUST HAVE ACCESSORIES

ART AT ITS FINEST AT THE RECENTLY OPENED ART CENTRE IN MOSTAR

EXCELSIOR PORTO MONTENEGRO ULYSSE NARDIN NOVELTIES 2022

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MUST HAVE ACCESSORIES

REAL ESTATE & INVESTMENTS

EXCELSIOR PORTO MONTENEGRO OMEGA NOVELTIES 2022

TAX TREATMENT AND TAX OBLIGATIONS WHEN SELLING REAL ESTATE IN SERBIA & MONTENEGRO

T H E NE W

PROTAGONISTA SAVREMENOG LUKSUZA. bmw-voli.me

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EUROLUCE d.o.o. Donja Gorica, Podgorica 069 033 055 www.luceitalia.me oﬃce@luceitalia.me

B U L G A R I E A U PA R F U M É E H O T E L L I N E Bulgari has devoted itself to the art of hospitality and it has brought the excellence and savoir-faire of its unique jewellery heritage into the making of its perfumes. The Eau Parfumée collection is an expression of olfactive craftsmanship that captures the very essence of the Maison’s refinement and elegance. Vibacom is delighted to be associated with the renowned Italian Maison and to allow your hotel guests to embark on a sophisticated sensory journey during their stay.

C R O C O N TA C T

M N E C O N TA C T

S R B C O N TA C T

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+382 67 629 747 vibacom@t-com.me

+381 65 5488 773 gm@vibacom.rs

THE ART O F R E A L ESTAT E

+382 67 3 1 0 006 | i nfo @so the bysre a l ty. me www. so the bysre al ty. me

WINE, DINE & ACCOMMODATION 46

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www.tivat.travel MONTENEGRO

Ms Tessa Gorman, General Manager of One&Only Portonovi

THE COLLECTION

WINE, DINE & ACCOMMODATION

THERE IS SO MUCH TO BE EXPLORED INTERVIEW WITH MS TESSA GORMAN, GENERAL MANAGER OF ONE&ONLY PORTONOVI

MONTENEGRO

"My day as a GM is quite busy, fulfilled, and exciting. One&Only Portonovi is a very large property – we are spread on 16 acres, with 123 accommodation units and we have 530 colleagues during high season. "

Resplendent at the entrance of Boka Bay, a fjordlike idyll on Montenegro’s Adriatic Sea, One&Only Portonovi is the jewel of Europe’s most fashionable new riviera. A rare nautical playground offering fresh air adventures through sapphire waters, dramatic forests, and medieval towns. Perfectly balanced with the chic, water-front relaxation, world-class dining, and pioneering wellness. For more information, please visit: oneandonlyresorts.com/portonovi

ow did you decide you wanted to dedicate your career to the hotel business? I always had a passion for travel, experiencing new countries and discovering magical new cultures. In 2006 an ex-colleague asked me to join her team at an ultra-luxury resort in Thailand, and from there my passion for hospitality developed. I really enjoy the diversity of my day-to-day role: from meeting inspiring guests and colleagues from all walks of life to exploring and creating bespoke unique experiences or spending time with engineering trying to figure out what makes the infrastructure tick. It challenges my brain and creativity in every way which drives my enthusiasm and energy. How has the concept of luxury in hotels changed since your beginnings? The fundamentals of luxury travel have not specifically changed in my opinion, but rather the fabric and essence of what luxury hospitality means as a way of life. The foundations remain the same: to provide incredible, anticipatory service and create unique once-in-a-lifetime

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moments for a clientele who experience the best of the best worldwide. How to exceed these expectations is the evolution of luxury hotels through the years. Constantly evolving, developing, and challenging creates an environment of luxury innovation whereby when we arrive at the peak we reach for the stars.

What are the biggest challenges for a woman running a hotel? My biggest personal challenge is the work-life balance. Taking care of my home, myself and my son and allowing time to exercise and relax whilst loving my career and the challenges of my day-to-day position. What does your typical day in One&Only Portonovi look like? My day as a GM is quite busy, fulfilled, and exciting. One&Only Portonovi is a very large property – we are spread on 16 acres, with 123 accommodation units and we have 530 colleagues during high season. We perceive our colleagues as another family, where everyone has a chance to shine. From morning briefings, catching up on correspondence, liaising with the owners, walking the property, or catching up with the team, to making decisions, small or big, each day is different and brings many new experiences. One of the most important and thrilling tasks I do is interacting with the guests. I just cannot hide my joy and pride when I hear them talking highly about Montenegro as a destination, One&Only as a brand, and our colleagues, who helped them create everlasting memories. What makes Portonovi a different destination than the ones you worked for before? I’ve never worked in Europe before, so Montenegro is a completely different landscape for me. It’s a different culture and a different business environment. Another difference is that One&Only Portonovi is a seasonal property which operates all year round with the support of our

incredible Chenot Espace concept. I see these as new challenges, and I look forward to exploring different ways to handle and operate this amazing property. This country is a hidden gem, and we want our guests to discover and explore it throughout the year.

guests of any age and passion. The most important thing at the end is the experience, the feelings, and the memories that remain – and that’s what we do at One&Only Portonovi – we create amazing experiences and everlasting memories.

After the long pandemic period what are the current challenges of the industry? I think the challenges at the moment are a reflection of the global political tendencies and the changes in the economic sphere induced by both the current political situation and the long pandemic behind us. However, the period behind us has taught us that the hospitality industry is quite resistant and showed us the importance of flexibility. That is, in my opinion, one of the positive impacts of the pandemic, if I may say so – businesses recognized that being able to adapt rapidly to new conditions is the most important advantage you can have in a new reality. We’ve also learned the importance of transparent and fast communication, with partners, guests, the media, and most importantly with colleagues, who have been and always will be the most important link in hospitality. Having this in mind, I am positive that we will overcome these new challenges on a global scale.

What will the summer be like in One&Only Portonovi, what can your guests and visitors expect? Simply put - summer at One&Only Portonovi brings joy. Our guests can expect bespoke experiences for every age and passion, complemented by the exceptional level of service that One&Only is renowned for. With ultimate privacy and seclusion, One&Only Portonovi offers unrivalled glamour, unique activities, world-class restaurants, and state-ofthe-art wellness. All amid the stunning scenery of Boka Bay, the charms of UNESCO-protected old towns, incredible nature, and the rich culture of Montenegro. Our resort provides a perfect setting for unforgettable, once-in-a-lifetime experiences.

How have consumers changed, what is important for them now? The pandemic has shaken the industry tremendously. A lot of operational and internal processes needed to be changed and businesses needed to adapt to the new reality. The health concerns and social distancing resulted in more rigid sanitation programs as well as the rising popularity of private accommodation, such as villas, compared to regular rooms and suites – and these trends still remain. Travellers are focusing on well-being and spending time with their loved ones, and surveys show that this trend will continue in the next few years. So multigenerational travel is on the rise, and travellers search for places that offer not just leisure, but health and wellness facilities, with plenty of space. I’m happy to say that One&Only Portonovi has anticipated all of these and has the advantage of offering extensive spaces for privacy, the state-of-the-art Chenot Espace wellness centre for scientifically proven wellness, many innovations in terms of guest services, as well as unique activities for

"With ultimate privacy and seclusion, One&Only Portonovi offers unrivalled glamour, unique activities, world-class restaurants, and state-of-the-art wellness. All amid the stunning scenery of Boka Bay, the charms of UNESCOprotected old towns, incredible nature, and the rich culture of Montenegro."

MONTENEGRO

"Our amazing team of chefs uses only the best of local produce to create perfect menus that are as memorable as they are tasty."

From #S7venSins, our newest event series that brings world-renowned DJs to Tapasake, making it the ultimate party destination on the Adriatic, to the serene moments at our revolutionary Chenot Espace wellness centre; From sparkling pools and a private sandy beach for relaxing, to the Tipsarević Luxury Tennis club or hiking tours for an active vacation; From romantic private dining experiences to indulging in an Italian fare at Sabia or contemporary Turkish cuisine by Mehmet Gurs and Cihan Cetinkaya at KOR; activities for the little ones at our KidsOnly, or beautiful excursions to discover the secrets of Boka Bay, Montenegrin coast and other parts of this beautiful country – One&Only Portonovi has It all.

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One of the unique offerings of your resort is the Chenot programme. Who is this wellness type of holiday aimed at? We are very proud to be able to offer a 360-approach to wellbeing through our exclusive partnership with the renowned Swiss brand Chenot. This partnership set completely new standards for resort wellbeing, offering state-of-the-art, science-based treatments together with the extraordinary level of luxury and service that One&Only is renowned for. The programmes and wellness type of holiday we are offering are aimed at all those who want to optimize their health and increase vitality amid a stunning backdrop of Boka Bay and One&Only Portonovi.

How important are gastronomy and shopping in a luxury resort? Gastronomy is a very important segment at luxury resorts, as flavours and scents easily evoke and transfer memories, adding to the overall hedonism and enjoyment. At One&Only Portonovi, we focus on both the local tastes and international cuisines. Our amazing team of chefs uses only the best of local produce to create perfect menus that are as memorable as they are tasty. We tend to offer diversity in each area, so in the gastronomy segment, we offer Mediterranean cuisine inspired by Montenegro, Turkish cuisine, Italian flavours, as well as contemporary Japanese blends. When it comes to retail, we are guided by the same philosophy – in our NEO boutique, we promote the sense of destination by showcasing local and regional designers who are creating capsule collections for One&Only Portonovi, and on the other hand, we show the best of international niche luxury brands.

"We are very proud to be able to offer a 360-approach to well-being through our exclusive partnership with the renowned Swiss brand Chenot. This partnership set completely new standards for resort wellbeing, offering state-of-the-art, science-based treatments together with the extraordinary level of luxury and service that One&Only is renowned for."

MONTENEGRO

A VALUABLE ADDITION TO THE DOMESTIC INTERIOR DESIGN SCENE

he well-known Dutch brand has arrived in Montenegro thanks to the renowned company TREND from Serbia, which has been one of the leading companies in the region in textiles furnishing for more than 30 years. By becoming EICHHOLTZ’s exclusive representatives, the company has expanded its range of services, offering their customers the possibility to fully equip their premises.

Turning out into a top style destination in Belgrade for all those who want luxurious, glamorous interiors, the new EICHHOLTZ showroom, opened its doors in PORTONOVI and brought the spirit of glamour in the heart of the new luxury destination in Montenegro. For true connoisseurs, EICHHOLTZ is well known in the world of design, as a brand of top quality combined with unrivaled elegance. These are pieces that are intended for those

who strive for real and original things, made of materials such as natural wood, leather, textiles, glass and steel. Over the years, EICHHOLTZ has become one of the most famous brands of luxury, designer furniture, lighting and accessories and found its place in more than 10,000 hotels, restaurants, clubs and boutiques around the world. If you are a passionate lover of beauty, EICHHOLTZ is the right address for you.

TREND & EICHHOLTZ SHOWROOM – PORTONOVI, Kumbor, Montenegro TREND & EICHHOLTZ SHOWROOM – Ustanička 125, Belgrade, Serbia INSTAGRAM @eichholtz.serbia @eichholtz.montenegro

WEBSITE www.trendenterijeri.rs www.eichholtz.com

CONTACT office@trendenterijeri.rs +382 (0) 31 338862 / +381 (0) 11 2420417

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Where home feels like an escape Tucked away at your own wellness retreat in the Alps or reuniting with family at a cliffside Mediterranean villa, our private escapes are designed to feel like home.

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ADVERTORIAL

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WINE, DINE & ACCOMMODATION

ESPLANADE ZAGREB HOTEL

THE HISTORICAL LANDMARK OF ZAGREB THE PERFECT BLEND OF HISTORY AND TRADITION, EXCEPTIONAL ART DECO STYLE, TOP-NOTCH SERVICE AND OLD-WORLD GLAMOUR

C R O AT I A

In the early 20th century two of the most well-known hotels of the time became far too small for the increasing number of passengers who arrived in Zagreb stepping off the famous Orient Express.

1925, drew over 200 distinguished The Esplanade Hotel is by guests, including Mayor Heinzel far the best known and most of Zagreb. Journalists wrote words luxurious hotel in Zagreb predicting a bright future on an and the region. Recently international level, and among the hotel marked its 97th year first guests of the hotel was a Mr. since it first opened its Glück (German for happiness), doors. Its timeless elegance, which was an indication that this sophistication and charm, prediction was to become true. And so it was! which back in 1925 attracted passengers of the famous Orient Express, today is considered an elite venue and cultural historic icon of Zagreb. Known CENTRE OF ZAGREB'S SOCIAL LIFE as the temple of comfort and cuisine, during the nineties it The hotel was luxurious, sophisticated, and extremely comfortable, positively kept up with contemporary trends, while equally equipped with the latest advances of modern science. There were two fostering the harmony of tradition and the past.

BUILT FOR THE PASSENGERS OF THE ORIENT EXPRESS

n the early 20th century two of the most well-known hotels of the time became far too small for the increasing number of passengers who arrived in Zagreb stepping off the famous Orient Express. In order to meet the changing needs of the city, the construction development of a new luxurious hotel imposed itself as a priority. The hotel was to be built on a vast open field (Spanish: Esplanade) close to the railway station - once, the only link with Europe and the rest of the world - which was one of the stops of the prestigious Orient Express enroute between Paris-Venice-Istanbul. In 1917 an international tender was announced which attracted numerous excellent architects of the time. The success came to a German, Otto Rehnig, whose original plans were reworked by Dionis Sunko, who today is considered the architect of this masterpiece of architecture of the “Belle Époque”. The construction of the largest hotel in Zagreb took place over a mere 26 months. The opening ceremony, on 22 April

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hundred rooms available with running hot and cold water, one hundred bathrooms, a phone in every room, numerous apartments, salons, and restaurants with excellent cuisine and a magnificent ballroom decorated with iconic columns and sculptures. The impact that the Esplanade had back then upon the social life of the city is best evidenced by recent common opinion that “once you step inside, the experience is worth mentioning to your grandchildren”. It is not surprising that many generations have spoken in awe of the elegant and magical areas of the hotel. Famous sentence of the writer Miroslav Krleža who once said that the ‘Oleander terrace is the border between Balkans and Europe’ best describes the perception of the Esplanade Hotel as one of the most prestigious places in Zagreb and region.

GOLDEN GUEST BOOK

This “most fashionably appointed hotel of Central Europe” attracted many famous personalities. Various diplomats and world statesmen have stepped through the doors of the Esplanade such as Queen Elizabeth II, Nikita Khrushchev, Leonid Brezhnev, Richard Nixon, Josephine Baker, Charles Lindbergh and Orson Welles. Recent names include Depeche Mode, Simple Minds, U2, R.E.M, Robbie Williams, Joe Cocker, Sting,

Lenny Kravitz, José Carreras, Chris Rea, Sade, Shakira and Maestro Ennio Morricone, not to mention stars of film and TV including Courtney Thorne-Smith, Orlando Bloom, Armand Assante, Hugh Laurie, Rami Malek and a host of others. The hotel has often been home to many athletes and sports personalities who have stayed in Zagreb: from David Beckham, Cristiano Ronaldo, Pep Guardiola to endless famous basketball, handball and football teams. Politicians, diplomats and royalty are frequent hotel guests. First Lady of the United States and Secretary of State Hillary Clinton, Prince Albert II of Monaco, Princess Anne, Emir of Qatar, Japanese Prince and Princess Akishino, Swedish King Carl Gustaf XVI and Queen Silvia, the Danish Queen Margareta II and Prince Henrik, Prince Charles and many others. The hotel has also hosted famous Brazilian writer Paulo Coelho, renowned photographer Peter Lindbergh, violinist Julian Rachlin, British artists Gilbert & George, designer Karim Rashid, DJ David Guetta, music producer Dave Clark, musician Maksim Mrvica and many others. These are just some of the distinguished guests who signed the Esplanade guestbook and of course, certain celebrities, statesmen, and politicians chose to pass through the hotel incognito.

RETURNING TO ITS ORIGINAL GLORY

In 2002, the Esplanade entered a new phase as the hotel closed its doors followed by a complete renovation. Zagreb experts responsible for shaping the hotel and an architecture design company based in London, called MKV Design, led by award-winning interior designer Maria Vafiadis, had a mission to renovate the hotel and return it to its original glory. Finding original designs and photographs greatly assisted the redesigning of the hotel which finally found the right balance between the Neoclassical and Art Deco style of the existing building and the introduction of modern elements appropriate to a luxury hotel at the beginning of the 21st century. Following two years of extensive restoration and demanding work, the Esplanade Hotel reopen within the familiar splendour and new image. Once again, the Esplanade has regained the title as the centre of the social life of the city, as the hotel has become a favourite meeting place for business people, celebrities,

journalists and all those who admire exceptional service and luxurious surroundings.

INDULGENT AND INSPIRATIONAL

The elegantly modern interiors and enchanting combination of Art Nouveau architecture, highly personalized service, and state-of-theart trends in technology afford each guest an unforgettable stay in this historic hotel, located near all the city's notable landmarks. Each of the thoughtfully designed and spacious rooms and suites offers not only traditional Hollywood glamour and a true sense of 'home', but also free superfast Wi-Fi, access to the hotel's Health Club, and many other innovative services. Any of the hotel’s numerous flexible spaces, including the magnificent Emerald Ballroom, can serve as an ideal backdrop for a conference, celebration, magical wedding reception, open-air party or other unforgettable glamorous event in this ‘city of a million hearts’, as its charmingly dubbed.

Any of the hotel’s numerous flexible spaces, including the magnificent Emerald Ballroom, can serve as an ideal backdrop for a conference, celebration, magical wedding reception, open-air party or other unforgettable glamorous event in this ‘city of a million hearts’, as its charmingly dubbed.

C R O AT I A

Finding original designs and photographs greatly assisted the redesigning of the hotel which finally found the right balance between the Neoclassical and Art Deco style of the existing building and the introduction of modern elements appropriate to a luxury hotel at the beginning of the 21st century.

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Ana Grgić Tomić, Executive Chef

A creative combination of modern Mediterranean cuisine, cosmopolitan trends, and an innovative culinary approach mixed with fresh ingredients from local suppliers transforms each plate into a work of art.

C R O AT I A

SOPHISTICATED CULINARY CONCEPTS

The lively Le Bistro provides a pleasant Parisian chic atmosphere and is as such the perfect choice for hosting dynamic business lunches, dinner with that special someone, or just enjoying the city’s finest cup of coffee with delicious cake.

The accommodation is supplemented by the exceptional culinary experiences made possible through Executive Chef Ana Grgić Tomić's uniquely modern interpretation of traditional Croatian cuisine. The sophisticated ambience and elegance of the Zinfandel's Restaurant, with its wellknown Oleander terrace and view of the park and fountain, offer an unforgettable fine dining experience. A creative combination of modern Mediterranean cuisine, cosmopolitan trends, and an innovative culinary approach mixed with fresh ingredients from local suppliers transforms each plate into a work of art. The selection of top-quality wines and champagnes in Zinfandel’s wine list, compiled by hotel’s sommelier, serve to further refine the culinary experience. The lively Le Bistro provides a pleasant Parisian chic atmosphere and is as such the perfect choice for hosting dynamic business lunches, dinner with that special someone, or just enjoying the city’s finest cup of coffee with delicious cake. Inspired by the ambience of the 1920s, the cosmopolitan Esplanade 1925 Lounge Bar offers a creative selection of cocktails, delicious bites and finest Afternoon tea, while a DJ takes care of the music. In the summer months, you can kick back and relax on iconic Oleandar terrace with a glass of bubbly. Keeping step with global culinary trends, the hotel has recognized certain guests’ special needs with regard to dietary restrictions, as such introducing kosher, halal, and gluten-free standards to make the experience carefree for everyone.

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INNOVATVE GUEST SERVICES

For years, the Esplanade has found itself at the forefront of hotel trends, and is the first hotel in Croatia and this part of Europe to have become a Tesla and Porsche Destination Charging point, which enables its guests, owners of these electric cars, the opportunity to charge their vehicles for free. The increased demand for quick and accessible internet motivated the Esplanade to offer its guests yet another novel and practical service - Wifi2Go for those wishing to surf the web wherever they are. Hotel developed specially designed App where you can find out more about the latest promotions, browse the attractive menu and wine list, order room service with just a few clicks and connect to your in-room smart TV with integrated remote control to easily choose channels and other hotel content. For those who wish to relax and unwind in the comfort of their own room, the Esplanade has created a selection of bath products inspired by the natural Esplanade SPA Ritual by L'Occitane.

ONE OF A KIND

The Esplanade Hotel, continues to follow its well-known tradition of discreet and elegant service at a high level, which guests always appreciate. A symbol of the city itself and a synonym for top-quality service and elegance, the Esplanade has succeeded in earning true regional star status, underlined by the numerous impeccable service awards it has been presented with. New trends within the hotel industry, the perfect blend of timeless elegance and tradition of a hotel with modern, dynamic, contemporary design and functionality has launched the Esplanade to the top of the list of most luxurious hotels in the region and equally, across the globe. The melding of tradition, refined taste, sophistication, extraordinary service and a unique, sincere tie to the city of Zagreb, its residents, and each and every guest all render the Esplanade one of the world's mustvisit unique hotels.

W: esplanade.hr E: info@esplanade.hr T: +385 1 4566 666 A: Mihanoviceva 1, 10000 Zagreb, Croatia

Various diplomats and world statesmen have stepped through the doors of the Esplanade such as Queen Elizabeth II, Nikita Khrushchev, Leonid Brezhnev, Richard Nixon, Josephine Baker, Charles Lindbergh and Orson Welles. Recent names include Depeche Mode, Simple Minds, U2, R.E.M, Robbie Williams, Joe Cocker, Sting, Lenny Kravitz, José Carreras, Chris Rea, Sade, Shakira and Maestro Ennio Morricone, not to mention stars of film and TV including Courtney Thorne-Smith, Orlando Bloom, Armand Assante, Hugh Laurie, Rami Malek and a host of others. C R O AT I A

A place where luxury meets nature! Istria, Croatia • www.san-canzian.hr • info@sancanzian.hr

@sancanzian

Chop slice, mix and stir! Let it boil, simmer, hiss! Be the chef! The kitchen is now open.

Porto Montenegro, Tivat Tel: +382 (0)67 054 959

Bulevar Džordža Vašingtona 3/9, Podgorica Tel: +382 (0)67 315 285

info@cubico.co.me www.cubico.co.me

The Square Nine Hotel features two restaurants - The Square, which offers contemporary, international cuisine in an elegant setting, and the EBISU restaurant, which offers Japanese specialties in a modern setting, on the hotel's rooftop terrace. In addition to the traditional and new style of sushi preparation, equal attention is paid to the offer of other specialties such as sea bass Aburi, crabs with soft shell, duck gyoza, different tempura, Unagi- eel that arrives directly from Japan. Ebisu has become a recognizable treasure in Belgrade's diverse gastronomic offer, which was recognized by MICHELIN and included in the guide for 2022. This reputable restaurant is named after the Japanese God, the patron saint of fishermen, and its rooftop terrace offers a modern ambiance, authentic Japanese cuisine, as well as a view of the most charming historical quarter of Belgrade. The Square restaurant with its new concept 'The Square

Experience' is also listed on the map of the MICHELIN guide, as a restaurant with authentic local products of a distinctly seasonal character. 'Seasons are something that inspires us and guides us in creating our offer.’ This approach is another step in achieving the mission of Executive Chef Dušan Todić, which is to provide the guest with an unforgettable experience, presented through the authentic tastes of local ingredients prepared in a unique way. A concept like this would not be possible without collaborators and suppliers, whom we choose based on the best quality food products from Serbia and the region. The path we have chosen distinguishes us as a representative of a new direction, which improves the tastes of Serbian products and makes them visible to guests from all over the world.

Studentski Trg 9, 11000 Belgrade, Serbia TEL: +381 11 33 33 510 reservations@squarenine.rs www.squarenine.rs

THE ST. REGIS THE BEATING HEART OF BELGRADE INTERVIEW WITH MR. NIGEL COOK, GENERAL MANAGER OF THE ST. REGIS BELGRADE AND THE RESIDENCES AT THE ST. REGIS BELGRADE

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WINE, DINE & ACCOMMODATION

SERBIA

The Long Gallery will be the heart of The St. Regis Belgrade welcome experience

The St. Regis Belgrade and The Residences at The St. Regis Belgrade will introduce the legacy of St. Regis Hotels & Resorts to Serbia for the first time with its rich heritage of tradition, innovation and luxury.

