Russian billionaire Vladimir Jevtushenko, one of the 10 richest people in his home country, might finally get to build his tourist complex on the island of Mljet in Croatia. The project, valued at EUR 109 million, might just be among the first projects pushing future law on strategic investments forward.

To develop this ambitious tourism project, Jevtushenko bought two lands on the island seven years ago, paying EUR 5 million to the Muniicipality of Mljet. Yet problems soon arose, as part of the land he acquired was registered as a forest. This prevented him from becoming the owner as legally, foreigners cannot buy forests in Croatia.

Croatian government officials have not yet confirmed which strategic investment projects will become a priority, but the Russian billionaire’s complex complies with all regulatory requirements which demand a minimum statutory value, a minimum of 150 people hired, and a contribution to local tourism development. Its strategic location on the island is another advantage for this particular project.

Other than becoming a major attraction for Croatia and turning Mljet into a popular destination, the completion of this project would also prove beneficial in what Russian-Croatian relations. The tourist complex has been a heated conversation point between top level officials from both countries and a favorable resolution might lead to further Russian investments in Croatia.