The Budva Municipality, specifically its Local Public Revenue Administration, has placed a hold on part of Sveti Nikola Island—a three-hectare land area owned by Podgorica’s “Global TS Montenegro,” a billionaire with a Montenegrin passport, Taksin Shinawatra, due to unpaid real estate taxes, leading to the registration of a mortgage.

“A mortgage amounting to 31,391.89 euros in favor of the Municipality of Budva, a decision made for securing a tax claim by the Local Public Revenue Administration on the property of ‘Global TS Montenegro,'” reveals the real estate document obtained by “Vijesti.”

This situation places the former Thai Prime Minister’s company among the numerous tax debtors of the Budva Municipality.

Despite becoming the owner of this attractive segment of the island, “Global TS Montenegro” has consistently met its tax obligations to the Municipality over the years. The mortgage registration serves as a legal mechanism that ensures the local government can recover the tax debt.

As recently reported by “Vijesti,” the only publicly recognized billionaire with a Montenegrin passport faces challenges in launching a business in Montenegro. The acquisition of the appealing three hectares on Sveti Nikola Island, reminiscent of Hawaii, seems more burdensome than profitable. Financial results indicate the company is incurring losses yearly.

Last year concluded with a loss of 36,447 euros, marking a continuation of disappointing business outcomes, with losses of 97,631 euros in the previous year. The total accumulated loss now stands at 1,191,823 euros.

The company is devoid of income as it has struggled to advance the construction of tourist facilities on the island for several years, resulting in an ongoing deficit.

The hesitation from various governments, all four in recent times, presents a significant hurdle for the company. Despite multiple requests from “Global TS Montenegro” to perform a comprehensive study of Sveti Nikola Island—of which Shinawatra owns just a quarter—progress has been stymied. Other landowners are similarly waiting for proper evaluation. Notably, the Special Purpose Spatial Plan for the coastal area anticipates urbanization on the island, including hotel capacities with a total of 500 beds and a marina offering 50 berths. A detailed study is essential to establish the exact scope of the project.

In the meantime, the company will likely continue to experience losses.

According to their financial statement for 2024, the company’s fixed assets remained unchanged at 24,720,000 euros, while long-term liabilities reached 16 million euros.

In April 2017, “Global TS Montenegro” entered into a purchase agreement with “San Investments,” a Podgorica-based company supported by Serbian businessman Stanko Subotic Cane, acquiring 37 square meters of land on Sveti Nikola Island. Shinawatra invested 24 million euros for this prime property on Montenegro’s largest island.

Shinawatra was released on parole on February 18 last year, marking his first day of freedom after 15 years of living in exile.

The influential billionaire, whose daughter was elected Thailand’s Prime Minister in August last year, was freed from a Bangkok prison hospital, where he had served six months. Prior, the Thai king reduced his sentence for nepotism and misconduct from eight years to one.

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