A veteran in luxury hospitality, with a career spanning more than 35 years, Nigel Cook begins a new chapter leading an extraordinary team as they prepare to debut The St. Regis Belgrade and The Residences at The St. Regis Belgrade. This iconic project will introduce the legacy of St. Regis Hotels & Resorts to Serbia for the first time with its rich heritage of tradition, innovation and luxury. Part of Marriott Bonvoy’s portfolio of 30 extraordinary brands, The St Regis Belgrade will introduce a new standard of hospitality to the region, defined by refined taste-making, modern indulgence and iconic celebrations.

hat can the future visitors expect at The St. Regis Belgrade? The inspiration for The St. Regis Belgrade came from the city itself and as a homage to Belgrade’s distinctively modern architectural heritage with a vision of innovation and style. The St. Regis Belgrade will reflect this modernist view of luxury. Its minimalist design approach will offer the perfect urban retreat for a new generation of travellers. Artfully inspired, The St. Regis Belgrade will offer a refined modern-day interpretation of St. Regis legacy. It is going to be the ultimate expression of contemporary luxury, representing an escape from the confines of formality, where guests will be able to experience sophisticated elegance and signature rituals redefined in an inspiring setting. The St. Regis Belgrade will have extraordinary rituals that are inseparably linked to a certain time of the day, many of which were created by Caroline Astor, the matriarch of the St. Regis Brand. These rituals are an integral part of the St. Regis brand and The St. Regis Belgrade

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will continue the tradition of the afternoon tea, Bloody Mary and Evening rituals by adding a local twist, offering a modern articulation of these timeless traditions and giving an opportunity to invite our guests to experience the legacy. The afternoon tea became a favourite pastime of many luminaries, including ‘The’ Mrs. Astor, who adopted the tradition at The St. Regis New York. For her, afternoon tea was a joyful occasion and an opportunity to host gatherings with close friends as a prelude to her grand galas. Today, this remains a quintessential St. Regis tradition. Keeping with the Belgrade culture of gathering and socialising around tea and coffee, The St. Regis Belgrade will offer guests an impeccable selection of refreshments and pastries in the inviting and intimate setting of our Patisserie and library. The Bloody Mary ritual started in 1934 when famed barman Fernand Petiot perfected his recipe for a vodka and tomato juice cocktail at The St. Regis New York’s legendary King Cole® Bar. The Bloody Mary remains the signature cocktail of the St. Regis brand. To celebrate this unique piece of our history, in addition to the original classic cocktail, The St. Regis Belgrade will craft its own unique, local interpretation, offering another memorable experience. The St. Regis Belgrade’s Sabrage Evening Ritual is to mark the transition from day to evening, designed to create a unique, daily social event where we invite our guests to come together and experience our legacy of celebration as would Caroline Astor when gathering her friends and family for a champagne toast. As the guests enjoy the experience of The St. Regis Belgrade and walk through its lobby, they will note a scent, Caroline’s Four Hundred inspired by the Astor’s annual ball in New York. The scent embraces all of the blooms that adorned her ballroom on that unforgettable evening in 1900. The beautiful and complex creation is to honour history and embrace modernity, while transporting guests to another place in time.

Mr. Nigel Cook, General Manager of The St. Regis Belgrade and the Residences at The St. Regis Belgrade

A veteran in luxury hospitality, with a career spanning more than 35 years, Nigel Cook begins a new chapter leading an extraordinary team as they prepare to debut The St. Regis Belgrade and The Residences at The St. Regis Belgrade. This iconic project will introduce the legacy of St. Regis Hotels & Resorts to Serbia for the first time with its rich heritage of tradition, innovation and luxury. Interior is a homage to Belgrade's architectural heritage

The guests of The St. Regis are captivated by your bespoke services. What is the philosophy behind this impeccable concept? At The St. Regis Belgrade we will cater to our guests’ personal passions and unique expertise, enriching their stays through exceptional offerings exclusive to St. Regis. We seek to inspire and enlighten, transporting guests and exceeding expectations with experiences beyond imagination, while at the same time preserving our guests’ most precious resource – time – with a dedication that borders on obsession, so they can save it, or luxuriate in it. We will create a perfectly appointed sanctuary where every guest can relax, unwind, and indulge – in privacy and style. We know that The St. Regis brand chooses the addresses that John Jacob Astor would have chosen himself. What drew the brand to Belgrade Waterfront and Serbian capital and what will be the unique signature of the St. Regis Belgrade? Belgrade has been rebuilt over forty times during its history. Today, Belgrade continues to build, evolve and define itself as a dynamic, smart, tech-savvy city, best exemplified by the Belgrade Waterfront, a modern urban vision and innovation. The House of Astor refers to the unique

expression of each St. Regis Hotel at its respective location and The St. Regis Belgrade is the urban retreat envisioned for the modern-day John Jacob Astor IV, so it is only natural that this shared vision came together. The minimalist design approach of The St. Regis Belgrade will place it at the pinnacle of modernist style and innovative luxury. Belgrade is widely known for the lifestyle of its denizens. How did you incorporate this into the idea of The St. Regis Belgrade? It’s been said that drinking coffee is a full-time job in Belgrade. The Serbian capital is known for having a Mediterranean joie de vivre, with a plethora of neighbourhoods having many cafes and bars, buzzing through the day and into the late hours of the night, the tradition of Belgrade is closely linked with kafanas (meaning coffeehouse) which dates back to the XVI century. The Patisserie at The St. Regis Belgrade will be the locale to enjoy this Belgradian coffee culture in the setting of refinement and attaining new heights for the kafana, arousing the taste buds with delicious pastries, entremets and fresh baked burek to name a few.

Lobby of The Residences at The St. Regis Belgrade SERBIA

The Residences at The St. Regis Belgrade offer a privileged lifestyle experience

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"With Belgrade’s rich history of metal work, from small jewellery pieces to larger architectural décor, it is no surprise that this tradition continues and will be a key element in the design of The St. Regis Belgrade, weaving the intricate detailing of metal into the bold statement pieces that define the individually unique spaces of the hotel."

SERBIA

Holistic spa experience enlivens all senses

"The international atmosphere that prevails in the resort and the top quality of the offer and service have attracted a large number of real estate buyers who wanted to build their home on the sea right here, away from the city bustle."

How does the new property incorporate more historic parts of Serbian culture into the hotel’s design, specifically thinking about the long tradition of Serbian artisans? With Belgrade’s rich history of metal work, from small jewellery pieces to larger architectural décor, it is no surprise that this tradition continues and will be a key element in the design of The St. Regis Belgrade, weaving the intricate detailing of metal into the bold statement pieces that define the individually unique spaces of the hotel.

touches and finishes of luxury hotel accommodations with a profound sense of safety and security in an elegant, climatecontrolled environment with a variety of single and double occupancy. Paying homage to Caroline Astor’s passion for innovation, refinement and vibrancy, the collection of treatments is unique to each St. Regis Spa, crafted from the very best experiences and ingredients to create distinguished and perfectly tailored experiences.

What are some of the features of the St. Regis Belgrade that will be available to guests and residents? Can you describe what The St. Regis Belgrade experience will look like? The Long Gallery will be the heart of The St. Regis Belgrade welcome experience. Just like the confluence of the Danube and Sava Rivers, the excitement of Belgrade Waterfront will be greeted by the gracious St. Regis hospitality. There's nothing quite as exquisite as an afternoon spent in the Long Gallery, where you will be able to enjoy breakfast, lunch or an evening aperitivo surrounded by enchanting panoramas. The Brasserie at The St. Regis Belgrade is set to celebrate both the history and the future of the Serbian capital. It will be a place to see and be seen, a space with savoury aromas, restaurant glamour and enticing dishes take centre stage. The Brasserie will feel as if it has always been there, it is inevitable. The wonder of a journey often lies in the spaces between destinations. So, too, is The St. Regis Belgrade Spa experience. From the moment a guest crosses the threshold into the Spa, a carefully curated ambiance will be delivered holistically to create a mood and enliven the senses. Guests will experience unspoken transitions between all spaces of their seamless Spa journey through choreographed fragrance, patterned lighting changes, material variations, sound and silence. The St. Regis Belgrade Spa Treatment Rooms will encompass the fine

Another signature space of St. Regis is The Wine and Brandy Room. What is it inspired by? The Wine & Brandy room is envisioned as a secluded annex complementing the St. Regis Bar that can be utilised as a tasting room, event space or private dining room. Its focal point will be the collection of Serbia’s national drink rakia and wine selection from Serbia, the region and beyond. In the traditions of distilling rakia, copper is the most precious of all metals. The unique distilling qualities of this metal draw out the bitterness. Similarly, at the Wine and Brandy Room, copper will be used to create a spirit of mellow warmth and welcome. Metal tooling and weaving will be used to make this experience uniquely St. Regis.

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The St. Regis Belgrade will also offer an exquisite space for celebrations. Can you tell us more about it? An integral feature and jewel of The St. Regis Belgrade, The Astor Ballroom will be wrapped by the Long Gallery, much like Belgrade touching the edges of its rivers. At times it will be an extension to the exterior Plaza, at times an edge. The floor will take the tones and lines of the landscape, but it’s the ceiling that will take centre stage, a design inspired by a bird’s nest, a woven mesh of sparkling crystals shimmers on a white-on-white backdrop. There’s no doubt this will be a home to the best weddings, celebrations, and corporate functions of Belgrade.

"An integral feature and jewel of The St. Regis Belgrade, The Astor Ballroom will be wrapped by the Long Gallery, much like Belgrade touching the edges of its rivers." The Astor Ballroom inspired by the bird's nest

NIGEL COOK: A JOURNEY OF SWEET BEGINNINGS TO THE HEIGHT OF LUXURY AT THE ST. REGIS BELGRADE

Originally from England, Nigel’s passions include food, wine, traveling and photography. With over 38 years in luxury hospitality, he has been lucky enough to build on his passions throughout his impressive career which has taken him to five continents and 49 countries, 12 of which he has called home. As a certified Pastry Chef, Nigel’s journey began in 1984 in London where he trained at The Intercontinental Hotel, and The Dorchester Hotel, before taking on the role of Executive Pastry Chef at the opening of the Hampshire Hotel. Always seeking a new challenge and with a desire to work abroad, 1990 saw Nigel embark on what would be the start of his overseas adventures, first in Cairo, Egypt, then to Macau with Mandarin Oriental before relocating in 1995 to North-East China for Shangri-La Hotels and Resorts as Area Pastry Chef. Here he trained groups of budding pastry chefs, and opening six hotels in six cities over three years while enjoying these new cultures, sharing experiences, and expanding his knowledge in his craft and hospitality industry. A new year, a new continent, a new adventure, and a new company. In 1999 Nigel joined Marriott International as Executive Pastry Chef at the JW Marriott Hotel Mexico City. This was the start that would over the next 23 years see him open a further six hotels in the region during which time he would transition to Director of Food & Beverage through to General manager, moving to Costa Rica, Peru then Dominican Republic experiencing some of the best food and beverage and cultural destinations in the world. In 2013, Nigel opened JW Marriott Hotel Santo Domingo as General Manager. A nod to his expert leadership, the hotel was recognised as No.1 hotel in Overall Guest Satisfaction for the JW Marriott brand worldwide and received numerous prestigious accolades. In recognition of his great results, Nigel was named General Manager of the Year in 2016 for the Caribbean and was the recipient of the 2017 Customer Experience Award.

Accepting a new challenge and unique experience, Nigel moved to the neighbouring island of Puerto Rico as acting General Manager at The Ritz-Carlton, San Juan, overseeing the hotels recovery and start of the renovation process following two devastating hurricanes which he and the hotel had experienced in 2017. Nigel’s passion for service excellence then brought him to his next and most recent position, returning to Mexico as preopening General Manager of The Ritz-Carlton Mexico City where he has served since 2019 before arriving in Belgrade at the beginning of 2022 to lead this amazing new opening that will be the St. Regis and Residences at St. Regis Belgrade.

SERBIA

MOST PERSONALIZED LUXURY SERVICE IN BELGRADE.

Saint Ten hotel / Svetog Save 10, Vračar / 11000 Beograd / Srbija info@saintten.com / +381 11 4116633 / saintten.com

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Bulevar Džordža Vašingtona 3/9, Podgorica Tel: +382 (0)67 315 285

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Courtesy of Mark Anthony Fox

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STEP INTO A NEW WORLD: MAMULA ISLAND THE WORD ‘UNIQUE’ IS OFTEN OVERUSED. IT IS, HOWEVER, THE BEST WAY TO DESCRIBE MAMULA ISLAND. A HOTEL THAT’S UNIQUE IN ITS STORY, APPROACH, SETTING, AND SPIRIT.

Courtesy of Fat Tony Studio MONTENEGRO

Courtesy of Fat Tony Studio

What strikes one first are centuries of beauty at every turn, with each point of the island stirring different emotions and distinct sensations - there is its insular location with 360-degree views of the glimmering Adriatic Sea.

Mamula Island is situated in Herceg Novi, at the very entrance to the magnificent Bay of Kotor, proudly carrying its title of the UNESCO World Heritage site.

Courtesy of Fat Tony Studio

et to open in late summer 2022 Mamula Island will bring new life to one of the most admirable Austro-Hungarian fortresses from the 19th century, situated on a small island where it preserves its authenticity and pays homage to its past. The previously uninhabited island - a short boat ride from Herceg Novi and the Croatian coast and a long-abandoned building are now being renovated to create an

unrivalled destination where the luxury hotel concept and worldclass culinary offerings will be complemented by a holistic spa, historical memorial gallery, and art programs. This is a place where history meets the future, in an authentic landscape amidst untouched nature. Mamula Island is situated in Herceg Novi, at the very entrance to the magnificent Bay of Kotor, proudly carrying its title of the UNESCO World Heritage site. The hotel will speak to lovers of design, nature, wellness, art, and culture. The heritage building was built as a fortress from 1850 – 53 and was named after the Austro-Hungarian Admiral, Lazar Mamula, who commissioned the construction of building the fortress. The original elements of the fortress have been meticulously restored in collaboration

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Courtesy of Fat Tony Studio

with renowned local cultural heritage experts. Architecture firm MCM Lisbon had a clear vision of wanting to preserve the structural integrity of the fortress while restoring and renovating buildings to include historic and functional contemporary 32 guest rooms and suites. These will be accompanied by a glass-covered courtyard in the main tower, a historical-memorial gallery, a holistic spa, wellbeing facilities like three outdoor swimming pools, a gym, running track, as well as venues to indulge: restaurants, bar, sundeck and a beach area. The predominant motif in the fortress, the arch motif - a symbol of strength and support, but also renewal and openness to new perspectives - will appear in the interior of the fortress where materials like local stone, aged brass, solid oak, and breathable, organic textiles are drawn from tradition while appearing modern and durable. The approach of Interior designer Piotr Wisniewski from weStudio Berlin was to create a place of sustainable sophistication; where objects age beautifully yet stay natural and honest. The principle was extraordinary: to grasp the contemplative atmosphere resonating with the authenticity of the island and to create a place of wonder.

Mamula Island is inspired by global experiences but rooted in local heritage. You can meet local artists, savor local food, and embrace local culture. Moreover, it is a place for all occasions and all seasons. Whether you visit in summer or winter, you can rest, energize, indulge, and discover. Think short stays, long stays, retreats, seminars, intimate ceremonies as well as extensive celebrations. A holistic spa, artistic programs, a wellbeing concept, and the culinary vision of French-Canadian chef Erica Archambault— a rising star from the Michelin starred Parisian restaurant Septime—will round out the property's offerings. Her culinary style will combine the flavor-rich border cuisines of Montenegro, all enhanced by French cooking techniques. Atelier Mamula will play an important role in the life of Mamula Island. As a creative space, it will host artists in residence, workshops and maker masterclasses, but also cultural and artistic programs in order to introduce guests, among other things, to the domestic cultural scene. The hotel will also collaborate with the Faculty of Fine Arts from Cetinje to support young talents in Montenegro and the region.

Architecture firm MCM Lisbon had a clear vision of wanting to preserve the structural integrity of the fortress while restoring and renovating buildings to include historic and functional contemporary 32 guest rooms and suites.

MONTENEGRO

Courtesy of Fat Tony Studio

Expect water, salt and heat therapies, sound and energy healing, traditional therapies, as well as yoga, breathwork and meditation.

The predominant motif in the fortress, the arch motif - a symbol of strength and support, but also renewal and openness to new perspectives - will appear in the interior of the fortress where materials like local stone, aged brass, solid oak, and breathable, organic textiles are drawn from tradition while appearing modern and durable.

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Garden Rooms are intimate in size, modern in look, and bright in feel. On the seaside you have your own concealed terrace with views stretching out over the Adriatic Sea. Facing the pool, you have a communal garden you share with your neighbor. Panoramic Rooms have a private terrace with wide-ranging views of the Adriatic Sea. Whether it’s a hot summer day or windy autumn night, the Sea Junior Suite is a spacious and peaceful hideaway just a stone’s throw from the Adriatic Sea. Located in the Spa Tower, Sky suites encircle the atrium below. These rooms embrace the tower’s original features to create a calm and laid-back atmosphere. Heritage features of the majestic tower remain, with breath-taking views of the sea below. There are two Sky Suites which have enchanting frescas adorning the ceilings. Courtesy of Mark Anthony Fox

There is tranquility and stillness all around Mamula Island – find the calm and quiet you need to refresh and reset. In a tower, the one-of-a-kind spa will offer a range of sophisticated treatments including ritual-oriented remedies, using premium natural skincare by Ananné. Expect water, salt and heat therapies, sound and energy healing, traditional therapies, as well as yoga, breathwork and meditation. The hotel’s 10 rooms, 16 junior suites, and 6 suites are full of light and intimacy, with every detail considered and each need catered for. Features and fittings have been selected so you can hide away as if you were home.

Courtesy of Mark Anthony Fox

lous way to end a peaceful day encircled by the blue of the sky and sea. Throughout the day you can enjoy enchanting views of the entrance to the Boka Bay, the magical peninsula Lustica, as well as the historic town of Herceg Novi which is waiting to be explored in its labyrinth of narrow cobblestoned streets, passages, and churches. Mamula Island is designed as a getaway to a modern sanctuary that turns everyday life into an extraordinary experience. mamulaisland.com reservations@mamulaisland.com Courtesy of Fat Tony Studio

The hotel indulges with various outdoor spaces, such as the three pools in the center of the fort augmented by greenery, lounge areas, and the restaurant. The Pool Deck is the epicenter of Mamula Island, where activity and idleness are in equal supply. There are three pools, and an indoor-outdoor restaurant for blissful breakfasts, lazy lunches, or dining under the stars. The Pool Deck Bar`s intimate atmosphere awaits in the evening, with a mixologist on hand to create cocktails with exceptional flavors and classically-styled tastes. Come for a cocktail at the Pinea bar, and stay for the conversation. Running late into the night, this speak-easy is the place for a more intimate aperitif or nightcap. The Kamena restaurant is the perfect companion to your sunset overlooking the sea. Seasonal vegetables and freshly caught fish take center stage, with a menu continually adapting to what the land and sea provide. Enjoying stunning sunrise over the Adriatic on a spacious deck outside the fortress, above the rocks splashed by wind and waves, imagining all sorts of creatures formed by sea foam in an instant image, is a marve-

Courtesy of Fat Tony Studio

Come for a cocktail at the Pinea bar, and stay for the conversation. Running late into the night, this speak-easy is the place for a more intimate aperitif or nightcap.

The hotel’s 10 rooms, 16 junior suites, and 6 suites are full of light and intimacy, with every detail considered and each need catered for. Features and fittings have been selected so you can hide away as if you were home.

MONTENEGRO

Personal Appr oach ≈ Heritage Pr opert y ≈ Authentic Hospitalit y

Experience the dramatic beauty of Montenegro in the very heart of Boka Bay

Palazzo Radomiri - Dobrota 220 Kotor Montenegro / Tel: +382 32 333 172 / E-mail: info@palazzoradomiri.com / palazzoradomiri.com /

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LAZURE HOTEL & MARINA CONVERGENT TRAVEL EXPERIENCE TO HISTORY AND MODERNITY

MONTENEGRO

As an 18th century landmark, Lazure Hotel & Marina brought Lazaret back to life as visitors and tourists alike imbibe the legacy and medieval history of its era through Lazure’s luxury boutique hotel.

Perfectly situated at the gateway of the vivid, majestic Kotor Bay, next to the magnificent city of Herceg Novi, Lazure Hotel and Marina revel and bask at the rich heritage of Venetian aesthetics. As an 18th century landmark, Lazure Hotel & Marina brought Lazaret (the old Venetian building to which Lazure Hotel has renovated from) back to life as visitors and tourists alike imbibe the legacy and medieval history of its era through Lazure’s luxury boutique hotel.

azure started as a 24-unit boutique hotel back in 2018 due to the architectural limitations of the old Lazaret building. But due to the growing demand, it has expanded to its 128 rooms total as of today through its new modern building. How the refined gracefulness of the Lazure Hotel turned out to be all but necessitated such expansion to be enjoyed by more visitors with such astute taste to gracefulness and class. Caught in the midst of the best of both worlds, Lazure Hotel & Marina not only is situated on a captivating mountainous terrain, it is also facing an overlooking marina that is one of the best The Adriatic Sea has to offer. It’s a synergy of comforting modernity without departing from its tasteful and dignified antiquity.

LAZURE’S AMENITIES, THE ULTIMATE MODERN-MEDIEVAL EXPERIENCE

Lazure Hotel and Marina enhances your experience to the momentous events of your lives. It provides that backdrop to any important milestones worthy of grandeur (solemnity in some cases) of a celebration. With a diverse selection of conference and events venues to host

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occasions such as engagements, weddings, reunions and all sorts of commemorations–Lazure gives credence to these successes and triumphs, leaving no stones unturned in creating wonderful memories. Within Lazure’s complex is the 18th-century Chapel of San Rocco. The versatile room configurations meant accommodating gatherings big or small–intimate or crowded. A new conference room called Lovchen was opened this year in the new Modern building that can accommodate up to 210 visitors.

THE PLEASURE OF LAZURE HOTEL & MARINA

Lazure’s marina is the escapism from the harms of the world that we can give ourselves. The relaxation and recreational lounge we needed to reboot. It boasts of a promenade leading to a pebble beach bedecked by sunbeds and parasols. The Atmosphere Spa & Fitness has an indoor pool with an ambiance of pristine visuals due to its minimalist and seclusive characteristics–perfect for meditating and tapping to that inner peace. Inside of it are amenities such as saunas, jacuzzi, hammam chamber, massages and hydrotherapy treatments, beauty salon, Skeyndor cosmetics, hot stone bed relaxation zone, and a gym.

THE MARINA YACHT CLUB

The stunning, breath-taking coast of Montenegro is only complemented by the astounding sight of a fleet of yachts fronting the waterside area of this gorgeous Lazure Hotel & Marina. The visual spectacle it provides unfolds at any time of the day.The newly-built Lazure marina provides 156 berths for yachts up to 30m, full service from onsite chandlery, provisioning gray and black water disposal, sailing courses and charter services and remote video control services for yacht owners.

FINE DINE, NEVER WHINE FOR WINE

Lazure Hotel’s restaurants and bars are a fixture of consistency, adhering to the authenticity of its salient theme through maintaining fresh and high-quality ingredients sourced locally from Montenegrin verdant fields and seaside villages.

ROSEMARINE

Rosemarine is the flagship restaurant of Lazure Hotel & Marina that serves dinner only for its guests. It’s a restaurant with outdoor tables overlooking the marina, and is shaded by towering, centuries-old pine trees. It serves dishes of Mediterranean, Asian & South American fusion from high-quality ingredients that are locally-sourced. Authentic dishes are often paired with international and regional wines, taking centre stage in the meticulously adorned dining rooms. Its interior is a charming courtyard–a reminiscent callback to the ancient Venetian time, it is further accentuated by the romanticism of a lovely marina sunset view. The chef ’s favourite dishes are jumbo shrimps risotto and grilled fresh fish from our Daily Catch of the Day offer.

