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This paper analyzes historical migrations from Montenegro and Serbia to Latin America as a long term, wave-like, and multi-layered process that began at the end of the nineteenth century and continued throughout the twentieth century into the contemporary period. Particular emphasis is placed on the combination of economic, political, and sociocultural causes, viewed within the broader context of borders, power relations, and migration policies. The first major waves of emigration were primarily driven by widespread poverty, underdeveloped agrarian societies, and a lack of arable land, while political motives intensified later due to wars, repression, and instability within the Yugoslav state framework. Argentina, Brazil, and Uruguay emerged as the key destinations, accompanied by the formation of numerous colonies and migration networks that facilitated employment, adaptation, and social security for newly arrived migrants. The paper highlights the significant economic contributions of migrants in agriculture, industry, construction, and trade, as well as the transition of part of the migrant community from the working class to the entrepreneurial stratum. The role of colonies and institutions such as cultural associations, community centers, schools, and church structures in preserving national identity while simultaneously integrating migrants into host societies is also examined. The analysis points to the dual consequences of migration: economic strengthening and increased multiculturalism in Latin American countries, and demographic losses, outflows of working-age and military-age populations, and long-term developmental challenges in Montenegro and Serbia. Finally, the paper emphasizes methodological challenges in migration research, such as incomplete statistics and changing migrant classification categories, as well as the need for further, more systematic research into migration routes, colonies, and intergenerational changes in identity and cultural practices.