Buying property in Montenegro - FAQs

What are the journey times from Dubrovnik, Podgorica and Tivat airports?

All airports are convenient for the coast. Dubrovnik airport is approximately 14km from the Montenegro border, and it takes about 30 minutes to drive from the airport to Herceg Novi, 80 minutes to Kotor, 60 minutes to Tivat. From Tivat airport, it takes about 15 minutes to drive to Kotor, 30 minutes to Budva, and 90 minutes to Bar. Podgorica…

How do I get a work permit?

To obtain a work permit a foreign citizen needs to find a company willing to hire them, or to set up their own company. Usually one year work permits are issued. Work permits can be refused if the quota set by the authorities for that year has been exceeded. Contact us for more information on info@montenegroprospects.com

How do I get a residency permit?

You first need to submit a request for a residence permit to the Ministry of Foreign Affairs, or to the Montenegrin Embassy or Consulate abroad. A Temporary Residence permit can be approved if the foreign citizen wants to work in Montenegro, study, or join their family. There can be other reasons that are determined by the Montenegrin and/or International laws. A temporary…

There’s lots of companies out there. Can you recommend any foreign exchange firms?

  Superior Exchange Rates          Free Global Transfers No Fees or Commission            Personal Broker Online Platform                          Currency App Multi Currency Card                  Authorised by the FCA   We would like to introduce you to John Paul Georgiou from EasyFX and VFX Financial for all your Foreign Currency requirements.   EasyFX is a trading name of VFX Financial PLC (VFX) which is regulated…

I’m concerned about currency fluctuations. How do I minimise my risk?

Using a foreign exchange broker when transferring your funds abroad or trading foreign currencies, you could save hundreds if not thousands of pounds and even more if you forward plan your foreign currency rate. Whether you are buying, selling or investing in property abroad, foreign exchange transfers are key to maximizing the value of the currency you are sending. Fluctuations…

Can I sign a contract or power of attorney document in the UK?

For a UK client who wants to sign their contract, precontract or Power of Attorney in the UK, the procedure is as follows: 1. Sign the document at a public notary’s office; the notary is legalising the UK citizen’s signature. A list of notaries can be found at: http://www.thenotariessociety.org.uk/ The notary will charge approx £120 for each document. 2. The Legalisation…

Can I use my solicitor in the UK?

Any lawyer you use must be licensed to practise law in Montenegro. To our knowledge there are none in the UK at the moment. We can provide you with a list of lawyers based in Montenegro who are experienced in acting for foreign clients buying and selling property in Montenegro. All are wholly independent from us.

How do I find a good lawyer to act on my behalf?

This is the one person that you appoint to act on your behalf so how do you find out who you can trust?  Of course, there’s no foolproof answer, but here’s a few pointers… You need to use a lawyer certified to practise law in Montenegro. There are very few living outside of Montenegro. Lawyers in Montenegro work in general…

Are there any taxes to pay?

The most important is purchase tax, which is 3% of the value of your property – valued by the tax office regardless of the purchase price on the contract. Purchase tax is payable as soon as the main contract is signed. It is recommended that you pay the tax immediately as interest rates will charged for every day of delay….

Do I need a visa to visit Montenegro?

Citizens of most European countries (Austria, Belgium, Greece, Denmark, Estonia, Italy, Republic of Ireland, Cyprus , Lithuania, Estonia, Luxembourg, Malta, Hungary, Germany, Poland, Portugal, Slovakia, Slovenia, Finland, France, Netherland, Czechoslovakia, Spain, Sweden, United Kingdom, Bosnia, Croatia, Russia, Ukraine)  do not need visas to enter Montenegro and can stay in the country for up to 90 days. Foreign citizens coming from…

What kind of rental yield can I expect?

Tourism in Montenegro is still growing at a fast rate and the rental market is not fully developed yet. 2012 saw rental yields of between 4 and 8% for apartments and villas on the coast. Because of the recent drop in property prices and the continues increase in demand for rental properties, a rental yield of 6-8% can be expected.

Buying off plan, Is it different if the property hasn’t been built yet?

Yes it is a little different to buying a completed property, in that paying for the property will usually be in instalments, and everything planned needs to be specified in advance. An outline is below. Please email info@montenegroprospects.com for more details on a particular project. Negotiate a price acceptable to you and the developer Place a deposit on the property…