AUGUSTO

Augusto Terrace is Lazure’s casual a la carte restaurant. It’s an indoor with outdoor shade of Mediterranean pine trees next to the sea. It serves dishes of Middle East touch and Mediterranean fusion, Frenchstyle brasserie dishes and sharing plates options. Augusto has that chill, relaxed setting which is perfect for a quick sip and chow. Should you, however, decide to stay a little longer, you’ll be treated by the sight of the waterfront–yachts sailing to and from. Some of the highlights that can be found here are Catch of the Day, Butcher’s Corner and its own bakery serving espresso and baked croissants.

ROCCO LOUNGE

Rocco Bar is located in the central lobby of the hotel under a seethrough roof. It stocks a fine selection of wines from the region, mostly wines from Serbia. It also enlists some of the finests from Italy, France, New Zealand.

Authentic dishes are often paired with international and regional wines, taking centre stage in the meticulously adorned dining rooms. Its interior is a charming courtyard–a reminiscent callback to the ancient Venetian time, it is further accentuated by the romanticism of a lovely marina sunset view. MONTENEGRO

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LAZURE BEACH BAR

The Lazure Beach Bar serves drinks and snacks, and is very popular with guests for its homemade pita breads and mini sliders.

LAZURE’S ORIGIN

It’s visually-stunning with clear water engulfing the complex so the exhilaration can build up in anticipation of your arrival at the destination.

Lazaret, a quarantine station for travelers and goods was organized in 1700 and was placed in Herceg Novi. Later, it was decided to have Lazaret decimated because of the danger it poses being situated on a cliff and consisting of solid slopes. New Lazaret was built in 3 years between 1729 and 1732 in the suburbs of the city in the village of Meljine right on the shore of the sea. That building has persevered and transformed to what it is now a five-star hotel. Lazaret in Meljine was always widely known among locals and guests of Herceg Novi, therefore in the process of reconstruction and development the project team wanted to maintain contact with the historical name of this unique place, thus there was an idea to give the name Lazure. This word is, first of all, associated with air, sea, with clarity, calmness, and the azure color. And this is not coincidental - you can find many details of the bright-blue color in the building - the doors of the chapel, the shutters and windows frames. And of course, “lazure” has a common root with the historical name “lazaret”. Recognizing the great historical value of the Lazaret, investors and architects of Lazure Hotel & Marina preserved the unique atmosphere of this complex and expanded its functionality. Renovation of the building lasted longer than it took originally to build it from scratch in the 18th century – started in January 2015, it was completed only in August 2018. All the walls were in a very good condition and proved that Venetians knew how to build something that will last for ages – the Lazaret survived the famous earthquake of 1979 which seriously damaged a significant part of Montenegrin coast. Meanwhile, the roof and floors, unlike the walls, were in a very bad shape after decades of neglect, they had to be completely replaced.

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PORTAL TO THE OLD AND NEW

Lazure Hotel & Marina is your accessible portal to the ancient and contemporary experience. Lazure’s location can be spotted entering Boka Bay. It’s visuallystunning with clear water engulfing the complex so the exhilaration can build up in anticipation of your arrival at the destination. The hotel’s proximity to both airports of Tivat (MNE) and Dubrovnik (CRO) makes it accessible to tourists from the neighbouring countries or even from other continents.

A new conference room called Lovchen was opened this year in the new Modern building that can accommodate up to 210 visitors.

The Atmosphere Spa & Fitness has an indoor pool with an ambiance of pristine visuals due to its minimalist and seclusive characteristics– perfect for meditating and tapping to that inner peace. Inside of it are amenities such as saunas, jacuzzi, hammam chamber, massages and hydrotherapy treatments, beauty salon, Skeyndor cosmetics, hot stone bed relaxation zone, and a gym.

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www.verige65.com

D O U B L E T R E E B Y H I LT O N Z A G R E B z ag re b. re s e r vat i o n s @ h i lto n .co m Photo © Hrvoje Serdar - HTZ

BUSSINES. INVESTMENT. LIFESTYLE.

The Best of Montenegro is an investment, business and lifestyle platform created for the most discerning global citizens. It consists of a hand-picked investment portfolio, overview of major completed, ongoing and planned developments in Montenegro, and information on all relevant aspects of lifestyle, business and investment climate. This exciting platform is created by Gray International (GI), a family owned company established in Paris in 1988, currently headquartered in Warsaw, Poland and Podgorica, Montenegro. The new version of this investment, business and lifestyle plarform is recently developed and launched with the support of European Bank for Reconstruction and Development (EBRD), which recognised the past results, present activities, ongoing projects and future potential. Over the last 34 years GI group perfected its boutique and customised business approach. Now, Montenegrins by birth and Montenegrins by choice decided to enrich Montenegro with a plethora of experiences and know-how from the global real estate market, mostly on development of the large scale projects, urban strategy and financial engineering side. GI Montenegro established a dedicated Real Estate and Hospitality Advisory team based in Podgorica, covering primarily Montenegro and ex Yu region. Our Montenegro team renders services in the areas of Corporate Strategic Advisory, Commercial Due Diligence, Capital Raising, Investment Concierge as well as Real Estate Development, combining traditional property services with business, financial and legal advisory.

Marko Škuletić CEO Gray International Montenegro

www.thebestofmontenegro.com

Where myths come to life.

Located in the heart of Kotor Bay, one of the most beautiful bays in the entire world, a place of rich history, vivid mythology, and enchanting stories and legends, set in the middle of this dramatic landscape with a backdrop of the steep surrounding mountains and a forefront of the sparkling Adriatic sea, Huma Kotor Bay Hotel & Villas is the Mediterranean gem you have been dreaming of.

www.humahotel.me

Virtu Beach

Huma Kotor Bay

Inﬁnity Pool

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WINE, DINE & ACCOMMODATION

SALON PRIVÉ DISCOVER MONTENEGRO’S FIRST PRIVATE MEMBERS CLUB

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Pristine, elegant, and luxurious are just a few words that describe Montenegro’s first private members club. This article goes behind the velvet rope to discover some of its secrets.

The concept of a private members club has been around since the 17th century, and it represented a place where like-minded people would meet and connect over similar interests and mutual friends. Luckily, today’s clubs are looking to attract a more diverse crowd while still maintaining exclusivity.

s of April 2022, Montenegro has officially become the first country in the region to boast a private members club of this kind. It is located on the Tivat waterfront, just next to Porto

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Montenegro, with a beautiful uninterrupted view of Boka Bay and the surrounding mountains. This venue is impossible to miss as its immaculate exterior design captures the attention of anyone who passes by. Pristine, elegant, and luxurious are just a few words that describe Montenegro’s first private members club. This article goes behind the velvet rope to discover some of its secrets. Salon Privé consists of three sections: the Sports Bar and Casino, a smoking lounge on the ground floor, and Jardin Privé which is an open rooftop terrace. Entering from the main reception, one immediately finds themselves in the Sports Bar which occupies the majority of the ground floor.

This part of the club is a true paradise for sports fans and those who like to gamble. Here, sports fans can enjoy a live broadcast of every major sporting event in the world, as the space is equipped with 35 independently controlled screens. The centrepiece of this room is a beautifully designed 20-seat oval bar that offers everyone a view of the big screen which spans over 340cm, where all the main sports games are shown. Guests who prefer something a little more comfortable can secure themselves a place in one of the two seating areas, both furnished with Fendi sofas offering utter comfort. Located just behind the big screen is the slot area with the latest slot machines, offering more than 50 popular games with a maximum payout of up to €100,000,000. Casino lovers will certainly be thrilled to hear that Salon Privé offers live roulette, blackjack, and baccarat, and a max bet of €1,000,000 is accepted. The cashier desk is operational at all times, with facilities for cheque cashing, crypto services, and cash advances for Visa, MasterCard, and American Express. There is not a finer or more glamorous setting for trying your luck at casino games.

The second and the smaller part of the ground floor houses a private, elegantly decorated smoking lounge with a fireplace and a self-contained bar. This VIP room immediately makes a statement with its interior filled with luxury decor from all around the world. The pieces stacked on the shelves are quite unique - such as signed sports memorabilia, some of which are truly museum-worthy pieces. The door shows a marvellous hand-painted portrait, and it opens up to a private terrace with cabanas where VIP guests can enjoy their privacy. Aside from the beautiful decorative pieces and bottles of some of the world’s rarest drinks, the VIP room also has a pair of cigar humidors, which contain a carefully curated selection of cigars available for guests to enjoy. Pair your favourite cigar with a glass of one of the extraordinary whiskeys Salon Privé has on offer, and create a truly hedonistic experience for yourself.

Salon Privé consists of three sections: the Sports Bar and Casino, a smoking lounge on the ground floor, and Jardin Privé which is an open rooftop terrace.

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MEMBERSHIP

Salon Prive's preferred partners include Edmiston for yacht services, Shy Aviation for all jet charter and handling requirements, and Quintessentially for lifestyle concierge.

In order to enjoy all of the benefits that Salon Privé has to offer, it is recommended that you apply for membership on your first visit. Obtaining a membership card is an easy procedure, and it requires nothing else but your ID and a few minutes of your time. Once it’s all done, clients receive their membership card and are then ready to fully enjoy its benefits. The advantages of the membership are endless: members are entitled to a 20% discount on all drinks, and monthly cashback and rebates on casino games. On top of that, everyone that’s in possession of a membership card can secure a discount on drinks at Jardin Privé, or even book the rooftop terrace for an event of their own.

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The most important advantage you can get as a member is access to Salon Privé’s concierge services which this club has taken to the next level. Their preferred partners include Edmiston for yacht services, Shy Aviation for all jet charter and handling requirements, and Quintessentially for lifestyle concierge. The club has a strong commercial relationship with many high-end hotels in Montenegro, such as Regent in Porto Montenegro, One&Only Portonovi, and multiple others. Whether you want to relax at a spa, or simply make a dinner reservation in one of the extraordinary restaurants that these hotels offer, Salon Privé will make sure to arrange it for you, even on short notice.

The Salon Privé rooftop is made to be an open terrace, which is accessible to every visitor with or without a membership card. This terrace offers a splendid view of Mount Lovćen and Boka Bay, with the most beautiful sunsets you will experience in Montenegro. Members needn't worry about transport either, as the club maintains a fleet of exclusive vehicles and on-demand taxi boat services, both operated by experienced chauffeurs and skippers who are always ready to help facilitate the transfer of clients around Montenegro. With this many benefits, it’s certain that the regular players and members will remain spoilt for choice.

JARDIN PRIVÉ

The Salon Privé rooftop is made to be an open terrace, which is accessible to every visitor with or without a membership card. This terrace offers a splendid view of Mount Lovćen and Boka Bay, with the most beautiful sunsets you will experience in Montenegro. This spot has a lot working in its favour; a beautifully designed space that provides a vibrant atmosphere, some top-tier entertainment and events, and exquisite cocktails made by award-winning mixologists. On the subject of cocktails, Jardin Privé is certainly worth a visit, due to its elaborate cocktail menu curated by one of the best mixologists

in Montenegro, Milan Josipović. Not only can you enjoy his fantastic concoctions at Jardin Privé, but you can also learn how to make them yourself at a Cocktail Masterclass organised by the club and led by Milan himself. The event usually lasts a few hours and it is necessary to make a reservation beforehand in order to take part. Should you wish to organise an event of your own, it is entirely possible to hire Jardin Privé for private parties and events for 10 to 100 people. Of course, it is always advisable to show your membership card because the benefits of being a member apply to the rooftop terrace as well. For more info on Salon Privé and membership visit the website at www.salonprive.me. You can also get in touch via email (reception@salonprive.me) or telephone (+382 68 23 40 40).

On the subject of cocktails, Jardin Privé is certainly worth a visit, due to its elaborate cocktail menu curated by one of the best mixologists in Montenegro, Milan Josipović.

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THOMAS HENRY

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D R I N K R E S P O N S I B LY

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WINE, DINE & ACCOMMODATION

CELEBRATING SUCCESS WITH CREATORS OF WHISKY INVESTMENT 20TH ANNIVERSARY AND 50 INVESTORS OF SCOTCH WHISKY INVESTMENTS IN MONTENEGRO

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The SWI gathered 50 members of the exclusive Scotch Whisky Investors Club, who got to know Montenegro and its investment potentials, firsthand.

Scotland's water of life was celebrated in Montenegro this May in Luštica Bay. Creators of the whisky investment concept, the renowned Dutch company Scotch Whisky Investment, decided to mark its 20th anniversary in Montenegro, anchored with its Southeast Europe office in the new Adriatic integrated town - Luštica Bay. The SWI gathered 50 members of the exclusive Scotch Whisky Investors Club, who got to know Montenegro and its investment potentials, firsthand.

Investor and member of the Scotch Whisky Investments Club, Mr. Denny Gieling

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afilj Marković, General Director of Scotch Whisky Investments Montenegro was particularly proud of the initiative: "I am very pleased that 50 investors gathered from more than 20 countries of the region, the European Union, and even the US. Scotch Whisky Investments is celebrating its jubilee with extraordinary results behind them: managing a whisky portfolio worth 170 million euros, with 30% of the total amount of whisky being older than 25 years in the world“. Mr. Marković especially emphasized the fact that Scotch Whisky Investments gathered 50 people in one place in Montenegro, most of whom are visiting Montenegro for the first time, and many of them are already planning their return. "The intention of Scotch Whisky Invest-

Dušan Simić, investor from Scotch Whisky Investment Montenegro

GM The Chedi Luštica Bay, Mr. Jan Albers

"The intention of Scotch Whisky Investments was to contribute to the promotion of Montenegro as a significant hub. This event has reaffirmed that this region should be perceived and promoted as an important and flourishing investment destination long term”, Tafilj Marković, General Director of Scotch Whisky Investments Montenegro ments was to contribute to the promotion of Montenegro as a significant hub. This event has reaffirmed that this region should be perceived and promoted as an important and flourishing investment destination long term," concluded Marković. Mr. Dušan Simić, an investor from Scotch Whisky Investments Montenegro, also shared his impressions: “I have been following Scotch Whisky Investments in Montenegro since the beginning, and this weekend I decided to become a member of the Club“. Staying in Luštica Bay, cruising the Bay of Kotor and enjoying an unforgettable gastronomic experience in Montenegro, investor and member of the Scotch Whisky Investments Club Mr. Denny Gieling said that being invited to the celebration is a great honor and an opportunity to spread the philosophy of the company through this event: „It's pretty exclusive. At the same time, I enjoy connecting with other people from different backgrounds, here in this beautiful and unique environment," he said.

Investors ended an unforgettable weekend in Montenegro with gathering at The Spot restaurant of The Chedi Luštica Bay Hotel, enjoying the Mediterranean cuisine and special editions of Scotch whisky and cigars. The general manager Mr. Jan Albers thanked Scotch Whisky Investments for providing a platform to create these magical moments. Interested in becoming the next Scotch Whisky Investors Club member? Visit the Club at the Luštica Bay Promenade. Scotch Whisky International Montenegro LUŠTICA BAY / TIVAT / MONTENEGRO montenegro@scotchwhiskyinvestments.com +382 68 064 111 SCOTCHWHISKYINVESTMENTS.COM

"I am very pleased that 50 investors gathered from more than 20 countries of the region, the European Union, and even the US.” Tafilj Marković, General Director of Scotch Whisky Investments Montenegro

Tafilj Marković, General Director of Scotch Whisky Investments Montenegro MONTENEGRO

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› 180 rooms and suites › 5 meeting venues › Spa, Fitness Centre and Beauty Salon › Heated indoor pool › Underground car park with 150 spaces

Where business meets pleasure!

Svetog Petra Cetinjskog 2, 81000 Podgorica + 382 20 443 443

podgorica.info@hilton.com www.podgoricacrnagora.hilton.com

S Y LT

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NOW OPEN www.lanserhof.com/sylt +49 4651 9959570

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Lifestyle. by Burgess

Unexplored destinations, memorable experiences, wonderful surprises. It’s what we do. With over 47 years of market-leading superyacht expertise, Burgess always supplies the wow factor - for clients familiar and new.

Email enquiries@burgessyachts.com London +44 20 7766 4300 Monaco +377 97 97 81 21 New York +1 212 223 0410 14 offices worldwide I Europe I Americas I Asia Pacific I Middle East

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THERE IS NO BETTER PLACE FOR A HOME BY THE SEA THAN PORTONOVI

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Present on the real estate market for more than a year, Portonovi resort has already established itself as one of the most recognizable brands when it comes to luxury living in Montenegro.

The international atmosphere that prevails in the resort and the top quality of the offer and service have attracted a large number of real estate buyers who wanted to build their home on the sea right here, away from the city bustle.

ocated on an area of 26 hectares, the resort offers 218 residences for sale or for rent, ranging in size from studios to four-bedroom apartments and villas. Each residence is a masterpiece in itself, with top-notch interiors, latest technology, surrounded by greenery in private gardens, with safely tucked-in private swimming pools – so that guests and home owners can enjoy privacy and peace all day long. The first phase of the project was completed last year, and this season is the first in which the resort will shine in its full splendor. Having in mind the enormous attraction this projects has, it is expected that, in the following years, the resort could expand, in accordance with the needs of this part of the Mediterranean, offering more beautiful residences, more amenities which are a unique offer in this region, and more of what makes a true Adriatic lifestyle. "I would say that we have already set high standards for the further development of the resort and all upcoming seasons, but it seems to us that we can take on this responsibility, as Portonovi is already showing how much potential for further growth and investment it has.", said Rashad Aliyev, Portonovi CEO. The season 2022 in Portonovi has started more than successfully. With a large number of apartments already booked until the end of September and a rich calendar of events that offer something for everyone, both domestic, as well as regional and foreign guests are increasingly interested in visiting one of the most luxurious and attractive resorts in this part of the Mediterranean. It is safe to say that Portonovi is slowly, but surely becoming favourite hot-spot for globe trotters, luxury admirers, and pleasure seekers for around the world.

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What attracts them the most when it comes to the resort is certainly the combination of luxury residences by the sea that remind us of Mediterranean villages in France or Italy and a variety of restaurants and cafes offering the most exotic cuisine from around the world. The international atmosphere that prevails in the resort and the top quality of the offer and service have attracted a large number of real estate buyers who wanted to build their home on the sea right here, away from the city bustle. "We are especially proud to offer a unique opportunity to our customers, which is to have the opportunity to move into already furnished apartments, just a few days after signing the contract," Aliyev added. So far, Portonovi has welcomed many guests, the majority of them luxury real estate connoisseurs, and people who appreciate real quality and great beauty, who have, ultimately, decided to establish their second home right here, in the heart of Boka Bay. Those who decide to visit Portonovi resort for a few days and spend their vacation in one of the apartments in offer are people who wish to rest in the best way possible, surrounded by their own private paradise. And what is more relaxing than looking at the sea and listening to the sound of waves and trees, secluded in your private garden, under heavy shadow of palm trees, and swimming in your own pool? People who visit Portonovi know they can expect only the best, so a large number of guests are coming over and over. What they return to is peace, beauty, unique nature and extraordinary luxury. The fact that Portonovi is home to the first One&Only hotel in Europe makes the level of service and offer in the entire resort in line with the highest standards. Even when it comes to the events, Portonovi does not lag behind luxury resorts around the world, offering a rich program designed to fit everybody’s needs. Tapasake club has already attracted the attention of local and foreign visitors who appreciate quality music, exotic food and top cocktails. During summer season 2022, this club is marked by gigs by big names in the music industry, such as Mahmut Orhan, Sara Jo,

Zoe Kida, Nika Turković, Burak Yeter, Hugel, and more, offering the best party experience by the pool, during sunset. In the spirit of a true Mediterranean resort, Portonovi offers a wide range of events for every age and everyone’s taste- from wine evenings, to exhibitions, concerts, fashion shows, open-air cinemas and the International Carnival. Each event keeps high standards of extraordinary experience, great fun, amazing music, good food and drinks and, above all, great taste. "So far, our resort has attracted people who appreciate top design and quality, which is why we try to offer events and program which will match their expectations”, Aliyev added. One such event was OneLife Rally, a unique opportunity in Montenegro and the region, to see 100 supercars, coming from around the world to Portonovi. Another reason for a special Portonovi’s charm is its legacy when it comes to regattas and yachting, which is why it is home of Portonovi Yacht Club – a place where yacht and sailing enthusiasts gather throughout the year to enjoy adventures on the sea.

The special charm of Portonovi lays also the extremely colorful and rich gastronomic offer, unique on the Montenegrin coast, which offers pleasure for everyone's palate. From the Perla Square restaurant, which has dishes inspired by a combination of Mediterranean, traditional and modern, prepared with carefully selected authentic products from the villages around Herceg Novi, to the Romeo & Juliet menu with authentic Italian dishes and delicacies prepared by world-famous chefs, novelties in Portonovi's gastronomic come in regularly. Thus, the newly opened Square Portonovi brings food with elements of Middle Eastern cuisine, and during this season, La Veranda hosts two world-famous chefs, Mehmet Gürs and Cihan Çetinkaya, with their unique KOR Grill & Bar concept, inspired by traditional Turkish dishes prepared in a modern way. There is also the inviolable Tapasake Club, which is a kind of gastronomic representation of Japan in the Balkans. Since Portonovi resort attracts so much attention from foreign guests, Azmont Investments also points out that this is a great opportunity to promote the whole of Montenegro as a destination, not just Portonovi.

Located on an area of 26 hectares, the resort offers 218 residences for sale or for rent, ranging in size from studios to four-bedroom apartments and villas. Each residence is a masterpiece in itself, with topnotch interiors, latest technology, surrounded by greenery in private gardens, with safely tucked-in private swimming pools – so that guests and home owners can enjoy privacy and peace all day long. MONTENEGRO

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The newly opened Square Portonovi brings food with elements of Middle Eastern cuisine, and during this season, La Veranda hosts two world-famous chefs, Mehmet Gürs and Cihan Çetinkaya, with their unique KOR Grill & Bar concept, inspired by traditional Turkish dishes prepared in a modern way. There is also the inviolable Tapasake Club, which is a kind of gastronomic representation of Japan in the Balkans. 138

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In the spirit of a true Mediterranean resort, Portonovi offers a wide range of events for every age and everyone’s taste - from wine evenings, to exhibitions, concerts, fashion shows, open-air cinemas and the International Carnival. Each event keeps high standards of extraordinary experience, great fun, amazing music, good food and drinks and, above all, great taste.

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"We are very pleased when, after visiting Portonovi, we get very positive impressions about other parts of Montenegro from our guests. Especially when it comes to guests visiting our country for the first time, we try to guide them to all its beauties, from the Boka Bay and Lovćen, to the beautiful lakes and mountains in the north", concluded Aliyev. The rich cultural life inside the resort continues into the autumn as well. Once the summer pace slows down, Portonovi still manages to keep its charm, being a true, peaceful and tranquil Adriatic haven. The guests enjoy drinking coffee during quiet, autumn afternoons or an intimate dinner in a romantic garden. Either way, the unique Portonovi experience never fades away, but embraces each season and makes the best out of it.

For more information about residences write to enquiries@portonovi.com To book accommodation, write to stay@portonovi.com For information about upcoming events, write to events@portonovi.com

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"I would say that we have already set high standards for the further development of the resort and all upcoming seasons, but it seems to us that we can take on this responsibility, as Portonovi is already showing how much potential for further growth and investment it has.", said Rashad Aliyev, Portonovi CEO.

Welcome to Portonovi, an idyllic Mediterranean-style village set amid the wild beauty of Montenegro’s Boka Bay.

Herceg Novi, Boka Bay, Motenegro www.portonovi.com MONTENEGRO

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BOOK YOUR BERTH NOW Set the sail into a new adventure and experience our 238-berth high-end marina. With the capacity to accommodate yachts and superyachts of up to 120 m, offering port of entry formalities onsite, duty-free fuel, resort amenities, and a sheltered location inside the tranquil Boka Bay, Portonovi is the perfect starting point from which to explore the unspoiled Adriatic coast.

Herceg Novi, Boka Bay, Motenegro www.portonovi.com

NEWLY DESIGNED ROOMS AND TOP 5 THINGS ONE CANNOT MISS AT KEMPINSKI PALACE PORTOROŽ

imelessly elegant Kempinski Palace Portorož in Slovenia is proudly presenting newly renovated rooms in the modern part of the hotel. The timelessly elegant Palace hotel with a private beach, known for its unique combination of traditional and modern design, is presenting newly renovated rooms in the modern part of the hotel, whose appearance is focused on a minimalistic modern look with touches of the destination. Take a look at the Bucket List of things guests cannot miss this summer at the luxury 5-star hotel in Slovenia.

BREAKFAST UNTIL 12:00 NOON IN THE CRYSTAL HALL Sleeping longer is what holidays are made for! Early birds can first decide on an early morning swim in the sea-water-filled swimming pool, while those who enjoy sleeping in take some extra rest, with both parties having the option to enjoy breakfast from 7:00 in the morning until 12:00 noon. Whether eating eggs Benedict on the breakfast terrace with the view of the historical park or sipping champagne under the crystal chandelier of the Crystal Hall, the morning routine is perfected for all styles and tastes.

LUXURY CABANAS ON THE PALACE BEACH The pavement, made of white Istrian stone and leading along the edge of the beach, blends with the blue colours of the sea and the sand. Palace Beach, a luxury beach with a view of the clear sea, Portorož piers and neighbouring Croatia, is a sandy beach, equipped with sunbeds, towels and umbrellas, and, most importantly… luxury cabanas for two!

DINNER UNDER THE STARS IN MICHELIN PLATE-AWARDED RESTAURANT SOPHIA A summer-themed menu, inspired by the timeless beauty of Sophia Loren, presents traditional Mediterranean and Istrian cuisine, represented in a modern way and combined with innovative cooking techniques. For those deciding on a private ultra-luxury experience of Dinner Under the Stars, the chef will pamper them with the “Sophia Loren Signature Menu” or one of the degustation menus.

GUA SHA MOMENTS IN THE ROSE SPA WELLNESS CENTRE Collaborating with one of the top 5 facialists in the world, Sara Bicic, the hotel showcases a special luxury treatment: the Royal Face Lift. Treatment is a combination of manual lifting and Gua Sha technique, which is designed for activation of facial muscles. Through practice and special techniques of the natural lifting of the face, treatment slows down the ageing process of the face and consequently the sagging of the skin. At the same time, the stimulation of the lymphatic circulation of the area increases the production of elastin, a protein found in collagen, responsible for the structure of the skin, occurs. BUBBLY MOMENTS IN THE HISTORICAL PARK AND FORMA VIVA COFFEE & PASTRY A historical park, natural shadow, Italian coffee and music from the vinyl gramophone player, playing French chansons – it sounds like a scene from a film set, yet one can experience this at the Forma Viva Coffee & Pastry in the park of the Palace hotel. Combining this with a bottle of Champagne and Istrian cold cuts means that the summer afternoon is planned.

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A historical park, natural shadow, Italian coffee and music from the vinyl gramophone player, playing French chansons – it sounds like a scene from a film set, yet one can experience this at the Forma Viva Coffee & Pastry in the park of the Palace hotel.

MODERN FAIRYTALE AND PURE LUXURY AT KEMPINSKI HOTEL ADRIATIC

he untouched beauty of the Istrian nature, the rich cultural heritage and the fascinating history of the Istrian peninsula leave you speechless. Kempinski Hotel Adriatic is surrounded by picturesque vineyards and olive trees and beautiful private beaches which give you an incredible and unique view of the Adriatic Sea and its coast. Our luxurious oasis is not only peaceful but the ideal place to start your discovery of Istrian beauty.

“Istria is known as quiet retreat from the region’s bustling hotspots and the resort is located in a secluded location where the Adriatic Sea meets the vineyards and olive groves,” comments

Željko Stašević, the general manager of the resort.

With a perfect selection of hotel offerings and outdoor activities to choose from, regular guests as well as new ones are in for a colourful holiday and are recommended to enjoy a nice walk by the coast: The air, saturated with the invigorating scents of the sea, rosemary and

lavender, is one of life’s pure pleasures and is filled with health benefits. “The richness and boldness of the nature, green valleys and hills is the perfect backdrop to all kinds of trails, paths and routes, starting with the wine and olive oil routes,” explains Mr Stašević, who highlights the importance of adding private luxury villas to the offer. “Recognising the new trend in ultra-luxury offerings and increased interest in the villas, we have focused on the expansion of our portfolio and the reconstruction and redesign of the private villas.” With a focus on ensuring absolute privacy and representing the true essence of Adriatic comfort, hotel guests will be enchanted by the Kempinski Villas and their refined elegance. Located directly on the grounds of Kempinski Hotel Adriatic, each villa is spread out over an area of 600 sq m to more than 1,000 sq m and features three to five spacious bedrooms with luxurious ensuite bathrooms, a large openplan living room, a dining area, a kitchen and more. The villas are carefully designed to guard privacy, with extra-large private swimming pools, sunbathing areas and spacious courtyards, where guests can enjoy the breathtaking

views of the historical Venetian city of Piran and the deep-blue Adriatic Sea. Guests of the villas can enjoy all hotel services and facilities, as well as the additional personalised à la carte luxury services. With the culinary offer at the resort set to advance to a completely new dimension of luxury, the private service which stands out is definitely the option of having a private chef. The luxury golf and spa resort has appointed a new Italian chef, Stefano Cosattini, a renowned and established Italian chef who has been part of the Croatian gastronomic scene for more than 25 years. Mainly focusing his cuisine on Mediterranean fusion, Cosattini built his career in many famous restaurants across Italy, France and Great Britain, as well as Japan and the United States, many of which have gained Michelin stars. One of the many dishes of the new menu created by Cosattini is his signature dish – Risotto mantecato, combined with saffron, beef cheeks, smoked goose breast, amaretto and arabica powder. Culinary masterpieces await all who decide to visit Kempinski Hotel Adriatic or one of the restaurants located in the resort.

Željko Stašević, GM of Kempinski Hotel Adriatic

Follow your senses to the place of ultimate indulgence. Opatija Riviera awaits!

Ikador Luxury Boutique Hotel & Spa Ul. Svetog Nikole 2 | Ika - Opatija 51410 | Croatia T +385 (0)51 20 70 20 | E info@ikador.com W www.ikador.com

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Adriana Hvar Spa Hotel, Hvar, Island of Hvar – Indulge your senses

TRAVEL & DESTINATIONS

STORIES CROATIAN UNIQUE HOTELS

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There are few countries in the world that possess such pitality of the Croatian Adriatic. All together, they knit a rich tapestry beautiful and diverse nature as Croatia. In the span of a few full of scents, colors, tastes and textures that can only be found in this hours, a traveler can experience unrivaled, verdant plains, small, remarkable land, Croatia. quaint river valleys, framed by rolling hills; dense, centurieswww.storiescroatia.com old forests and sheer stone cliffs; snow capped mountains and the most beautiful coast in Europe.

rom east to west, from north to south, to the country's Adriatic coast, and its 1246 islands, every part of Croatia is touched with beautiful, pristine nature and traces of the country's millennial history. And every corner of Croatia has its own story. Just like each hotel within Stories, Croatian Unique Hotels, founded within Croatian Chamber of Economy, tell its own story offering its own authentic, local experience through unique heritage or concepts, superb location, special gourmet experience, impeccable design and a highly personalized service. Stories hotels are found in the most interesting locations: hidden and secluded coastal coves, tucked away in thousand-year-old, UNESCO protected town centers, or in a Roman Emperor's palace, a luxurious castle once belonging to the nobles, or a rich merchant's manor. Each of these hotels inspire an authentic, quality and engaging experience that acquaints their guests with the legacy, heritage and warm hos-

Every corner of Croatia has its own story. Just like each hotel within Stories, Croatian Unique Hotels, founded within Croatian Chamber of Economy, tell its own story offering its own authentic, local experience through unique heritage or concepts, superb location, special gourmet experience, impeccable design and a highly personalized service.

Lešić Dimitri Palace Korčula, Island of Korčula Where the Silk Road begins…

Isabella Valamar Collection Island Resort Poreč, Istria Green aristocratic island

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CROATIAN UNIQUE HOTELS

Heritage Hotel Bastion Zadar The ornament of Zadar

Bevanda Hotel & Restaurant Opatija Unique Adriatic

briig boutique hotel Split Beyond expectations

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Design Hotel Navis Opatija Beauty unites contrasting worlds

Meneghetti Wine Hotel & Winery Bale, Istria Miracle off the beaten path

The Pucić Palace Dubrovnik Proud witness of Dubrovnik's glorious past

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CROATIAN UNIQUE HOTELS

Heritage Hotel Life Palace Šibenik Life in the middle of the medieval Palace

Hotel Adriatic, Rovinj Istria The expression of Rovinj's art scene

Vestibul Palace Split The place that emperor Diocletian built for himself

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Kazbek Boutique Hotel Dubrovnik Laid-back luxury in Dubrovnik's historical summer residence

Martinis Marchi Heritage Hotel Maslinica Island of Šolta Visionary legacy of beauty and serenity

Hotel San Rocco Brtonigla, Istria Experience the charm of centurion family heritage

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CROATIAN UNIQUE HOTELS

Boutique Hotel Alhambra Mali Lošinj Island of Lošinj Luxury that transcends time

Adriana Hvar Spa Hotel Hvar, Island of Hvar Indulge your senses

Write Stories of your own with Stories and Mastercard®. Stories hotels welcome Premium Mastercard cardholders with a variety of benefits that are different from hotel to hotel. Benefits can include: early check-in and late check-out (if available), upgrade on arrival (if available), welcome drink, free parking, a complimentary bottle of wine or a fruit basket… For redeeming your benefits please use your Premium Mastercard and a code STORIES22 while making a reservation. Offer is valid until December 31,2022.

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LEŠIĆ DIMITRI PALACE Korčula, Croatia www.ldpalace.com

WHERE THE SILK ROAD BEGINS…

Located within the heart of the old town of Korčula, with a refined elegance that represents the rich history and culture of its destination, Lešić Dimitri Palace with Michelin star LD Restaurant and LD Spa invites you to unlock your capacity to fully immerse in the beauty of the place!

Nature Park Telašćica, Courtesy of Croatian National Tourist Board, photo: Zoran Jelača

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TRAVEL & DESTINATIONS

TOURISM IN CROATIA IS BOUNCING BACK, BUT INFLATION IS THE BIG CONCERN

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National Park Plitvička jezera, Courtesy of Croatian National Tourist Board, photo: Luka Esenko

We tend to forget about COVID, but inflation and abnormal prices remain - will tourist crowds in 2022 bring a plus on our accounts?

From the data of eVisitor of the CNTB, we can see that in June the whole of Croatia had 2.8 million arrivals, which is 89 percent of the results of 2019, and 14.8 million overnight stays, which is only two percent lower than in June 2019.

lthough the borders for travel were opened at the beginning of this summer season, so the pressure of the pandemic weakened and tourists are again heading towards cities and summer resorts, there is no rest in the sector. Inflation and terrible rise in prices, business costs it causes, as well as the lack of workers threaten to eat up the profits that were expected in tourist companies just a few months ago. The prices of tourist services in all European countries have also increased at rates that usually exceed inflation, and, in Croatia, the increase is at least 30 %, and sometimes even more than 60 %, depending on the type of services. Thus, the income, i.e. the amount of fiscalized receipts is growing significantly more than the physical turnover calculated in overnight stays, but the question is whether this will eventually lead to a positive business result under these circumstances. Even though the arrival figures are not decisive, they are important for comparing tourist turnover from year to year. Thus from the data of eVisitor of the Croatian National Tourist Board, we can see that in June the whole of Croatia had 2.8 million arrivals, which is 89 % of the results of 2019, and 14.8 million overnight stays, which is only two % lower than in June 2019. The Dubrovnik-Neretva County also recovered, achieving 84 % of the pre-pandemic result, and the Istria and Zadar Counties even managed to exceed the number of overnight stays in 2019 by 5 and 4 %, respectively. Only the continental part of the country without Zagreb had 3 % fewer guests in June than before the pandemic, but it reached 78 % of tourist overnight stays made in 2019. As it is well-known, tourism in Zagreb was significantly disrupted, in addition to the pandemic, by earthquakes, and this is the first summer since 2019 that summer vibrancy has been felt in the metropolis, although

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the early July numbers still show a decline of about 30 %. In June, there were 21 % fewer overnight stays in Dubrovnik than in 2019, and Zadar exceeded the number of overnight stays by 4 %. In the first week of July, the whole of Croatia recorded almost the same figures as before the pandemic, which, in overnight stays, was only 3 % lower. Of the maritime counties, again Istria and Zadar have a growth of 2 % compared to the same period in 2019, and the Dubrovnik-Neretva County reached 91 % of the 2019 results. The Dubrovnik region was the most affected during the pandemic due to the suspension of flights, which is resuming this year despite the difficult situation in air traffic all over the world. The continental part without Zagreb has 5 % fewer overnight stays in that first week of July. Kristjan Staničić, director of the Croatian National Tourist Board (CNTB), points out that the trends that emerged during Covid-19 have continued this year, such as increased interest in staying in smaller and more intimate destinations and accommodation facilities without large crowds, and remote work. There is still a strong demand for rural tourism, as well as for last-minute offers, a longer stay in the destination is preferred, and there is also a noticeable demand for high-end offers and services, as well as security. "The situation in Ukraine does not significantly affect the current tourist flows, and we are very satisfied with the results in our most important markets such as Germany, Austria, Poland, the Czech Republic and Slovakia, where we intensified promotional activities, and where we have seen an increase in turnover even compared to the record-breaking 2019. We are achieving excellent results and trends with guests from the US market, our most important distant market, from which we have had more than 660 thousand overnight stays so far this year, which represents about 85 % of the results achieved in 2019. We can also be satisfied with results coming from the Canadian market, while we will have to wait a little longer for the full return of guests from the Far Eastern

Cetina River Spring, Courtesy of Croatian National Tourist Board, photo: Zoran Jelača

"We are achieving excellent results and trends with guests from the US market, our most important distant market, from which we have had more than 660 thousand overnight stays so far this year, which represents about 85 percent of the results achieved in 2019.", Kristjan Staničić, Director of the Croatian National Tourist Board National Park Risnjak, Courtesy of Croatian National Tourist Board, photo: Zoran Jelača

markets, partly because of the epidemiological situation there, partly because of the airlines that continue to operate on these routes on a significantly smaller scale," says Staničić. So far, Croatian tourism has not felt the dramatic concern of the Germans about what autumn brings and reduced gas supply. From the German market, Croatia recorded double-digit growth both in June and in the first week of July, which is 19 and 17 % more overnight stays than in 2019. CNTB points out that their campaign to encourage early booking, which was carried out from February to May of this year, is also responsible for the result. "The results achieved are more than excellent, considering that HRK 1.3 million invested in advertising generated new bookings worth HRK 19.5 million. The campaign resulted in the sale of tourist services, mostly accommodation facilities and airline tickets, while online advertising alone reached over 20 million users. These are the results of the "Early booking" campaign carried out on the strongest booking and travel platforms on the German market, Expedia Group, Urlaubspiraten.com,

Weg.de and Reisereporter.de," explains Staničić. The upward trend continues with the Poles as well, the only market that grew in the summer seasons in both pandemic years and that too at a double-digit rate. Although on a smaller base, this summer the Slovakian market has the biggest increase, with as many as 26 % more overnight stays compared to 2019 in June, and 20 % in the first days of July. "On certain markets, Croatia ranks very well, for example in Austria, Germany, the Czech Republic, Slovakia and Poland, where we are one of the most sought-after destinations, i.e. at the top or near the top. For example, in Austria, according to the latest "Reisemonitoring" research conducted by ÖAMTC, the Austrian national auto-moto club, Croatia is the leading foreign destination on the Austrian market. Thus, for Austrians, our country is on the top of the list of foreign destinations which also includes Italy, Greece, Germany, Spain and Turkey," says Kristjan Staničić. He adds that the reservations for the rest of the summer and the postseason are very promising.

Kristjan Staničić, Director of the Croatian National Tourist Board, photo: Marko Todorov / CROPIX C R O AT I A

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National Park Krka, Island Visovac, Courtesy of Croatian National Tourist Board, photo: Zoran Jelača

Room prices in June rose by 51.4% in Rome, 50.2% in Berlin, 44.5% in Dublin, while London had an average increase of 44.3%, Barcelona 29%, Amsterdam 12.1% and Paris 19.8%

When we talk about airlines and Croatia in general, even though some companies are still facing difficulties this year in the form of labor shortages and increased operating costs, the continuous recovery of flights to Croatian airports is noticeable. British guests are also slowly returning and in June they achieved 74 % of overnight stays recorded in 2019. Croatian airports enter July with a large half-year increase in passenger turnover, but also with good announcements for the summer, which is why they have hired more workers than last year, and services are performed regularly and smoothly, with the numbers expected to reach the record-breaking level of 2019. In the first six months, Split Airport had 874 thousand passengers, or 4.7 times more than in the same period of 2021, of which only in June 417 thousand, or 3.5 times more. In July and August, they expect traffic at the level of the record-breaking 2019, which is approximately 700 thousand passengers in each month. They cooperate with around 55 airlines, the same as in the year before the pandemic. By the end of 2022, passenger traffic at Zadar Airport will approach one million, which would be 15 to 20 % more than in 2019, and almost twice as much as in 2021. The main partner of Zadar Airport is still the carrier Ryanair, a company that these days has the least problems with flight cancellations compared to the competition. It seems that the desire to travel this summer has been stronger than the fear of the war in Ukraine and overall prices increase. The combination of inflation and increased demand for tourist trips have contributed to the growth of hotel service prices at rates that often exceed inflation, and Croatia is only a part of the global market that records an increase in hotel accommodation by more than 50 % depending on the destination. Thus, compared to the last normal tourist year, 2019, the largest increase in hotel accommodation prices occurred in Rome, Berlin and Palma de Mallorca, according to an analysis by the British magazine Hotel News Resource, one of the 10 most influential global travel portals that oper-

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ates as part of the Nevistas group. Room prices in June rose by 51.4% in Rome, 50.2% in Berlin, 44.5% in Dublin, while London had an average increase of 44.3%, Barcelona 29%, Amsterdam 12.1% and Paris 19.8 %. There is a similar trend in the leading European summer tourist destinations for June, where the price increase compared to June 2019 is the highest in Palma De Mallorca (+40%). In Ibiza, the prices increased by 30%, in Aix en Provence by 21 %, while Montpellier records price growth of 14 % and Greek Rhodes of 13 %. The last official figure for Croatian hotels of 12 % growth refers to May, while for June and the peak season in the sector, an average increase of 30 to 50% is mentioned, also depending on the destination and the individual hotel. According to the fiscalization data from the Tax Administration, in the business of providing accommodation services entrepreneurs issued invoices worth more than two billion kunas in June, while in the same month last year the fiscalized turnover was HRK 981 million, i.e. more than a half less. The increase in turnover by 108 % was achieved with 76 % more invoices issued. In the food and beverage service industry, annual growth in turnover recorded in June was significantly higher than the growth in the number of invoices - entrepreneurs in this industry issued invoices worth HRK 2.5 billion compared to HRK 1.37 billion in the same month last year, and 1.84 billion in June 2019. The monthly turnover that is 82 % higher than in the comparable month last year was achieved via only 37 % more invoices, and a 36 % higher amount as compared to 2019 was recorded against six % fewer invoices. The question is, however, whether even with an average increase in service prices of more than 30 %, Croatian hoteliers will cover the costs that are only increasing. According to data from the Croatian Tourism Association, the cost of electricity has risen the most compared to 2019 – by 142.5, while the cost of gas increased by 105 % and food by 20 %. Compared to 2019, labor costs increased by another 10.1 % and thus exceeded the share of 30 % in total company revenues, which has never

Red Lake - Imotski, Courtesy of Croatian National Tourist Board, photo: Zoran Jelača

ready recognized this, and I believe that the provided grants under the happened in history, CTA pointed out. Although the personnel crisis in the hotel sector is a major barrier to National Recovery and Resilience Plan (NRRP) will further encourage business, the situation with personnel is somewhat better than last year, this necessary transition. We also talked about the workforce and ways when, according to CTA's estimates, hotels lost 100 million euros in rev- to further improve processes for next year. The government has so far enue because the facilities remained closed due to a lack of workers. This strongly stood by the tourism sector, and we will jointly look for solutions for all the new challenges that we will all face in the future", said June, physical traffic in hotels was 113 % higher than last year. Minister Brnjac after the meeting. However, entrepreneurs in tourism are far from being euphoric One of the government's goals, which the minister has spoken about "I think the numbers should be looked at with satisfaction, but not with euphoria. The situation is different in different parts of the country. publicly several times recently, is the strengthening of the hotel segment We are satisfied with what has been done so far, however, physical indi- and transition of part of private accommodation into the segment of cators are one thing, and the net financial figures are the other. Revenues small family hotels. It seems that now is a good time to promote that are growing by single digits and expenses by double digits. The price of project. Namely, although it is still very early to talk about the trend, this year, electricity has a particular influence on costs increase. We did a research and simulated a situation in which the contracts of all companies with for the first time in the history of Croatian tourism, it was recorded that HEP expired this year and they signed new ones, and got a result that the the number of registered beds in hotel accommodation increased, while the number of beds in private (family) accommodation fell at the same new burden would amount to HRK 1 billion. time. As it is known, until the pandemic, the The total profit of the sector last year was number of apartments for rent grew annually at HRK 1.1 billion, so this new electricity price a rate of ten %, which reduced the added value alone would eat up the entire profit of the secAlthough the personnel of tourist services in Croatia year after year. Curtor. We communicate with the Ministry every crisis in the hotel sector is a rent statistics show that compared to July 2019, day, we are trying to create a solution and we understand that we are not the only ones who major barrier to business, the the number of beds in hotel facilities increased by 1.7 %, and the number of beds in family achave problems because the entire economy of situation with personnel is commodation fell by 1.4 %. So, today we have Europe is in trouble. However, many countries somewhat better than last 179,454 beds in the hotel segment, while the in the EU have created short-term measures number of commercial beds in households is and helped their economy in the short term, year, when, according to and that is why we hope that our Government, Croatian Tourism Association's currently 611,525. This is still a huge predominance of private accommodation, which makes as it reacted brilliantly with measures to preestimates, hotels lost 100 up 51 % of the total accommodation capacity serve jobs during the pandemic, will now again million euros in revenue in Croatia, over hotels that account for only quickly find solutions", said the director of 14.98 %, and it remains to be seen how the state CTA, Veljko Ostojić, after the meeting with the because the facilities implement the announced incentives for Minister of Tourism held in mid-July in Poreč. remained closed due to a lack will converting part of family accommodation into The minister admitted that in view of global of workers. small hotels. challenges and rising energy prices, the green and digital transition is becoming an imperative for tourism. "Many hotel facilities have alC R O AT I A

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MENEGHETTI

WINE HOTEL & WINERY WHERE NATURE MEETS LUXURY WWW.MENEGHETTI.HR ISTRIA, CROATIA

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TRAVEL & DESTINATIONS

LUŠTICA BAY A SPECTACULAR TOWN EMERGING

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Samih Sawiris, founder of Orascom Development Holding

Set in a spectacular location on the Luštica Bay Peninsula and at the entrance to the world-famous Kotor Bay, this premier lifestyle destination occupies seven kilometers of coastline with a landbank area of 690 hectares.

Samih Sawiris, the principal founder and former Chairman of Orascom Development Holding (ODH), the company behind Luštica Bay, finds time from his busy schedule to share his vision and philosophy and tell us more about the story of our spectacular coastal town.

uštica Bay is an Adriatic town which is already living and breathing 365 days a year. It is the largest fully integrated resort development of its type in south-eastern Europe offering beautiful homes situated in Montenegro’s first award-winning master-planned community. Set in a spectacular location on the Luštica Bay Peninsula and at the entrance to the world-famous Kotor Bay, this premier lifestyle destination occupies 7 kilometers of coastline with a landbank area of 690 hectares. Only 10% of the land area will be developed demonstrating a deep sense of commitment to the surrounding environment, cultural heritage and local architectural authenticity. This wonderful town also includes villas and apartments, the 5-star The Chedi Hotel Luštica Bay, leisure and retail facilities and a marina. As the most significant investment project in Montenegro, it brings benefits to the local community whilst creating a special destination for visitors and residents. It was on the Marina Promenade at the heart of the vibrant Marina Village that Maša Radulović took a stroll with no other than Samih Sawiris, the visionary behind this extraordinary coastal town. She took this rare moment from Samih’s busy life to find out more about this impressive and rapidly growing town. How did you feel when you first saw the peninsula and realized its potential? Well, when I first saw it, I saw it from the plane. So, it was quite interesting to see an area that is so full of nature and untouched and like screaming to be included in our daily life. You know, this part on the open sea is literally the first area that has ever been developed near Tivat and so much linked to Tivat and makes it actually a very good extension.

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Did you have a clear vision, even from the very start? At the beginning, you don't want to say too much because people might not even believe you, but for me, it was quite clear. There will be a town called Luštica in a few years, and I think we're heading there now. Not many people embark on creating a new town. Does this require a certain degree of bravery to venture somewhere business-wise where very few go? No, it’s not bravery. Really, it's much more about patience. I have the patience and the persistence to start and take a lot of time until it really becomes what I was dreaming of when I first saw it, but you get used to it, and with time, you know, that even obstacles on the way are just temporary and it's always worked. So why not? What would you say to your younger self getting into such unknown waters? The best statement I always like to say is that I was very fortunate when I was young, I didn't know or understand how much of a journey this would be and how long it will take, but when I had started after 5, 6 years, I realized where it was heading this journey, and it was too late to stop. But had I known what I know today when I started the very first time, probably, I wouldn't have had the bravery or the courage to do it. But now that I've done it a few times It doesn't really take bravery. It just takes patience and persistence. So, ignorance is bliss in a way sometimes? It was! For sure. You know the critical thing about this type of project is the critical mass. You can do the best restaurant if there are only two clients, it won't work. So the word critical mass has been my biggest lesson in this experience, and it took me, as I said, seven, eight years to understand what it means to have critical mass. I mean, in El Gouna, when I started, I thought that if I do 60 nice villas and a hotel and the marina that the project is done. It took 16 hotels and 16 years to really be able to say that. To say it’s done, because by then, we had enough people living there, permanently, and we had enough facilities, enough infrastructure that it was also paying for itself, and we have so many people living there.

How do you feel about Montenegro, and can we expect to see more of you in the future? Oh, yes. Yes, for sure. Montenegro is a nice place, and the people are nice, and I feel at home. So, there's always this feeling that I want to go back to this place. And now with Mamula opening soon, it will also be a very interesting place to see when it has people and when it starts living, so I'm sure you'll see a lot more of me. You have recently ‘passed on the torch’ to your son – how does the prospect of retirement look? I never said I was retiring (chuckling). All I said is I'm giving up the role and giving up the shares as well to my son because it's time to pass on the existing projects. He is probably more efficient, and he works more than I do. And he's willing to do much more, and it's also time to have fresh blood. I keep my cute little projects like Mamula, you know, I have a project in Senegal. I have one in Morocco that is really mine, and they keep me busy, and Switzerland, of course, it's still where I am mainly active, and I still own 51% of that company in Switzerland. He owns only 49 (laughs). So I'm still the boss there. Everywhere else he has become the boss and the owner, but these places are still mine. And I think that's more than enough at my age to reduce the responsibilities. So, it's a big pleasure for me. But will you continue creating? It feels like there is no way for you to stop creating. Why would I stop? I'm still enjoying it. And the only problem now is that I'm not willing to work so much and that's why it's good to have somebody else to take care of the hard work. Luštica Bay homeowners encompass 46 diverse nationalities, but one thing that has emerged is the deep sense of community. What are your views on this? That's very important. It's all about creating communities, everything we do here, the main target is to attract people to come and live here and associate with the place and call it even home after a while. You know, and this is when you have continuity. Also, you know, these are

very long-term projects. They need to be secured by people, not just by numbers. It's the biggest, most important aspect. If you have a living community in a place. This is much safer for the place than if you have money in the bank. What would you say is the secret here? You just have to see what people need and bring it to them. It's all about people's needs. So what does a person need in order to come and settle here? He needs a school for his kid. He needs a clinic. He needs to be close to the airport. He needs to have beautiful things around him so that when he wakes up in the morning, he’s cheerful and happy to be there. It’s a philosophy of life and that’s why we always say ‘life as it should be’.

FOCUS ON SAMIH SAWIRIS

Samih Sawiris is an Egyptian-Montenegrin entrepreneur and founder of Orascom Development Holding (ODH.SW) having brought his unique vision to the Luštica Bay project. In 1996 he established Orascom Projects for Touristic Development and a year later founded Orascom Hotel Holdings. The two companies eventually merged to form Orascom Development Egypt S.A.E. Mr. Sawiris founded the El Gouna Beverages Company in 1997, which was the largest beverage company in Egypt when sold in 2001. He started his first company, the National Marine Boat Factory, after receiving a Diploma in Economic Engineering from the Technical University of Berlin in 1980. Orascom Development Holding currently operates nine destinations: Luštica Bay in Montenegro, four destinations in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, and Andermatt in Switzerland. MONTENEGRO

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"Montenegro is a nice place, and the people are nice, and I feel at home. So, there's always this feeling that I want to go back to this place. And now with Mamula opening soon, it will also be a very interesting place to see when it has people and when it starts living, so I'm sure you'll see a lot more of me."

Speaking of the community, how important is it to integrate the local community in the development process? You know, they are the ones that are our number one priority even though we don't make as much money from them, but they are the ones that help us create the community. It doesn't matter for me how many people buy houses and keep them closed three quarters of the year as much as it does when I have a local person who likes one of the cafes and comes and have a coffee every week or even rents a little apartment. That's more valuable for the community building than selling a villa for a couple of millions for someone that just comes occasionally. And even that person, when he comes, he wants to see the local community, and that's why really it is much more about that than just trying to be a nice guy and take care of the local people. It's much more because I need them to be happy because they are the ones that are going to create the sense of community and later the sense of the town. There are a lot of people living near Luštica, and I want those people to feel that this is their town, not a place for people who buy second homes and come sometimes. Much more important to have people live in your town than people buy in your town. This a thriving residential complex, yet the business community and potential investors are also important stakeholders. How do you see this in the context of Luštica Bay? It's happening. You see all these shops, all these restaurants. They're all managed and owned by Montenegrins. So this means that we are getting more and more a local community of businesspeople in our town and they bring more citizens to our town that live here. So, this is the beginning of the success of this town-building process, when you managed to attract local people to do business with you.

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We guess that's how El Gouna developed into a smaller vision into the bigger community it is today? Exactly. You know, we have now, almost twenty-five, twentyseven thousand people living there permanently without even the people that come and visit without the tourists, without the people that have second homes and from time to time they come, so you have a community meanwhile. Is it difficult to convey the vision of an integrated community? It's very difficult. I fail miserably to explain to people what it is to start a project like this and turn it into a town. But people who have been watching and have following, they now see it. If somebody has not seen it happening, he or she cannot imagine that somebody goes into the middle of the desert and builds a town. Do you know where it was not a challenge? It is Montenegro. Very strangely Montenegro was the only place where I didn't feel that people couldn’t believe that this could become an integrated community. They don't judge before they see. And they don't care to judge before they see. Everybody in other countries has an opinion. And in most cases, the opinion was, this is crazy. This is not gonna happen. But here they said, okay. We'll watch him. Let's see.

In the Luštica Bay homeowner structure, there are 46 nationalities represented, but one thing that has emerged is the deep sense of community and that's very important. It's all about creating communities, everything we do here, the main target is to attract people to come and live here and associate with the place and call it even home after a while. LUŠTICA BAY A PLACE TO BELONG

LUŠTICA BAY IS A NEW MEDITERRANEAN TOWN IN THE MAKING – THIS IS NOT JUST AN INVESTMENT PROJECT, BUT A LIFESTYLE OFFERING ENCAPSULATED IN THE MOTTO AND SLOGAN ‘A PLACE TO BELONG’. This residential collection in the Marina Village, the luxurious 5-star hotel The Chedi, the marina for sailboats and yachts, 4 natural sand beaches, a oneof- a-kind gastro and shopping experience, lifestyle events, all come together to develop the striking identity of the Luštica Bay waterfront concept. The colourful stone residences with a view of the most beautiful shades of the Adriatic, embraced by olive groves and the picturesque flora of the Luštica peninsula, create the shape and outline of the secluded Mediterranean town of Luštica Bay. This residential collection in the Marina Village, the luxurious 5-star hotel The Chedi, the marina for sailboats and yachts, 4 natural sand beaches, a one-of-a-kind gastro and shopping

experience and lifestyle events, all come together to develop the striking identity of the Luštica Bay waterfront concept.

IRIS RESIDENCES – LIFE WITH A VIEW OF THE MEDITERRANEAN

Iris Residences, the latest residential collection in the Marina Village in Luštica Bay, is certainly superbly positioned – it offers a perfect view of theAdriatic, of the Luštica olive groves, of the town’s promenade, streets, alleys and of rows of houses and villas in the neighbourhood, from the spacious apartment balconies. The synergy between the Mediterranean and the Montenegrin architectural identities, as well as the harmony of the interior and exterior spaces, is visible in all of the residential units in the neighbourhood, which is now considered to be among the best in town. The residential units, covering between 49 and 153 m2 of surface area, ranging from studios to three-bedroom functional interiors, with a private swimming pool, joint areas and residential backyards, offer all the sublime benefits of living in Luštica Bay. The residents are just a few minutes’ walk away from the private beach, which is one of the biggest advantages of living here – whether you spend all seasons here or if this is just an oasis for your summer adventure and relaxation. Luštica Bay offers all in one.

SUMMER SPLASH AT LUŠTICA BAY

Apart from the two destination beaches reserved for the homeowners, rental and hotel guests, namely The Chedi Hotel beach and Marina Beach, Lustica Bay has other two incredible beaches, inviting for a deep summer dive. The four beautiful beaches on our list have something for everyone, whether your perfect beach holiday includes: diving in to snorkel with fish or explore underwater caves and reefs… paddling a stand-up board in a secluded cove… yoga on the sand… or simply relaxing on a sun lounger, with a cool drink in hand. So… grab your sunscreen and let our beach taxi boat whisk you away to some of the most beautiful beaches in Montenegro, all right here in Luštica Bay. MONTENEGRO

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If you’re looking for the best beach club in Montenegro, head further along the Lungo Mare, to the Almara Beach Club. ALMARA BY LUŠTICA BAY: SOPHISTICATED BEACH CLUB

If you’re looking for the best beach club in Montenegro, head further along the Lungo Mare, to the Almara Beach Club. Or step from our shuttle boat straight onto the club’s pier, arriving fresh and ready for your close-up. One of the trendiest beaches in Montenegro, this exclusive club exudes grown-up glamour, with a heady mix of chilled cocktails and cool music, with live bands, DJs and unmissable events. The beaches are golden pebbles and sand, with a splendid mix of carefree relaxation and exciting watersports. The bar is surrounded by spacious terraces that seduce sunseekers with comfy sun loungers and generous parasols. Treat yourself to a private cabana with breezy semi-sheer canopy for a taste of celebrity lifestyle – ideal for couples, too. Enjoy stunning views across the Adriatic, where sailboats bob in the distance. Pebbled beaches stretch out along both sides of the terrace, and the sea here really is crystal clear. Almara Beach Club sets the scene for relaxation and fun, whether for you that means dancing… or hopping on a jet ski or kayak to explore the bay. The impressive restaurant is right by the beach, with a rich menu including the fresh wild sea bass and tasty paella. The menu is Mediterranean and Asian, overseen by one of the area’s top chefs.

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21 BEACH CLUB: SECLUDED AND SEDUCTIVE

If you’re seeking a quiet beach, take our water taxi out to 21 Beach Club on Velja Špilja, absolutely one of the most unique and spectacular places to swim in Montenegro. The small beach is set in a curved cove, with golden sands and a jaw-dropping backdrop of golden cliffs and stone. The cliffs extend right into the water along one side of the beach, adding to the intimate and almost otherworldly atmosphere. This picturesque beach club hints at dreamy days in the Mediterranean sun, with a relaxed and friendly atmosphere. The cabanas have a rustic charm, and the thatched beach parasols echo the colour of the golden sand. Idle lazily on swings set at the water’s edge, cooling your feet in the perfectly clear water as you gaze across the bay at a dramatic mountainscape. The restaurant is right on the beach, , featuring light bites, fresh Mediterranean dishes and cool drinks. The beach is popular with Luštica Bay residents and renters, and is also open to the public, with charges for sun loungers and cabanas. W: lusticabay.com E: info@lusticabay.com T: +382 77 200 100

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JUST SO WE’RE CLEAR We’re the only private aviation company that’s always been transparent

You know the operator you’re going to be flying with, at the point of quotation You know every detail of each aircraft including fuel burn, fuel efficiency and total carbon emissions You know our commitment to climate action – offsetting every flight by 200% as standard and now offering Neste MY Sustainable Aviation Fuel™ for every booking You know we publish our independently audited total flight emissions and carbon offset investment More transparency, more peace of mind A better way to fly

DISCOVER VICTOR

Total CO2 emissions = 27,901 tonnes from 3,622 ﬂights CO2 emissions offset = 215% of total emitted Offsets purchased and retired = 60,128 carbon credits via Vertis Total investment in climate action = 2.5% of Gross Proﬁt All data for 2021, audited by Cooper Parry LLP

WHEN YOU KNOW

ﬂyvictor.com | UK: +44 (0)20 7384 8550 | US: +1 877 275 9336 | DE: +49 89 242 18 236 | FR: +33 805 086 683

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LA NAVA DEL BARRANCO A LAND OF BEAUTY, UTMOST EXCLUSIVITY AND ONE OF THE FINEST PRIVATE ESCAPES IN EUROPE

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Unparalleled natural environment. More than 7000 hectares for exclusive and intimate experience of our guests.

During the recent gathering organised by the team at ‘Unique Private Estates’ where the 15 renowned world travel agencies were present, The Collection magazine were honoured and privileged to be invited as the sole media partner from The Adriatic region, for the event.

nique Private Estates is a Madrid-based company created by Beatriz Pastrana, that specialises in organising bespoke events at its carefully selected portfolio of luxury properties that have been cherry-picked from around Spain. The one and only, La Nava del Barranco, is a favourite destination, as coming to La Nava is about discovering true luxury. Everything in this

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estate makes perfect sense! Surrounded by thousands of hectares of natural Spanish landscapes, olive trees and vineyards, La Nava del Barranco Villa has 14 large en suite rooms and offers magnificent views of the countryside. It is carefully decorated with perfectly combined materials and styles to create a unique experience. All rooms are fully equipped with the latest technology to ensure maximum comfort. This is a place to spend your vacation surrounded by breath-taking natural beauty, stunning views of lakes, mountains, valleys, and green forests. The location is superb - right on the top of a hill. It's a perfect place to escape from the chaos of everyday life, disconnect and feel at one with the world around you (this is not a phrase - it is completely true). It is everything you could ever need for an all-inclusive stay, with

Have breakfast like a king, lunch like a prince, but have dinner at La Nava because it is something special which will blow you mind – a story in itself.

absolutely unbeatable in-house service. The interior and exterior of the house offer many different ways to relax and enjoy yourself. You can watch movies in the cinema room, indulge yourself with the saunas and the spa, experience traditional Spanish cuisine of the house chef in the elegant dining room, read books and relax in the library room with the fireplace on, and enjoy sunsets in the late afternoon and the clearest sky with stars at night from the gorgeous lounges & porches. The two lounges available in the house allow guests to choose the most appropriate space to relax depending on their mood. The main lounge has a large south-facing terrace, perfect for enjoying the stunning sunsets (my favourite spot inside the Villa). The side lounge is ideal for small groups looking for privacy and discretion. The house offers diverse dining rooms where you can enjoy exquisite Spanish gastronomy. The main dining room seats 30 people and has a fireplace and a large window where you can appreciate wonderful views. There is a beautiful dining space on the terrace and an impressive dining area in the midst of the countryside for those seeking unique experi-

ences. The chef and his team create unique menus, using only the best ingredients from the best suppliers in the market. Have breakfast like a king, lunch like a prince, but have dinner at La Nava because it is something special which will blow you mind – a story in itself. The meals here are unlike any you’ve had at any place you’ve ever dined before. Buuut… What makes this Villa unique are the outdoors activities within the house estate: watch for deer, rams, rabbits, wild boars, eagles, thousands of birds and even some endangered species on a 4x4 photo safari. Enjoy a horseback adventure through the Castilian countryside or see it from above while experiencing a thrilling hot balloon ride. Anything you can imagine is possible, from a private bullfight to an intimate flamenco show and a concert. Villa Castilla has an in-house team of experts for each activity to make sure you can learn and enjoy every experience to the fullest. The service of a 6-star hotel with the warmth, privacy and feeling at home, made the stay here an unforgettable experience. In the series of special treats, outdoor dining stood out – an improvised outdoor kitchen in the middle of nowhere, with the chef

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paying attention to every single detail, wait staff in uniforms, hot stones placed under the table to get the temperature right, and a local menu that was prepared and served in a way to add an extra touch of sophistication. After a four-course dinner and beautiful desert it was time to relax next to the infinity pool, in the gym, or in the SPA where you can have amazing massages and beauty treatments! There are also reading rooms, a cinema room to relax watching a movie or many terraces where you can enjoy incredible views with a refreshing cocktail and the best-ever, Iberian cuisine. Here, nothing will prevent you from enjoying life and being happy! Furthermore, if you like private jets, then you'll love La Nava del Bar-

Top quality domestic service and attention to detail make La Nava unique.

In the series of special treats, outdoor dining stood out – an improvised outdoor kitchen in the middle of nowhere, with the chef paying attention to every single detail, wait staff in uniforms, hot stones placed under the table to get the temperature right, and a local menu that was prepared and served in a way to add an extra touch of sophistication.

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ranco’s private, more than 2km long, airstrip for domestic and international flights. The most popular private jets can land here: Dassault Falcon, Gulfstream, Bombardier Global Express… La Nava del Barranco is for those that want something above and beyond a luxury hotel.

For more information, please visit lanavadelbarranco.com or contact via info@lanavadelbarranco.com

Absolute privacy: La Nava del Barranco is probably the perfect place for guests whose priorities are privacy and discretion - "What happens in La Nava, stays in La Nava". This is something our clients appreciate the most.

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LE PETIT CHEF

THE SMALLEST CHEF IN THE WORLD CONQUERS MONTENEGRO Montenegro is the first country in the Balkans to host Le Petit Chef, also known as ‘The World’s smallest chef’. This innovative dining experience tells the story of a small animated chef who is projected using 3D project mapping technology onto diners’ plates and proceeds to ‘cook’ their food, on their plates in front of them. The experience originates from Belgium A combination of audiovisual and amazing food is one experience that no one should miss! Guests will leave having not just a great meal, but also a captivating show. We had a fantastic night at Regent Porto Montenegro with friends from the media sector (Sanja Golubović, Caffe Montenegro & Ana Mirović, Exclusive) and loved the projection. You can choose from four menus: Classic, Premium, Vegetarian and Kids. During our two-hour dinner we opted for a five-course Classic Menu (Burrata, Bouillabaisse, King Prawn, Chicken Breast, Crème Brûlée) and the visual show transformed this occasion into a lifelong memory. Our experience was lovely and the staff was well trained. Overall it's a great experience and we can't wait to visit another time to try a different menu. But next time we will bring the kids to enjoy even more, all together. An the end I have to thank Regent Porto Montenegro for bringing the concept of virtual reality dining experience to Montenegro and thank our host, Elena Ljiljanić for having us on board. Miodrag Spahić Executive Director The Collection

Extraordinary cinematic family dining experience Innovative 3D technology brings Le Petit Chef to life in front of your eyes and paired with Regent’s culinary excellence, this extraordinary animated story is Montenegro’s summer 2022 highlight.

BOOK NOW Tuesday – Sunday June 9th – September 30th

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WHAT’S ON AT PORTO MONTENEGRO THIS SUMMER

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SUMMER’S ON AT PORTO MONTENEGRO!

un-filled days and light-fuelled nights provide the perfect backdrop for what’s set to be a spectacular summer. Here’s everything you need to know about what’s going on…

NEW OPENING - BUDDHA-BAR

Find your groove, embrace the hedonistic spirit, and gather your friends for some delicious Asian-fusion cuisine. Buddha-Bar Beach is now open. What can you expect? A breathtaking 64-metre infinity pool, signature dishes that marry the finest local ingredients with Asian spice, and international DJs. All with a backdrop of the impossibly beautiful Boka Bay.

BIGGEST-EVER PROGRAMME OF EVENTS

We’ve got a host of brilliant and big events lined up for the coming months, with something for all tastes and types. From gastronomy and sports. To fashion, music and art.

Explore all events

HIGHLIGHT OF THE SUMMER POLO IN THE PORT

Whatever you have planned for 11-14th August, cancel it and come to this instead… Polo in the Port returns for a spectacular horse parade, stylish receptions, two days of exhilarating polo, and one memorable closing party. This is our event of the summer.

WHAT ABOUT THE KIDS?

Our ‘Summer of Football’ will keep the kids busy and buzzing. We’ve teamed up with BE FREE FOOTBALL to deliver the ultimate summer holiday experience: the Real Madrid Foundation Football Camp. All kids aged 6-17 can learn from some of Europe’s leading coaches, make friends, and develop their skills.

NEW SHOPS TO TRY & FOOD TO TASTE

At Porto Montenegro we believe in the pleasure of leisure. It’s why you’ll find over 70 international fashion brands, shops, galleries, restaurants and bars on our waterfront. With so much on offer, below is a brief overview of what you can enjoy this summer…

THE HEIGHT OF FASHION

Joie de vivre is central to the spirit of Porto Montenegro’s South village, with Strada Navala now a world-class shopping destination. Boss, Cartier, Chopard, Dolce & Gabbana, Hublot, Rolex, Valentino and many more already line the promenade. This season they’re joined by the long-awaited Bvlgari store and a host of forward-thinking footwear brands: Pretty Ballerinas, Stuart Weitzman, Le Silla, and Giuseppe Zanotti at the Shubeshu store. Dior also returns for a second season to present Dior's wardrobe designed by Maria Grazia Chiuri (the creative director of Dior's women's collections). This summer line celebrates la dolce vita and features Dior Maison clothing and accessories.

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WWW.PORTOMONTENEGRO.COM

FRESH FOOD

For lovers of gastronomy, there are two new standouts to sample. The first is Barquero, a Latin-inspired gastro-bar with unforgettable views of Jetty 1. Barquero adds to our already-delicious selection of restaurants. The second is Godo which will serve up top-quality ice cream and sweets. Don’t worry about picking the perfect flavour. You can always go back tomorrow to try another.

WANT TO SEE WHAT OTHER SERVICES, SHOPS AND STOPS WE HAVE IN PORTO MONTENEGRO? Take a look here

MUSINGS FROM THE MARINA – SUMMER EDITION

Summer’s hustle and bustle has arrived at Porto Montenegro’s marina, with some of the world’s most fascinating boats now calling our harbour home. A lot has happened in the past few weeks, and a lot is set to happen in the coming months. Here are some highlights…

NEW CLEAN MARINA ACCREDITATION

Porto Montenegro has become the first marina in Europe to receive Clean Marina accreditation from The Yacht Harbor Association. This accreditation is designed to help marinas ensure their operations do not pollute coastal and inland waters. This award is recognition of our team and tenants’ work in promoting sustainability across our marina. It’s an important step in our sustainability ‘journey’, and one we’re incredibly proud of.

WANT TO GET INVOLVED?

If you want to purchase a ticket, save a spot, make a reservation, or find out more about any of the above, simply email events@portomontenegro.com.

THE RETURN OF THE SUPERYACHT SUMMER GAMES

Our team has just hosted the fourth edition of the thrilling Superyacht Summer Games. Yachting crews took part in a decathlon and sailing regatta to put their agility, hand-eye coordination and teamwork to the test. Well done to all who took part!

CELEBRATE THE ARRIVAL OF ADRIATIC 42 WITH 50% OFF We’ve transformed the former Bijela Shipyard into Adriatic 42: a fully equipped superyacht refit, repair and maintenance yard located in Montenegro’s Kotor Bay. To celebrate its arrival, we’re offering a 50% discount on any Jetty 1 berth. Want to start summer in the world’s newest and brightest berthing haven? Contact marinabooking@portomontenegro.com

A NEW FLOATING DOCK

A floating dock is essential for superyacht overhaul and maintenance, and we’re delighted to have obtained one for Adriatic 42. This is a momentous day for both the Bay of Kotor and the entire country of Montenegro. Captain Rado Antolović, PhD (Chairman of Adriatic 42) explains…

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“It is a facility that will certainly transform Montenegro's position on the global yachting map. It is a million-dollar new generation 180-by-37-metre floating dock with a 10,000-ton lift capacity that can accommodate the world's largest yachts.”

THE ‘OSCARS’ OF THE SUPERYACHT WORLD COMES TO PORTO MONTENEGRO

For the first time ever, Porto Montenegro is proud to host this year’s Crew Awards between 14-16th October. Now in its fifth year, the Crew Awards is the only competition that truly honours superyacht Captains and Crew for their hard work and professionalism. The Awards ceremony is one of the most anticipated, and glamorous, weekends in the superyacht industry. So where better to host it than in Porto Montenegro? If you haven’t confirmed your spot yet, a range of accommodation packages are available at www.crewawardspackages.com.

LET’S MAKE SOME MUSIC (AND MORE!)

Porto Montenegro has a new home for sound: the AudioPort studio. This exciting recording studio will open in July and be an experiential space for sound. It’s there for anyone and everyone, whether you’re a pro or not. What can you expect at AudioPort? • A private recording studio available for the hour or day • A producer and label that is attached to the studio • Commercial production • Masterclasses in DJing, music and singing • A locally broadcast radio station • Music video production We want AudioPort to become a laboratory for curious creatives to experiment, collaborate and trailblaze. It can be your platform to broadcast globally, or your intimate studio to realise personal dreams. Until the end of September 2022, you can enjoy 20% off any studio time, masterclasses, production, or music publication. Simply email AudioPort@PortoMontenegro.com to let us know what you’d like to do in the studio.

BOKA PLACE – VISION UNFOLDING

Construction continues apace at Boka Place - Porto Montenegro’s newest neighbourhood, and a spot with wellness at its core. Structural work is complete, and you can now see the outline of the apartments, retail units, and SIRO Hotel rooms which make up Boka Place’s central square. We’re about to remove all temporary support frames, and have already begun external works and the process of fitting out these spaces. The area offers exceptional off-plan investment opportunities. Over 50% of spaces have already been let, and there are fewer than 10 properties now available.

WHAT’S COMING NEXT AT PORTO MONTENEGRO

We want Porto Montenegro to be a destination with a truly yearround appeal. To do that, we’re expanding our outdoor and indoor entertainment, increasing our sporting and cultural events, and providing opportunities for creative fulfilment within an eventual five-neighbourhood community. You may have seen some of the emergence of the next phase of this masterplan already, but here’s a brief summary…

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EACH NEIGHBOURHOOD WILL HAVE A DISTINCT CHARACTER AND PURPOSE.

Both individually and collectively, they will allow you to continue living a rewarding life less ordinary at Porto Montenegro, and to consider it your home for even more of your precious time. What’s more, you’ll be able to enjoy that time with an even wider group of friends and family with broader interests and desires. Want to see what else we have in store? Find out more via sales@portomontenegro.com.

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WWW.PORTOMONTENEGRO.COM

A FIVE-NEIGHBOURHOOD COMMUNITY

Today’s Porto Montenegro will become our ‘South Village’ neighbourhood, with ‘Boka Place’ joining next year as our second neighbourhood at the gateway to the village. An exciting new ‘Synchro’ address will come after that. There we are re-purposing the Synchro building as a long-term entertainment and events centre, improving our yacht club and associated amenities, and adding new homes. This will then be followed by plans for the evolution of our tenniscentric ‘North Village’, and eventually the luxurious waterworld of ‘Park Gardens’.

HEAVENLY BEAUTY. HELLISHLY GOOD. The sky above, the earth below, and peace within.

New 2022: SkySpa Heaven & Hell

Surpassing limits, taking in new horizons, savouring the feeling of boundless freedom: That’s never been easier than at Alpin Panorama Hotel Hubertus in Olang. The family-run hotel at the heart of the Dolomites has been pushing the boundaries for years – in terms of both hospitality and architecture. From May, Hubertus will shine with a new architectural masterpiece, which – like its spectacular Sky Pool – floats between sky and earth: Heaven & Hell, the elegant platform that is turning wellness upside down – quite literally.

Alpin Panorama Hotel Hubertus / Dolomites - Italy

www.hotel-hubertus.com

Porto Montenegro

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DIOR

UNVEILING

NEW DIORIVIERA POP-UP AND CONCEPT STORES

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Porto Montenegro

This fairy-tale decor also magnifies the windows and facades of Dior concept stores in sunny destinations – from Mykonos to Bodrum, Capri to Ibiza, all the way to Portofino**.

The Maria Grazia Chiuridesigned Dioriviera summer capsule continues its reinvention. The House’s style fundamentals* in luminous fluorescent shades of blue, orange and pink – inspired by the Fall 2022 line – come out to play on ready-to-wear, leather goods and shoes. Throughout the summer, these breezy creations will be presented in a series of ephemeral showcases around the world, extending an invitation to a sunny escape.

tures made entirely of wood, as if floating on water, like an ode to nature. A celebration of la dolce vita and the art of living dear to the House.

*From toile de Jouy to bayadère stripes. **Another dreamlike address on the Italian Riviera, the Dior concept store in Paraggi will also host the Dioriviera capsule in a unique setting.

he pop-up stores come dressed in toile de Jouy, reinterpreted by the Creative Director of Dior women’s collections as relief on a monochrome tapestry, the result of excellent craftsmanship. Echoing this timeless motif, enchanting tropical foliage, in the season’s vibrant orange and blue hues, blossoms in each space. In the heart of this lush, revisited jungle, the wild animals that populate the iconic designs of the toile de Jouy come to life as life-size sculptures. Giraffes, tigers, elephants and monkeys pop up through the capsule’s skirts, dresses, shorts, swimwear and accessories. This fairy-tale decor also magnifies the windows and facades of Dior concept stores in sunny destinations – from Mykonos to Bodrum, Capri to Ibiza, all the way to Portofino**. Dior Maison essentials designed for summer – such as deckchairs, parasols and cushions – are also unveiled to match this wardrobe. These objects of desire furnish the terrace bordering the beach at the InterContinental in Hua Hin, Thailand, the deck of the Dior Tea House in Chengdu, and the pool – rechristened Dioriviera for the occasion – at the Jimbaran, Bali Four Seasons’ Sundara Beach Club. In Tokyo, Japan, and Sanya, China, visitors can discover the collection in circular struc-

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DIORIVIERA POP-UP 2022 BODRUM © Kristen Pelou DIORIVIERA POP-UP 2022 CAPRI © Marco Cappelletti DIORIVIERA POP UP CHENGDU © Jin

In Tokyo, Japan, and Sanya, China, visitors can discover the collection in circular structures made entirely of wood, as if floating on water, like an ode to nature. A celebration of la dolce vita and the art of living dear to the House. DIORIVIERA POP-UP 2022 FORTE DEI MARMI © Kristen Pelou

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DIORIVIERA POP UP THAILAND © Namtip Cherdwoncharoensuk

The pop-up stores come dressed in toile de Jouy, reinterpreted by the Creative Director of Dior women’s collections as relief on a monochrome tapestry, the result of excellent craftsmanship. Echoing this timeless motif, enchanting tropical foliage, in the season’s vibrant orange and blue hues, blossoms in each space. 204

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DIORIVIERA POP UP SANYA © Jin

DIORIVIERA POP-UP 2022 PARAGGI © Kristen Pelou

DIORIVIERA POP-UP 2022 MYKONOS NAMOS © Chris Liaskonis

DIORIVIERA POP-UP 2022 IBIZA © Raphael Dautigny

THE NEW DIORIVIERA CAPSULE COLLECTION 2022

Continually reinvented, the Dioriviera summer capsule collection designed by Maria Grazia Chiuri for the Summer 2022 is an invitation to get away and holiday.

Continually reinvented, the Dioriviera summer capsule collection designed by Maria Grazia Chiuri for the Summer 2022 is an invitation to get away and holiday. Playing with the House’s fundamentals – from toile de Jouy to bayadère stripes – ready-to-wear, leather goods and shoes are illuminated with fluorescent shades – blue, orange and pink – a palette inspired by the Fall 2022 creations. A timeless symbol revisited by the Creative Director of Dior’s women’s collections, toile de Jouy is featured on skirts, dresses, shorts, swimwear, and on the House’s iconic accessories. Irresistible, the Lady D-Lite, Dior Book Tote, and Diorcamp bags, as well as the Dior Travel clutch – fashion statement of the season – are adorned with this classic pattern. Dway mules, DiorAct sandals, ponchos, scarves and bobs are to be enjoyed along with marinière sailors’ tops bearing the names of dream destinations. To complement this sunny wardrobe, the Dior Maison essential ls envisioned for summertime are also being unveiled, including a surfboard emblazoned with the “Christian Dior” signature, a skateboard, a pool mattress, a parasol, beach games and fans. A series of decorative objects, stationery, cushions, and placemats prolong this celebration of art de vivre. A line to be discovered from May 2022 in several pop-up and resort stores around the world – from Mykonos to Tokyo, from Taormina to Bali, via Capri Il Riccio, Chengdu, Sanya, Montenegro and in Montauk – from June in seven Dior boutiques: in Saint-Tropez, Cannes, Monaco, Portofino, Capri, Marbella and Porto Cervo.

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A timeless symbol revisited by the Creative Director of Dior’s women’s collections, toile de Jouy is featured on skirts, dresses, shorts, swimwear, and on the House’s iconic accessories.

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EXCLUSIVE DISTRIBUTOR PREMIUM INTERNATIONAL PODGORICA, MONTENEGRO M +38 267 117 171

Chopin Potato Vodka is naturally gluten-free and the world’s most awarded potato vodka. Its uniquely creamy and full-bodied flavour profile makes it a great standalone vodka, ideal for sipping neat or in martinis and cocktails. Chopin Rye Vodka is carefully distilled to showcase the complex, spicy flavour of the Polish rye. It’s peppery flavour profile can be enjoyed straight up, mixed into a spirited Bloody Mary, or balance sweet cocktails. Chopin Wheat Vodka is the lightest and sweetest spirit in the offering. The delicate wheat vodka is perfect for sipping, or as a base for light summer cocktails.

PORTONOVI One&Only | Tapasake | Maison Du Monde | Romeo and Juliet | Koffein

PORTO MONTENEGRO One | Crush | Blue Room

LUSTICA BAY The Chedi Hotel | The Spot | 21 Bistro Sea View

EXCLUSIVE DISTRIBUTOR PREMIUM INTERNATIONAL PODGORICA, MONTENEGRO M +38 267 117 171

KO L A Š I N , M O N T E N E G RO

from the mountains

For more information and reservation please contact BIANCA RESORT & SPA Tel. +382 20 863 000; reservations@biancaresort.com www.biancaresort.com

B U DVA , M O N T E N E G RO

to the sea

For more information and reservation please contact AVALA RESORT & VILLAS Tel. +382 33 441 000 reservations@avalaresort.com www.avalaresort.com

ADVERTORIAL

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TRAVEL & DESTINATIONS

NEW INVESTMENT OPPORTUNITIES – UNIQUE MOUNTAIN GETAWAY KOLAŠIN

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At this location, Ski resort K1450 is currently developing two hotels, with a total capacity of 193 accommodation units, which are on the list of development projects within the Citizenship by Investment program. Montenegro has become very present and very visible in the world's tourist magazines and on the lists of must-visit destinations, both European and international. The importance of tourism for the Montenegrin economy is best illustrated by the fact that the forecasts of the World Council for Tourism and Travel say that tourism almost 30% of country’s GDP comes from tourism, while the share of tourism in employment is as much as 45%.

he north of Montenegro is taking a leading when it comes to the development and investments. Day by day, with new investments, new opportunities are opening up, for engaging local companies, for new employment, for additional investments and improvement of the local community and standards. All this is increasing tourist value and offer in Montenegro. The leader of the development of the north is certainly Kolasin. Although it has less than ten thousand citizens, Kolasin welcomes five times as many tourists every year. However, when we take into account its position, at almost a thousand meters above sea level, bordered by the mountain ranges of Bjelasica and the Biogradska Gora National Park, and the fact that it has over 40 km of ski trails and a hundred ski days, then this information is not surprising. However, it should be borne in mind that Kolasin and Bjelasica are not only a winter destination - the favorable altitude, the national park, six lakes, dozens of viewpoints, katuns, and 10 peaks over two thousand meters above sea level are an ideal combination for activities throughout the whole year to escape from the hustle and bustle of the city and surrender to nature. In order to improve and valorize Bjelasica, the renowned Canadian company Ecosign made a master plan for the entire mountain resort planned in Bjelasica, including both ski centers Kolasin 1450 and Kolasin 1600. We are pleased to say that the plan is turning into reality. Within the ski center Kolasin 1450, one of the oldest and most famous

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Montenegrin ski resorts, construction of a total of 500 accommodation units, with two thousand beds is planned, mixed between five hotels, eight apartment buildings, and 45 private chalets and 29 family villas, all surrounded by amenities such as a number of restaurants, bars, shops, Nordic Spa facility and commercial units as well as the development of a further ski lifts. At this location, Ski resort K1450 is currently developing two hotels, with a total capacity of 193 accommodation units, which are on the list of development projects within the Citizenship by Investment program. Grand Chalet Hotel with its annex is one of them and its construction is already well underway. The hotel will be highly categorized with 4*, and with its 116 apartments, it will operate as a condo hotel. The main hotel building will have 65 accommodation units, whose areas range from 38 m2 to 84 m2, while the annex will consist of 51 residential units, ranging in size from 32 m2 to 143 m2. There are currently less than 20 apartments available on the market, with prices for one-bedroom units starting from €250,000, while the prices of two-bedroom units range from €300,000 to €350,000. Negotiations with the operator, which is member of one of the largest hotel groups, are ongoing and the finalization of this arrangement will make this destination even more recognizable. The hotel is expected to welcome its first guests in the season 2023/2024. In addition to this, just few weeks ago, construction of another hotel at this location began - Hotel Kilimanjaro. Just like the Grand Chalet, this hotel is also on the list of development projects within the Citizenship by Investment program, and clients will have the opportunity to choose between 77 accommodation units, divided into 8 types. Out of the 77 units, 48 will be studio apartments with an area ranging from 36 m2 - 42 m2, 19 one-bedroom apartments of 45 m2 - 50 m2 and the remaining 10 two-bedroom apartments will have area of 60 m2 - 77 m2, while the starting price will be €250,000. The offer of this hotel, in addition to two very luxurious restaurants, will be enriched with several retail shops and entertainment facilities, which will complete the offer of the entire ski center.

STUDIO SYNTHESIS architecture & design

STUDIO SYNTHESI

architecture & desig

Just like the Grand Chalet, hotel Kilimanjaro is also on the list of development projects within the Citizenship by Investment program, and clients will have the opportunity to choose between 77 accommodation units with starting price of €250,000.

HOTEL B | 3D VIZUALIZACIJA - LOBI

STU

arc

HOTEL B | ST3 STUDIO APARTMAN 3D PRIKA

Taking into account hotel’s natural environment, special attention was paid to the appearance and materials which will be used during its construction, with an emphasis on its external appearance being integrated into the natural environment. Luxurious and modern design, made in compliance with the highest standards of mountain buildings, with integrated local architecture is what will make this building recognizable. Contact: www.development.kolasin1450.com office.kolasin1450@gmail.com +382 67 712 333

STUDIO SYNTHESIS architecture & design

HOTEL B | ST1 STUDIO APA

The offer of Hotel Kilimanjaro, in addition to two very luxurious restaurants, will be enriched with several retail shops and entertainment facilities, which will complete the offer of the entire ski center.

HOTEL B | 3D VIZUALIZACIJA

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Swissotel Resort Kolašin which will operate according to the condo model, has a total of 201 accommodation units available in two hotel buildings.

In addition to the fact that Kolasin is working very intensively on increasing the accommodation capacity, they are also working on improving the infrastructure. Bearing in mind that the ski centers Kolasin 1600 and Kolasin 1450 are now connected by a sixseat cable car, a ski lift with a capacity of 2600 people per hour, these ski resorts together offer about 45 km of slopes. It is expected that in combination with the Jelovica Ski Center, the ski areas will be further expanded to 125 km of slopes. And with the already mentioned over a hundred snowy days, it is obvious why Kolašin is a new popular European ski resort and very attractive for all skiers and snowboarders from the region, but also throughout Europe. In this regard, opportunities are opening up for the development of settlements at higher altitudes. Within the K16 Resort, which is located at 1600m above sea level, the Masterplan envisages the construction of ten hotel buildings and 28 villas, which will have a total of 958 accommodation units. At the moment, there is ongoing construction of three hotels. Namely, Swissotel Resort Kolašin with its Annex is planning to open its doors next year. The hotel, which will operate according to the condo model, has a total of 201 accommodation units available in two hotel buildings. The main hotel building, which is listed as a development project within Citizenship by investment program, has 116 units and is almost completely sold out; only a few units are available at a price from €250,000. There will be 85 units in the annex of the Swissotel Resort Kolasin hotel, of which about half are available for free sale. Studio apartments of 27 m2, one-bedroom apartments 36 m2 - 44 m2 and two-bedroom apartments 59 - 65 m2 are available, and depending on the position and view, the prices of furnished accommodation units start at €4,000/m2. In addition to the spa center and two very luxurious restaurants, guests will have the unique experience of accessing the ski slopes directly from

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the hotel, but also accessing the restaurants from the ski slopes and enjoying their offer. The A la carte restaurant that will be located within this hotel will be the most luxurious restaurant in the northern part of Montenegro, while the hotel restaurant will offer guests the experience of participating in the preparation of their own meals with the chef through the show kitchen. In the immediate vicinity of Swissotel, the construction of the third hotel, which offers 107 accommodation units, has just begun. Namely, it will be distinguished by five types of studio and one-bedroom apartments, ranging in size from 28 to 68m2. This hotel is on the list of development projects within the Citizenship by Investment program, so apartment prices will start at €250,000. The newest building in the K16 Resort will exude a more modern, but architecture that reinterprets traditional mountain forms, with complete harmony with the environment and the use of only natural materials. These three buildings, which will operate according to the condo model, will offer a total of over 300 modernly equipped accommodation units, which represents an exceptional investment opportunity. Contact: www.k16resort.com sales@k16resort.me +382 67 712 333

In the immediate vicinity of Swissotel, the construction of the third hotel, which offers 107 accommodation units, has just begun. Namely, it will be distinguished by five types of studio and one-bedroom apartments, ranging in size from 28 to 68m2, with starting price of €250,000.

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UNIQUE MOUNTAIN GETAWAY AT THE VERY SKI SLOPE Swissôtel Resort Kolašin Luxury hotel of 116 units will have a spectacular premium location - it is right on the ski slope and it will provide a unique ski in/ski out experience for its guests. Units available for sale from 250.000 EUR through Citizenship by Investment Program.

K16 Hotel Newest addition to the K16 Resort will exude a more modern, but architecture that reinterprets traditional mountain forms, with complete harmony with the environment and the use of only natural materials. 107 units available for sale from 250.000 EUR through Citizenship by Investment Program.

www.k16resort.com / sales@k16resort.com / Contact: +382 67 712 333

CHOOSE YOUR MOUNTAIN NEST Grand Chalet Hotel Kolašin Contemporary and yet cozy designed hotel with its Annex will have various offer for its guests, but is also suitable for MICE events. Units available for sale from 250.000 EUR through Citizenship by Investment program.

STUDIO SYNTHESIS architecture & design

HOTEL B | DS1 DVOSOBAN APARTMAN 3D PRIKAZ

Hotel Kilimanjaro Luxury and modern design with integrated authentic local architecture is what will make this hotel recognizable. 77 units available for sale from 250.000 EUR through Citizenship by Investment Program.

STUDIO SYNTHESIS architecture & design

HOTEL B | ST2 STUDIO APARTMAN 3D PRIKAZ

HOTEL B | 3D VIZUALIZACIJA – A LA CARD RESTORAN

www.development.kolasin1450.com / office.kolasin1450@gmail.com / Contact: +382 67 712 333

GOOD. BETTER. THE BEACH. BOOK YOU SPOT +382 (0)67 600 973 @ bocasabeach

Fine-dining restaurant with Michelin star chef Mr. Eros Picco

Casa Epico restaurant concept is designed to be a combination of typical local flavors and fresh local ingredients, served in handmade dishes, and perfectly paired with the best wines from the region and abroad. BOOK YOUR TABLE ON: +382 (0)67 099 139 casaepico@casadelmare.me

WHERE YOU ARE CARED FOR

At Casa del Mare, dive into the tradition of great hospitality, experience exquisite gastronomic delicacies and marvel at the stunning scenery of the Montenegrin coast. Wake up to sights that will nurture your soul, silence your worries and allow you to glimpse into a yet unseen part of the Mediterranean.

WWW.CASADELMARE.ME @CASA_DEL_MARE_MONTENEGRO

GLAVNE POGODNOSTI: Wellness i SPA centar - 1.750 m2 Otvoreni bazen i Akva park Restorani i bar na otvorenom Luksuzni tržni centar sa 20 butika Konferencijske sale - 1.500 m2 Kazino - 2.200 m2 Podzemni parking – 400 mjesta 24/7 dostupna recepcija i concierge

INTERNACIONALNA KOMPANIJA LIKO SOHO GROUP IZ BARA ZAPOČELA JE IZGRADNJU NAJLUKSUZNIJEG HOTELA SA 5 ZVJEZDICA NA JADRANSKOJ OBALI LIKO SOHO HOTELA. Ušuškan u gradu sa izrazito povoljnim geografskim položajem i klimom, okružen planinskim vijencima sa izlazom na dvije obale: Jadransko more i Skadarsko jezero, Liko Soho hotel u Baru će ponuditi jednu drugačiju perspektivu na odmor ali i život u najsunčanijem gradu Evrope. Po svim ovim aspektima, grad Bar i Liko Soho hotel predstavljaju idealno mjesto za vaš novi dom, a uz dobru saobraćajnu i vazdušnu infrastrukturu nudi brzu i jednostavnu povezanost sa svim većim centrima u zemlji i inostranstvu. Imajući u vidu da se način života u svim krajevima svijeta znatno ubrzao, jasno je da se i pojam “dom” transformisao upravo sa namjerom da se obezbijedi fleksibilnost izbora a da pri tom ne morate mijenjati svoje stalno mjesto prebivališta. Jer, činjenica je da nam je s vremena na vrijeme potreban bijeg od svakodnevnice u neke druge, lične oaze. Jer upravo kupovinom apartmana u Liko Soho hotelu 5*, koji spaja funkcionalnost, harmoniju i eleganciju življenja, sa sigurnošću možemo reći da ulažete u budućnost, i to ne bilo kakvu, već onu - kojoj možete vjerovati.

KARAKTERISTIKE: Kategorija: 5* hotel Kapacitet: 168 sobe, 242 apartmana Apartmani: 41 tip Površina: 67 - 310 m2

INVESTIRAJTE U BEZBJEDNU I SIGURNU BUDUĆNOST, SA GODIŠNJIM POVRATOM INVESTICIJE OD 3%

Budućnost kojoj se vjeruje WWW.LIKOSOHO.COM

+382 67 002 233

In The Heart Of The Igman Mountain Wellness / Spa

H o te l Monti Discover the beauty of unspoiled nature, magniﬁcent landscapes and endless relaxation at the majestic Igman Mountain – the Olympic Mountain. In a breathtaking mountain setting, you can recharge and relax while being close to nature.

info@monti.ba - Veliko polje bb, Igman Bosnia and Herzegovina - +387 33 744 700

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TRAVEL & DESTINATIONS

BOOK YOUR NEXT CRUISE LIKE A PRO ALLEGRA KRSTARENJA DELIVERS A BRILLIANT NEW ROYAL CARIBBEAN WEBSITE

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Allegra Krstarenja has been working very hard to enhance the Royal Caribbean booking experience and make it the brand accessible throughout the region.

Allegra Krstarenja is pleased to announce that cruise lovers from the Adria area can now book their perfect holiday on board Royal Caribbean International ships in their local language. The regionleading travel company, Allegra Krstarenja is launching a new consumer online booking website available in local languages.

or many years, Allegra Krstarenja has been partnering with the famous cruise brand, selling its cruise holidays. The Montenegrobased company has now become an official Royal Caribbean

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International Representative for the Adria region. The Adria region is important to the international brand, who will be able to focus on building a popular and reputable brand, in partnership with Allegra Krstarenja.

As the brand’s International Representative, Allegra Krstarenja is now the exclusive partner for Royal Caribbean International that consumers and wider trade partners can choose to book through. Allegra Krstarenja has been working very hard to enhance the Royal Caribbean booking experience and make it the brand accessible throughout the region.

Consumers can now access the all-new online booking website (www.royalcaribbeanadria.com) in local languages in Montenegro, Serbia, Croatia, Bosnia and Herzegovina and book their perfect holiday. The website will also soon be available in Slovenian and Macedonian following the launch. The owner of the Allegra Krstarenja, Mihailo Vukić, expressed his enthusiasm: "It is a great honour to be part of such a big and renowned company as Royal Caribbean and become its exclusive representative for the entire region. The new website will open new horizons for both cruise lovers and those who have never cruised before, as all guests will be able to browse for Royal Caribbean holidays it in their local language. This is just a first step of our more profound collaboration as we have more amazing things planned for the future and we are really happy to be the exclusive representative in the Adria region of such an international reputable brand.”, said Vukić.

Royal Caribbean International is a world leader in delivering innovation at sea for more than 50 years. Owned by Royal Caribbean Group, each successive class of ships is an architectural marvel that features the latest technology and guest experiences for today’s adventurous travelers. The brand revolutionizes vacations with itineraries to 240 destinations in 61 countries on six continents, including its private island destination in The Bahamas. Thanks to Allegra Krstarenja, travelers from the Adria region will be able to enjoy great offers from the brand in local language. As the leading traveling company in the region, Allegra Krstarenja goes above and beyond to provide the highest quality service. With headquarters in Bar and Belgrade, this company has a premium selection of all kinds of cruises. Browse all the unique offers by the best cruise line in the world at one place, in your local language. Check out our new website www.royalcaribbeanadria.com as your perfect cruise vacation is just a click away.

Royal Caribbean Adria Montenegro Office Marina bb, Putnički terminal, 85000 Bar, Crna Gora +382 67 64 17 66 info@royalcaribbeanadria.com Royal Caribbean Adria Serbia Office Obilićev venac 18, City Passage, 11000 Beograd, Srbija +381 63 64 18 59 info@royalcaribbeanadria.com MONTENEGRO

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Royal Caribbean International the brand revolutionizes vacations with itineraries to 240 destinations in 61 countries on six continents, including its private island destination in The Bahamas.

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Thanks to Allegra Krstarenja, travelers from the Adria region will be able to enjoy great offers from the brand in local language. As the leading traveling company in the region, Allegra Krstarenja goes above and beyond to provide the highest quality service.

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NEW flavour’s WAVE.

O L I V I N E S A I S O N

R E S T A U R A N T

Re ž ev i ć i , B u d v a

Hotel Vivid Blue Serenity Resort / Reževići bb, 85310 Budva / T +38269150021 olivine_restaurant Olivine Restaurant

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ART, ARCHITECTURE, DESIGN & WELLBEING

EXCLUSIVE KOPAONIK LIFESTYLE EXPERIENCE GRAND NEW SUMMER Feel the invigorating effect of Kopaonik’s nature through the clean air, lush surroundings, local tastes with our unbeatable service and top comfort for the whole family.

www.grandkopaonik.com MONTENEGRO

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ADVERTORIAL

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ART, ARCHITECTURE, DESIGN & WELLBEING

ART AT ITS FINEST AT THE RECENTLY OPENED ART CENTRE IN MOSTAR

BOSNIA & HERZEGOVINA

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The historical and cultural centre of the sub-Mediterranean belt, the city of Mostar, on the banks of the Neretva River is now home to The Hub of Fine Arts.

Art lovers from the Balkans and those visiting the region can, for the first time, enjoy art at its highest level at a recently opened art centre. The historical and cultural centre of the subMediterranean belt, the city of Mostar, on the banks of the Neretva River is now home to The Hub of Fine Arts. This luxurious space, designed and executed with the highest attention to detail, offers its visitors the opportunity to appreciate fine art in a luxurious space that compliments the masterpieces displayed in it, creating an exceptional experience and evoking a range of emotions in its visitors.

he Hub of Fine Arts is located in a trendy neighborhood in the centre of Mostar. Drawn from the MTA Foundation art collection, which has been steadily growing over the past 70 years, the works of art currently on display at The Hub of Fine Arts have been carefully selected to best represent the first half of the 20th century, a time which saw revolutionary tendencies that shaped the art scene and people's perception of it and initiated the formation of a collective consciousness. The concept of the collection originated from some of the period’s most powerful masterpieces which influenced the entire world of art, shaped its future, and are still considered revolutionary and ground-breaking as their influence is evident even on recent contemporary art. The collection on display at The Hub of Fine Arts celebrates creativity and original thinking and showcases exceptional examples of rational and reduced geometric Abstraction, deliberate and harmonious synthetic Cubism, elegant post-Impressionism, distinct Fauvism which brings energy to the exhibition, the dynamics of Futurism and the distinctiveness of American Modernism. Visitors can also see significant artists and painters on display who drew inspiration from the trends

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of the time while remaining distinct and original through their stylistic expression, such as Marc Chagall, Amedeo Modigliani, Edgar Degas, Henri Matisse, Kees van Dongen, Tamara de Lempicka, Maurice de Vlaminck, Natalia Goncharova, Jean Puy, Alexander Rodchenko and Auguste Chabaud. Our collection was built to be attractive and interesting for all ages, covering various motifs and inspirations of the time. The artworks of The Hub of Fine Arts’ collection have been displayed in some of the greatest European and world galleries and museums, such as The State Hermitage Museum in Saint Petersburg, The Albertina Museum in Vienna, the Tel Aviv Museum of Art and the Royal Academy in London. The Hub of Fine Arts was established by the M.T. Abraham Group, as part of its ongoing generous support aimed at promoting the understanding and appreciation of fine art through educational programmes, travelling exhibitions, donations and other initiatives worldwide. Opening this unique space in Mostar and exposing its visitors to works of art of the highest standard, has made an exceptional contribution to the cultural and social scene, both locally and of the region. Mr. Amir Gross Kabiri, the founder and owner of The Hub of Fine Arts, spoke to the Luxury Collection about the inspiration and reasons that led him to open this unique place: “As part of my strategic decision to deepen M.T. Abraham Group’s involvement and operation in the Balkans and specifically in Bosnia and Herzegovina, I have been spending most of my time in recent years in this region. During this time, I have gotten to know the people, their dedication, drive and work ethics and I have great belief in the potential and future of this country. It was only natural for me then, to extend our Group's activities to the fields of art, culture and education, as I have always believed that it is the way to create strong connections between different people and cultures. I am excited to share my passion for art through an art collection of 100 works, displayed at The Hub of Fine Arts, with local art lovers and visitors from all over the world”.

With its dramatic and elegant design, highly professional staff and first-class service and facilities, it is only fitting, that The Hub of Fine Arts gathers, under one roof, some of the greatest artists of all times and will celebrate them through their work, spirit and legacy which we are fortunate enough to cherish. Orientated towards international art, The Hub of Fine Arts curates different styles while elegantly creating a coherent, dramatic and important exhibition of exceptional quality artworks. This high and uncompromising standard is evident in every aspect of the visitor's experience and is used as a reference point for the creation of the museum exhibition concept. The meticulous presentation of the works of art is accompanied by all latest trends and technological features in the art world and visitors are encouraged to use the different gallery tools available. Audio guides, texts and videos which are accessed via QR codes, video projections, adapted music and other available tools will allow visitors to engage in a comprehensive, holistic, informative and even emotional experience, at the end of which, they will be able to fully appreciate the cultural and historical importance of the collection. A visit to The Hub of Fine Arts, therefore, not only allows for a spiritual and emotional experience for its visitors, but also enriches their world and knowledge and educates them on the creative process and the most important artistic trends of the last century. One of the unique features of the collection is its conceptualisation: every artwork represents its own planet which does not necessarily have to be connected to any other artwork, but together they create a refined, creative and beautiful universe. In other words, the visitor has the pleasure of perceiving and learning about every artwork in a completely new way and of experiencing the power of art through the exhibited masterpieces of modern art with all the senses. Therefore, local visitors from Mostar and tourists from all over the world can see an exceptionally impressive and diverse art collection, which tells different tales and connects different worlds.

The collection on display at The Hub of Fine Arts celebrates creativity and original thinking and showcases exceptional examples of rational and reduced geometric Abstraction, deliberate and harmonious synthetic Cubism, elegant post-Impressionism, distinct Fauvism which brings energy to the exhibition, the dynamics of Futurism and the distinctiveness of American Modernism.

The Hub of Fine Arts is located at 11 Kralj Tvrtko Street, Mostar, Bosnia and Herzegovina. T:+387 36 841 841 E: info@thehub.ba W: www.thehub.ba BOSNIA & HERZEGOVINA

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Environmental Protection & Climate Change Consulting Services

EIA – Environmental Impact Assessment

SEA – Strategic Environmental Assessments

Waste Management Plans

CBA Analysis

IPCC Permit Preparation

SEVESO Plant Documentation

Mathematical Modeling

gesmontenegro.me +382 67 500 777 marina.spahic@gesmontenegro.me

MAGNUM - unique Project within Montenegrin citizenship program - approved by Government of Montenegro as development project in the field of tourism as an investment of special importance for the economic and economic interest of Montenegro. The construction of the Magnum hotel shall begin in August 2022, whereas the grand opening is scheduled for November 2024.

Comparative advantages

Rooms and apartments

•

Hotel will have 80 rooms and 25 studio apartments, ranging from 25 to 65m2 - condo model • 80 rooms ranging from 25 to 32 m2 • 25 studio apartments ranging from 40 to 64 m2

•

Focus on health tourism – in line with the Health Tourism Development Program of Montenegro 2021 - 2023 with the Action Plan until 2023, adopted by the Government of Montenegro. The advantage of the micro location of the city hotel - only one on the List of development projects approved by Government of Montenegro as development project in Kolašin located in the city center. Relevant experience in the field of healthcare - one of the investors is a doctor with decades of experience in the health sector. Emphasis on the development of the local community implementation of health tourism will significantly contribute to the development, not only of the local community in Kolašin, but also of the surrounding towns in the north of Montenegro.

Amenities Hotel shall feature spa, fitness, restaurant (126 seats) and a modern swimming pool. A significant part of the Magnum Residence will be a restaurant with aperitif bar within the spacious hotel lobby of almost 270 m2.

Contact info@magnumresidence.com magnumresidence.com

EVENT ORGANIZATION

CONCIERGE

ACCOMODATION

TRANSFER SERVICES

PREMIUM CAR SERVICES by Congress Travel

TRAVEL IN STYLE The diverse LCS fleet captivates with possibility, featuring a full line of luxurious well-maintained vehicles (luxury Sedans and MPVs). All vehicles in our fleet are late-model (up to 3 years old) and held to the highest standards of safety, maintenance, and presentation.

RESERVATIONS: +382 67 080 880 / +382 20 680 860 transfers@congresstravel.me / office.hilton@congresstravel.me OFFICE: HOTEL HILTON PODGORICA, MONTENEGRO www. congresstravel.me

RENT A CAR

RENTAL OF AUDIO-VIDEO EQUIPMENT

AIR TICKETS BOOKING

INTERPRETATION AND TRANSLATION

MUST HAVE ACCESSORIES 258

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ADVERTORIAL

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MUST HAVE ACCESSORIES

BLAST MOONSTRUCK: FLY ME TO THE MOON! Earlier this year, Ulysse Nardin launched an ultra-design version of one of its historical astronomical complications: the Moonstruck. With this Manufacture Worldtimer housed in the geometrical case of a Blast, Ulysse Nardin offers exceptional aficionados a new celestial odyssey, with reinvented watchmaking mechanics reproducing as faithfully as possible the sun’s visible trajectory and the lunar cycles. Today, this new Blast, descended from the trilogy of astronomical watches created nearly forty years ago by the master watchmaker Ludwig Oechslin, proposes to set in motion the primordial elements of the visible celestial mechanisms so that everyone can gain a poetic understanding of the universe that envelops us thanks to a contemporary and intuitive display.

he Blast Moonstruck reproduces the moon’s rotation, the apparent movement of the sun around the globe as we observe it from Earth and a tidal chart. Designed to make this dance between the sun and the moon intelligible and intensely poetic, the geocentric display of the Blast Moonstruck is easy to understand, even for a beginner with no knowledge of astronomy. Explanations. The starry firmament is a map for sailors, a playground for lovers and the primordial calendar of all civilizations. In this sparkling ballet where, as seen from the ground, Earth always appears to be at the center of the universe, the sun and moon define the cycles of the days, months and seasons. It took the genius of astronomers to decipher this waltz that keeps time so well. Ever since the Bronze Age, they have been setting up observatories that enable them to devise calendars that are accurate to the nearest day. Over the generations, they have built up their grammar of the heavens.

ATTRACTIVE ASTRONOMY

The Blast Moonstruck, like all watches incorporating elaborated astronomical information, seeks to be a miniaturized extrapolation of the formidable turret clocks constructed towards the end of the Middle Ages by towns of consequence. With an easily readable and understandable display, it is the successor of the astronomical instruments of the past. Thanks to its sophisticated mechanism, it assures the display of the time in a place chosen from among the 24 principal time zones that the world has been using since the Washington Convention of 1884. By means of pushers located on the left-hand side of the case, it is possible to put the main time display forward or back in leaps of one hour to adjust to another time zone. The Blast Moonstruck is also fitted with a moon phase complication of precision, which, combined with the complication that allows realtime following of the sun that gives it its brilliance, adds relief and life to the dial. This scientific representation of considerable oneiric potential will serve the cause of great leaders in search of the ultimate watch, but also that of sailors, with whom the Manufacture has kept up an almost intimate relationship since its establishment in 1846. They will know the full extent of the benefits this sober and discreet display can bring them. From day to day, they will be able to predict the dates of the spring tides at a glance by observing the sun and moon aligning on their respective ellipses.

MAN AT THE CENTER OF HIS UNIVERSE

Designed to follow in the footsteps of the fabulous trilogy devised by Ludwig Oechslin from 1985, this watch puts aside the Copernican representation of our solar system in favor of a geocentric approach that is easier to read and understand for us others, the inhabitants of Earth. To accentuate this sensation of being at the heart of the universe based on observation of the watch, the designers, together with the master, Ludwig Oechslin, chose to place the part of the northern hemisphere seen from the North Pole at the center of the instrument’s sapphire crystal. To increase the impact of the 3D effect, the domed crystal, with the land masses micro-engraved on the inside, is set in the protective sapphire crystal box encircled by an 18 ct rose gold ring engraved with the 31 days of the month, which has for a pointer a small triangle loaded with luminescent material. MONTENEGRO

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WORLDTIMER DUAL TIME

"The sun has a force that creates and destroys life. The moon influences the tides but also our nocturnal music and dreams." Ludwig Oechslin

Underneath this three-dimensional structure glide hands of the precision and contemporary design that the Blast collection is known for. Their tapering form ensures instinctive reading, even in total darkness, thanks to the presence of a generous quantity of luminescent material down the middle. They indicate the local time, set to the time of the time zone in which the watch’s owner lives. But they can also be set at will to any one of 24 time zones for which the names of corresponding cities are reproduced on the fixed flange of the dial. This can be done, forwards or backwards, by means of a sophisticated mechanism very often used by Ulysse Nardin and activated by the two rectangular pushers located on the left side of the case. Simple and intuitive, this world time function, always useful for seasoned travelers, comes together with an advanced astronomical complication.

GEOCENTRIC COSMIC WALTZ

For Ludwig Oechslin, the 1980s designer of astronomical wristwatches among the most complex ever produced, and for the Manufacture’s development team, the Moonstruck was not intended to be an unnecessarily complicated watch, but a timepiece with a sober and efficient display, capable of rendering the celestial mechanics comprehensible to everyone. In addition to the time display observable against a background of the night-sky portrayed by a disk made of aventurine, times around the world can be read with the aid of the fixed flange bearing the names of cities and the rotating disk on which a sun in relief and the time indications appear at 12 o’clock. The watch also has a Dual Time mechanism. This allows changing of the main display in leaps of full hours with the aid of the two pushers located on the left side of the case middle to show the time in a given country on the dial while keeping the initial time

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alongside the reference city. This highly efficient watch also possesses an aperture that, showing the phases of the moon in a realistic manner, associates its course with a three-dimensional representation of the sun located at 12 o’clock on the time display for the reference time zone.

PRECISE MOON PHASES

The team in charge of the creation of the Moonstruck chose to provide a representation of the moon phases in a round aperture located at the apogee of an ellipse portraying its orbit, which is depicted as being in the same ecliptic plane as Earth for practical reasons. This aperture, carried by a disk, is associated with an elaborate gear train. It causes the moon phase indicator to make one complete rotation per day to follow the course of the sun, the source of the moon’s brightness, and also causes it to make a full circle of the dial in 29 days, 12 hours, 41 minutes and 9.3 seconds, representing the duration of a lunar month, also known as a synodic rotation, which has an astronomical duration of 29 days, 12 hours, 44 minutes and 2.9 seconds. When a portion of the moon is visible in it, the aperture conserves an identical position in relation to the sun, here reproduced in relief and made of bronzite, for 24 hours. This rare and precious mineral of the pyroxenes family presents a golden surface punctuated with dark patches intended to reproduce those observable with a telescope on the mantle of the star around which, in reality, the earth gravitates. The moon phase display, described as being “of precision” because it will produce a divergence of one day only after 40 years of working, is associated with markings of the ages of the moon on the ellipsis intended to represent the revolution of our natural satellite around the earth. Complex in appearance, it is easy to read and also easy to adjust, as all the information can be set from the winding crown. A little concentration when correctly positioning all the useful information, from the

reference city to the local time and date, suffices to ensure that the complication built into the automatic Manufacture caliber UN-106 subsequently manages all the displays on its own as long as the watch is worn. And when it isn’t, it just needs to be put back in the box supplied, which contains an automatic winder designed to take care of the winding and keep its calendar information accurate. For more info please visit ulysse-nardin.com Excelsior Boutique (Porto Montenegro, Tivat) +382 32 684 326 excelsioroffice@mail.com excelsiormontenegro.com

Ludwig Oechslin is a watchmaker and inventor. He is a well-known watch designer and head of the Musée international d'horlogerie, La Chaux-de-Fonds.Through his collaboration with Ulysse Nardin a series of famous astronomical models like the Astrolabium, the Planetarium and the Tellurium Johannes Kepler were created.

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ADVERTORIAL

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MUST HAVE ACCESSORIES

OMEGA DAYS NOVELTIES 2022 TAKE A DEEP DIVE INTO THE TECH AND LOSE YOURSELF IN THE SENSATIONAL COLOURS SEAMASTER PLANET OCEAN ULTRA DEEP A powerful continuation of OMEGA’s diving legacy In 2019, the very first Ultra Deep watches made history when they reached the deepest place on Planet Earth. In 2022, the technology that made the dive possible has been transformed into a game-changing 6,000 m collection available to the public. 45.5 mm models with high-performance materials and patent-pending designs, that represent the very pinnacle of OMEGA’s dive watch legacy. 90 Years Under Water A true pioneer in the maritime field, OMEGA’s ocean story began with the “OMEGA Marine” in 1932 - the world’s first divers’ watch available to civilian divers. Characterised by its clever double case design, the superb water-resistance of that timepiece became sought-after by ambitious explorers and paved the way for OMEGA’s diving future. With the release of the very first Seamaster in 1948, OMEGA’s passion for the sea was reignited, leading to the launch of the Seamaster 300 in 1957 - OMEGA’s first professional divers’ watch. Many legendary OMEGA dive watches have followed since then, including the distinctive Seamaster 600M “Ploprof ” and the Seamaster 1000 for major explorations, as well as the popular Seamaster Diver 300M - worn by Commander James Bond since 1995.

of green. The 42 mm watch in stainless steel sports a uni-directional rotating bezel with a polished green ceramic ring with Grand-Feu white enamel diving scale. Driving the beautiful new Seamaster Diver 300M with green polished ceramic dial is OMEGA’s Co-Axial Master Chronometer 8800 with special luxury finish. The model highlighted has a polished-brushed stainless steel bracelet, with a new integration to the case, giving the dive watch a dressy feel. Those wanting a sportier look can choose an integrated green rubber strap.

SEAMASTER AQUA TERRA Steel Classics with dials inspired by land and sea OMEGA’s 2022 collection is all about colour, with a range of new dial shades that track a smooth transition from Aqua to Terra. Fans can choose larger sized models in 38 mm, with dials in Atlantic blue, Bay green, Sandstone, Saffron and Terracotta. Or 34 mm editions with dials in Sea blue, Lagoon green, Sandstone, Shell pink and Lavender. The beautiful new dials, fashioned from brass, are sun-brushed from the centre, with rhodium-plated hands and indexes on the 38 mm models and 18K white gold hands and indexes on the 34 mm editions. All models are cased in fully polished stainless steel and fixed to the wrist by bracelets which have been beautifully redesigned with rounded links. Providing the power is OMEGA’s Co-Axial Master Chronometer Calibre 8800.

SEAMASTER DIVER 300M The classic dive watch gets a deep green dial The watch that first surfaced in 1993 is back and bolder than ever in 2022, with a wave-pattern dial in a striking shade MONTENEGRO

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CONSTELLATION 41 MM All new dials clasped by the famous Constellation claws Among the new models for 2022 are these star performers in the Constellation family. 41 mm models with ceramic bezel rings and beautiful new dials in white, rhodium-grey, gradient-green and burgundy. Materials on offer are stainless steel, stainless steel and 18K yellow gold, and stainless steel and 18K Sedna™ Gold. Ceramic bezels in polished blue, black or brown, display Roman numerals filled with white enamel or OMEGA Ceragold™, depending on the model. All watches have a matching coloured leather strap with rubber lining. OMEGA’s Co-Axial Master Chronometer 8900 provides the power. The stainless steel model featured has a white ceramic [ZrO2] dial, blue ceramic [ZrO2] bezel and Roman numerals filled with Grand Feu white enamel. A stylish leather strap with rubber lining ensures a comfortable fit.

CONSTELLATION AVENTURINE Swiss-made masterpieces with dials designed by nature These extraordinary 29 mm models have dials made from natural Aventurine stone, which means no two dials are ever alike. There are twelve new editions, in stainless steel and Sedna™ Gold - or Sedna™ Gold for purists - all with natural Aventurine stone dials in either green, red or blue. Fans can choose bezels paved with diamonds or engraved with Roman numerals. Replacing the famous Mono-rang bracelet are leather straps in colours to match the dial. The driving force behind the natural dials is OMEGA’s Co-Axial Master Chronometer Calibre 8700 - or 8701 for the all-gold models. The trio featured have diamond set bezels, skeletonised hour and minute hands and dial-matching leather straps in shimmering blue, red with

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glittered scale lines or green. Providing the power is OMEGA’s Co-Axial Master Chronometer calibre 8701, visible through the domed scratchresistant sapphire crystal.

CONSTELLATION 28MM OMEGA’s precision timepiece reveals its softer side OMEGA’s beautiful new 28 mm additions to the Constellation family feature pastel dials in a choice of four colours: Blush Rose, Patchouli Blossom, Celestial Blue and Green Matcha. The subtle new hues also make an appearance on the bezel. To add an extra pop of pastel to the display, OMEGA has matched the engraved Roman numerals to the colours of the dial. All four watches have a case and bracelet in stainless steel and feature hands, indexes and applied elements in 18K white gold. Providing the power is OMEGA’s Calibre 4061, a superb quartz movement that offers unwavering precision. All models have a Constellation Observatory medallion stamped on the caseback. The iconic image of an observatory, surrounded by the sky marked with eight polished symbolic stars, represents the many precision awards won by OMEGA in the 1930’s and 40’s.

SPEEDMASTER ’57 CALIBRE 9906 A slimmed down ’57 delivers big on performance OMEGA’s famous Speedmaster ’57, first introduced in 2013, returns in 2022, with a Master Chronometer upgrade and slimmer profile. The new collection consists of eight new stainless steel models, all powered by OMEGA’s Co-Axial Master Chronometer Calibre 9906. The use of a manual-winding movement allows for a thinner case and finer bezel, giving the new ’57 watches a streamlined look. There’s a “sandwich“ black dial edi-

The 42 mm watch in stainless steel sports a uni-directional rotating bezel with a polished green ceramic ring with Grand-Feu white enamel diving scale. Driving the beautiful new Seamaster Diver 300M with green polished ceramic dial is OMEGA’s Co-Axial Master Chronometer 8800 with special luxury finish.

tion with recessed hour markers filled with vintage Super-LumiNova and three releases with PVD dials, in blue, green and a new varnished burgundy. The entire collection is presented with stainless steel bracelets or matching coloured leather straps. At just 12.99 mm, the new ’57 is considerably slimmer than its cousin the Speedmaster Moonwatch 3861 at 13.58 mm. Of course, there is always a nod to space history on a Speedmaster. The bracelet on the steel version is inspired by the Apollo 11 tribute launched in 2019, and equipped with OMEGA’s patented comfort release adjustment system.

SPEEDMASTER MOONWATCH MOONSHINE™ GOLD OMEGA’s legendary space watch takes on a lunar glow When it comes to case materials, fans of the Moonwatch are already spoiled for choice, with current collection models in steel, Sedna™ Gold and Canopus Gold™. In 2022, OMEGA is taking lunar inspiration to the next level with two new models in Moonshine™ Gold. One with Moonshine™ Gold dial, black ceramic bezel ring and blackened subdials and indexes. Another with a PVD green coated dial and a green ceramic bezel ring. To offer aficionados even greater choice, OMEGA is offering two ways to fix their Moonshine™ Gold Moonwatch to the wrist: a matching bracelet or strap. Powering all new models is OMEGA’s Co-Axial Master Chronometer Calibre 3861. As shown, OMEGA is offering the watch on a polished and brushed 18K Moonshine™ Gold bracelet, or integrated black rubber strap with lunar surface texture on the back and 18K Moonshine™ Gold foldover clasp.

Excelsior Boutique (Porto Montenegro, Tivat) +382 32 684 326 excelsioroffice@mail.com excelsiormontenegro.com

WHAT IS OMEGA MOONSHINE™ GOLD?

Created in 2019, OMEGA’s exclusive Moonshine™ Gold is an 18K yellow gold alloy, inspired by the shining moonlight in a dark blue sky. OMEGA's 18K Moonshine™ Gold offers a distinctive paler hue than traditional 18K yellow gold and high resistance to the fading of colour and lustre over time. >75% gold. / 14.5% silver. / <9% copper. / >1% palladium.

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OMEGA DAYS IN PORTO MONTENEGRO MAKE YOURSELF AT HOME AS YOU EXPLORE THIS YEAR’S NEW SELECTION OF OMEGA WATCHES. THESE EYE-CATCHING DESIGNS ARE FULL OF COLOUR AND INNOVATION, WITH PLENTY OF CHOICES TO SUIT EVERY PERSONALITY AND STYLE. STEP INSIDE OUR UNIVERSE AND ENJOY THE DISCOVERY!

his summer OMEGA, ABSOLUT Time and EXCELSIOR hosted a magical event in Porto Montenegro. In 2022, OMEGA has taken a deep dive into technology, with watches that offer a striking range of colours and materials. As you'll see, the collections have found the sweet spot between the brand new - and the tried and true. OMEGA Days celebrated launch of latest models from Speedmaster, Seamaster, Constellation and De Ville collections, with special spotlight on Seamaster Planet Ocean Ultra Deep in titanium and steel, Seamaster Diver 300 with new green textured dial, Speedmaster Moonwatch made in Moonshine Gold, Constellation with aventurine dials, and Speedmaster ’57 with new vintage look.

Walking the red carpet with OMEGA, in a magical atmosphere by the seaside, we hosted local and international influencers, celebrities and VIP clients, enchanted by fantastic sounds of sea-waves combined with awesome violin music. Collecting memories and recording dreams, OMEGA Days smoothly turned into OMEGA night to remember. EXCELSIOR PORTO MONTENEGRO P: +382 (0)32 684 326 M: +382 (0)69 210 001 E: excelsioroffice@mail.com W: excelsiormontenegro.com OPENING HOURS Monday – Sunday: 10am – 10pm

DAMIANI

MARGHERITA This collection is characterized by a completely handmade floral element that awakens the elegance of Margherita, a beautiful flower given in Italy among couples in love to express their connection. The linear and geometric design is adorned with blissful gems carefully selected by expert goldsmiths of Valenza.

Margherita pink gold and diamonds earrings

Margherita pink gold and diamonds necklace

Every Damiani jewel is a unique work of art, handcrafted by expert goldsmiths and the result of unique designs, great attention to detail and the use of high-quality gems.

he Margherita collection is inspired by the stylish and fascinating Margherita of Savoy known and celebrated for her refined beauty, her royal poise and her decisive character: the most loved Queen of Italy has fuelled the creativity of Enrico Grassi Damiani, who dedicated a precious floral jewel to her. Queen Margherita's passion for art, as well as the expertise of Damiani jewelers, are wisely blended together in rings, earrings, bracelets and necklaces of the collection, which gracefully combine precious and semiprecious stones, refined settings and unusual design details, thus bridging the gap between tradition and modernity.

Margherita diamond ring

Margherita diamond ring with sapphire

This collection is characterized by a completely handmade floral element that awakens the elegance of Margherita, a beautiful flower given in Italy among couples in love to express their connection. The linear and geometric design is adorned with blissful gems carefully selected by expert goldsmiths of Valenza. Harmoniously delicate and romantic, with bright combinations of gold and diamonds, amethyst and sapphire, this collection gives its creations a refined and timeless appeal. Explore this exciting collection of Damiani diamond jewelry at the Mamić 1970 boutique in 7 Frane Petrića Street in Zagreb. www.mamic.hr

Joséphine Aigrette pavé diamond ring in rose gold, set with a brilliant-cut diamond.

Joséphine Aigrette pavé diamond ring in white gold, set with an aquamarine of 0.60 ct.

Joséphine Aigrette pavé diamond ring in white gold is set with an Akoya cultured pearl of 0,60 ct.

DIAMOND JEWELERY OF PROMINENT CHARACTER Empress Joséphine, the Chaumet's first eminent client and beloved muse, is inspiring the creations of the Maison for more than 240 years. The powerful woman and fashion icon had a taste for jewelry that was bold, but modern, graceful, and free-spirited, having the same aesthetics that still represents some of the most recognizable collections of the house.

This jewelry can be worn individually or in combination with other pieces of jewelry, but it will evoke an elegant, lively, and liberating style at all times - reminiscent of the Empress's versatile preferences when choosing her jewels. Curves, lines, and asymmetry adorn the creations of the Joséphine collection, which boasts a modern aesthetic that stands out from the conventional image of pearl jewelry. The "V" motif is borrowed from aigrettes, which resemble the egret’s head plumes that adorn headdresses, while beautiful Akoya cultivated pearls are in contrast with shimmering diamonds paired with 18 ct white or pink gold. Joséphine jewels are worn by women of special character as they choose to wear a tiara on the ring, choose to stand out, and choose a character. They send a message about their uniqueness, strength, and a certain personality, but also a sense of virtuosity, grace, and beauty, because it is not for women who want to be too provocative.

omplex in character, the Empress had courage and self-confidence, as well as a sense of modernity and style that was often revealed through a love of nature. Her favorite diamond shape was in the shape of a pear that stretched through various pieces of jewelry that were often part of her clothing combinations. All these are the characteristics of the precious jewelry collection of the Maison Chaumet, inspired by the beloved Empress. Joséphine, one of the most famous collections of this jewelry house, presents over two centuries of tradition, proThis exciting collection consists of necklaces, earrings, fessional craftsmanship, and contemporary creativity, which and rings, and a rich selection of these jewels can be found can be seen in all the enchanting creations. Strength and delicacy, balance and movement: the Joséphine collection at the Mamić 1970 boutique in 7 Frane Petrića Street in Zagreb. expresses the Chaumet style, sophisticated and feminine, www.mamic.hr born of a constantly renewed illustrious history.

Joséphine Aigrette diamond ring in white gold is paved with brilliant-cut diamonds.

Chaumet Joséphine Ronde d'Aigrettes ring made in 18 ct white gold, set with a pear-shaped aquamarine and brilliant-cut diamonds.

Joséphine jewels are worn by women of special character as they choose to wear a tiara on the ring, choose to stand out, and choose a character. They send a message about their uniqueness, strength, and a certain personality, but also a sense of virtuosity, grace, and beauty, because it is not for women who want to be too provocative.

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REAL ESTATE & INVESTMENTS

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Kula Belgrade (Belgrade Waterfront), photo: Stella Production

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REAL ESTATE & INVESTMENTS

REAL ESTATE TAX IMPLICATIONS TAX TREATMENT AND TAX OBLIGATIONS WHEN SELLING REAL ESTATE IN SERBIA & MONTENEGRO Globalization has changed the way we see many aspects of our private and business lives. When it comes to investment, the world has become a global village in the real sense of the word. Trends change and investors conquer new locations every year. Sometimes we choose a new property in line with our personal affinities, and sometimes in accordance with the projections of demand and prices in the coming period. In this respect, it is important to keep in mind local administrative procedures and tax regulations. In this issue, we will present an analysis of the fiscal systems regarding real estate in Serbia and Montenegro, which was prepared for the CM by Milica Nicovic, attorney-at-law from Belgrade.

ne of the most common and popular types of investment both in Serbia and in the region is investing in the purchase of real estate, especially when it comes to natural persons. However, for investment in real estate to achieve its purpose in terms of profitability, in addition to choosing a property, checking its status in the real estate cadastre, reviewing and checking all accompanying documentation, it is necessary to take into account the tax aspect, as well as tax obligations, which is often ignored and most often real estate buyers are not informed about them in a timely manner. In this regard, it is necessary to inform potential buyers about the tax treatment when it comes to real estate transfer in accordance with the legislation in the Republic of Serbia, regardless of whether the intention of the buyer is to purchase residential space or real estate with the potential for renting out and collecting additional income. Regardless of the buyer's intention, it is necessary to point out and clarify a few terms, as well as potential obligations of the new real estate owners.

TAX ON TRANSFER OF ABSOLUTE RIGHTS – TAXPAYER

The Law on Property Taxes stipulates that the tax on the transfer of absolute rights shall be paid upon transfer along with the compensation

for property rights on real estate. For the determination of the object of taxation, the form of compensation for the transfer of property rights to the building is not relevant (for example, it is irrelevant whether it is an exchange or payment of the sales price in cash). The general rule is that the taxpayer of the tax on transfer of absolute rights is the seller, i.e. the transferor of property rights over the facility, but it is common practice to agree during the transaction that the tax on the transfer of absolute rights is the obligation of the buyer, i.e. the acquirer of ownership rights. In addition, the law provided for a couple of exceptions in which the taxpayer of this tax form is the acquirer: • when acquiring property rights on the facility based on a legally binding court decision or other act of the state or other competent body with public authority; • when acquiring property rights on the building by adverse possession; • in case of transfer of the entire property of a legal entity with compensation; • when selling a bankruptcy debtor as a legal entity - if the buyer did not assume the obligations of the legal entity they bought, or assumed only a part of those obligations. The taxpayer of the tax on transfer of absolute rights shall be obliged to file a tax return to the competent Tax Administration immediately after the sale and conclusion of the Agreement on the sale and purchase of real estate, with the appropriate documentation required for determining the tax, within 30 days from the date of inception of the tax liability. Please note that the obligation to notify the competent tax administration, i.e. to file tax returns, is now delegated to the notary public. However, in practice it happens that tax return is also filed by the taxpayer in order to speed up the procedure and get a decision on determining the tax liability as soon as possible. The tax base is the market value of the real estate, while the tax rate is 2.5%. At the same time, the law also provided for the possibility of exemption from paying a part of the tax obligation in the case when the transfer tax is not paid by the buyer who buys their first apartment of an area of 40 m2 and an additional 15 m2 for each member of their family household.

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Courtesy of Wellport, Belgrade

"The sun has a force that creates and destroys life. The moon influences the tides but also our nocturnal music and dreams." Ludwig Oechslin

Finally, the law also provides for situations in which the tax on the transfer of absolute rights is not paid, i.e. the acquirer is exempted from that obligation in clearly defined cases, i.e: when investing in the company's capital, in cases of transfer of immovable property through the implementation of a status change, and in the case of transfer of real estate subject to value added tax; In the case of natural persons, in practice, the most common exception is the non-payment of tax on the transfer of absolute rights due to the payment of value-added tax.

VALUE ADDED TAX (HEREINAFTER: „VAT“)

VAT is a general tax on consumption that is calculated and paid on the delivery of goods and the provision of services, in all phases of production and circulation of goods and services, as well as on the import of goods. In the concrete case, the person liable to pay the tax is the seller, but in practice it is most often the case that the obligation is "passed over" or transferred to the buyer, which is a characteristic of the so-called indirect taxes, such as VAT. VAT is paid only on the transfer of newly built real estate which is sold for the first time, at a fixed rate of 10%. On all other real estate in circulation, a tax rate of 2.5% is applied for the transfer of absolute rights, regardless of the number of times they are transferred, and for each separate transfer. The legal regulation in RS, that is, the Law on Value Added Tax, provides for one type of tax relief in the form of a VAT refund for the purchase of a new apartment, and with which the state helps the buyers who buy apartments for the first time to resolve their housing problem and this tax relief can be used only once. Therefore, a VAT refund can only be obtained when buying a new

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apartment directly from the investor. The condition for exercising this right is that it is the buyer's first real estate. The buyers of new apartments who are buying the apartments for the first time can obtain a refund of the VAT paid for an apartment of an area of up to 40 m2.

Finally, it should be noted that in the case of transactions between two VAT payers (for example two legal entities that are in the VAT system), there is a possibility of contracting transactions with VAT (at a rate of 20%, because here we are talking about facilities used for business performance). In this case, the person liable to pay VAT is the buyer, who makes "internal calculation" (calculates output and input VAT, and essentially has no obligation for this transaction) - in this case, no transfer tax is paid and because of internal calculation, no VAT liability should arise. Naturally, the precondition for this is that the buyer exercises the right to input VAT deduction.

PROPERTY TAX - TAXPAYER

Property tax is paid on immovable property located on the territory of Serbia. The definition of immovable property is given in that same law, and the following are listed as immovable property: land (regardless of its purpose), residential, commercial and other buildings, apartments, business premises, garages and other (above-ground and underground) construction facilities. In this respect, property tax in the Republic of Serbia is paid on: • Right of ownership, that is, the right of ownership on land of an area of more than 10 ares; • Right to lease, or use, an apartment or a house for living (constituted in favour of a natural person); • Right to use construction land of an area over 10 ares; • Right to use real estate in public ownership by the holder of the

Courtesy of Luštica Bay, Montenegro

right of use; Use of real estate in public ownership by real estate users; Possession of immovable property where the holder of ownership rights is not known or has not been determined; • Possession of real estate in public ownership, without a legal basis; • Possession and use of real estate based on financial leasing contract. The law defines taxpayer of the tax on property as a legal entity and a natural person who are the owners, users or holders of rights to immovable property on the territory of Serbia, on which property tax is paid. If several persons are taxpayers regarding the same immovable property, each of these persons is liable in proportion to their share in the entire immovable property.

• •

TAX BASE AT DETERMINING TAX ON PROPERTY

The property tax base is the value determined by the body of the local self-government unit responsible for determining, collecting and controlling own resources of the local self-government unit. The value of immovable property, except for land, can be reduced by depreciation at a rate of 1% p.a. using the proportional method, up to a maximum of 40%, starting from the end of each calendar year in relation to the year in which the building was built, i.e. the last reconstruction of the building, and based on the decision of the assembly of the local self-government unit on the amount of the depreciation rate valid on 15 December of the year preceding the year for which the property tax is determined, and which was published in accordance with the law. The value of the immovable property is determined by applying the following elements: usable area and the average price per square meter of the corresponding immovable property in the zone where the immovable property is located. Property tax liability starts on the day of acquisition of the right on which property tax is paid at the earliest, on the day of establishment of the possession when the tax on possession is paid, on the day of the start of use, on the day of conforming to the designated use, on the day

of issuing of a use permit, or on the day of making it possible to use the property in another way. In the case when the right is acquired on a facility under construction that is not qualified for use, is not used and for which a use permit has not been issued, the property tax liability for that facility starts on the day of commencement of use or on the day of conforming it to the designated use, on the day of issuance of the use permit, or on the day of making it possible for the facility to be used in another way.

PROPERTY TAX RATES AND PAYMENT DEADLINE

When it comes to tax rates, the following amounts are defined by law, ranging from 0.2 to 2% depending on the property, i.e. depending on whether it is real estate of the taxpayer who keeps business books (up to 0.4%), or the property is the land of a taxpayer who does not keep business books (0.3%), or the property of a taxpayer who does not keep business books - except for land (in the range of 0.4 to 2%) At the same time, the applicable law in RS also provided for a tax discount which is applied when the taxpayer lives in the property and is reduced by 50%, maximum up to RSD 20,000. If there are several taxpayers on one residential house or apartment, each taxpayer who lives in that residential house or apartment has the right to a reduction of the determined tax in the amount proportional to his/her share in the right to that residential house or apartment in relation to the amount for which the tax is reduced. Property tax is collected by local self-governments and is paid quarterly in four instalments. Specifically, this year, the deadline for paying property tax expired on 16 May, and if this obligation is not settled on time, the state charges for every day of delay, which in the extreme case can result in a fine of RSD 50,000. Natural persons can pay their tax in fewer instalments than prescribed, so they can pay the determined tax as one-off amount until the due date of tax liability for each quarter.

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Courtesy of Portonovi, Montenegro

TAX EXEMPTIONS

The law defines that property tax shall not be paid on immovable property (we have listed only some of the cases): • which has been considered cultural monument or historical monument; • agricultural and forest land that is conformed to designated use (five years, counting from the beginning of conforming them to designated use); • land, for the area under the facility on which tax is paid, except for land under the warehouse or storage facility; • facilities of the taxpayer who does not keep business books, that is, the taxpayer who keeps business books and whose predominant registered activity is agriculture; • land owned by a private partner, i.e. a company for special purposes in terms of the regulations governing public-private partnerships, acquired by the private partner after the conclusion of the concession contract (the value of the concession is at least EUR 50 million); The law also stipulates that the property tax on the territory of the local self-government unit is not paid by the taxpayer if the total basis for all their immovable properties in that territory does not exceed RSD 400,000.

CAPITAL GAIN

When earning income from the sale of immovable property or other transfer for a fee, the taxpayer is obliged to pay capital gains, and the determination of tax on capital gains is done in accordance with the provisions of the Law on Citizens' Income Tax. In principle, capital gains tax is paid on the difference between the sale and purchase price of real estate, and at a tax rate of 15%. The purchase price is the one at which the taxpayer acquired the immovable property, while the selling price is the contracted, i.e. market price (in case the competent authority determines that the contracted price is lower than the market price). In this case too, Income Tax Law has provided for certain exceptions

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THE COLLECTION

and capital gains tax is not paid, among other things, for the transfer of immovable property acquired by the Decision on inheritance in the first line of succession, for the transfer of immovable property between spouses and blood relatives in a straight line, when transferring immovable property between divorced spouses after divorce, when transferring immovable property that the owner has possessed for at least ten years. Offsetting of capital losses and gains can be done in the next five years (from the day when the capital loss was incurred). At the same time, the taxpayer can be exempted from the obligation to pay capital gains tax if they invest the funds in resolving the housing problem in Serbia, and they can be exempted from 50% of the obligation on this basis if they invest the funds in the capital of a resident legal entity. Finally, the tax return for the determination of capital gains tax is submitted within 30 days from the day when the income was earned or started to be earned. As far as legal entities are concerned, capital gains tax is paid only in the case of the transfer of property rights to immovable property that was used as a basic means for performing the activity. In the case of legal entities, capital gains are not taxed separately at the time of property sale, but are included in the taxable profit when preparing the annual tax balance, on which tax is paid at the rate of 15%. As for tax losses, they can be carried forward to future periods, but not for a longer period, i.e. after five years.

TAX ON INCOME FROM LEASE OF REAL ESTATE

Income from immovable property of natural persons is considered to be income that the taxpayer earns by leasing or subleasing immovable property for the purpose of collecting additional income. The taxpayer of this tax is a natural person (however, if the tenant is a legal entity, it has the obligation to calculate and pay the withholding tax). The tax base for calculating tax on this basis is the taxable income minus the standard costs in the amount of 25%, while the tax rate is 20%. It should be emphasized that the rental of real estate for a period of less than 30 days is not considered income from rental of real estate, but

Courtesy of Porto Montenegro

income from the provision of catering services (which essentially and factually leads to a different tax treatment). In the event that the income is generated by legal entities, it is included in the income tax base and is taxed at a rate of 15%. Finally, when potentially considering the purchase of real estate, regardless of whether it is real estate, an apartment, business space or land, or real estate with the potential for leasing or solving the housing issue, it is necessary to look at all the advantages and tax benefits, that is, sum up all obligations because in the future the marginalization of said obligations will undoubtedly lead to certain procedures and sanctions.

REAL ESTATE MARKET IN MONTENEGRO REAL ESTATE TRANSACTIONS AND TAX ASPECTS

Compared to investing in real estate in the Republic of Serbia, the real estate market in Montenegro has also offered the possibility of stable investment for years now. The Montenegro Citizenship by Investment Program was launched by the Government of Montenegro as part of its ongoing efforts to attract foreign direct investment and increase economic activity in the country. The Montenegro Citizenship by Investment Program requires applicants to make a defined economic contribution to Montenegrin society through an investment in an approved development project, and a capital contribution to a fund designated by the government for the advancement of under-developed areas. In exchange, and subject to a stringent vetting and due diligence process, including thorough background checks, applicants and their families are granted citizenship.

Requirements of Montenegrin citizenship by investment

To qualify for the Montenegro Citizenship by Investment Program, the main applicant must be over 18 years of age, meet the application requirements, and make the qualifying contributions to the Government of Montenegro. There are two routes to choose from to qualify for the program:

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An investment of EUR 450,000 to development projects in the capital of Podgorica or in the coastal regions • An investment of EUR 250,000 to development projects in northern or central Montenegro, excluding Podgorica In addition, there is a government fee of EUR 200,000 per application. This contribution will be directed to a special fund for the advancement of underdeveloped areas (EUR 100,000) and towards the Innovation Fund of Montenegro (EUR 100,000). Investing in real estate in Montenegro has also become one of the best ways to ensure capital by smartly choosing an investment whose value in the coming period can only go progressively upwards. Real estate tax in Montenegro is prescribed by the Law on Real Estate Tax, and the tax rate on the sale of real estate is proportional and amounts to 3% of the tax base, while the sale of newly built real estate is subject to VAT at the rate of 21%. Do note that almost all prices quoted for new properties have the VAT already included in the price. In comparison with the tax reliefs offered by the RS in accordance with the legal regulations, the current law in Montenegro also prescribes a tax relief for natural persons for the purchase of real estate with which they are resolving the housing problem, and in this respect the abovementioned natural persons are exempted from paying tax on real estate transfer for a maximum of 20m2 per member of the household (while in the RS it is up to 40m2) The same applicable law in Montenegro also stipulates criminal provisions that regulate and prescribe fines for violations by both natural and legal persons if they do not submit a tax return to the competent authority within 15 days from the date of inception of the tax liability and do not pay the tax liability at the same time when submitting a tax return. The fine in the specific case for the violation by a legal entity is measured and prescribed in the amounts of EUR 1,000-10,000, and at the same time, the same provision also provides for a fine for the responsible person in the legal entity for the violation committed. The fine for a committed violation of a natural person in case of failure to submit the tax return to the competent authority within the prescribed period of 15 days from the date of the tax liability, i.e. in the case of failure to calculate and file the sales tax, is in the legal range of EUR 100-1000.

MONTENEGRO

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