The cost of buying property in Montenegro
Apart from agreed purchase price the main costs of the purchase are: 3% purchase tax and the legal fees.
We advise our clients to add 4-5% on top of the purchase price for the overall costs. Here are more details:
- Purchase tax or title transfer tax is 3% of the value of the property which is determined by the tax office. This is usually the same value which is in the Purchase Contract.
- Notary’s fee. This fee is charged based on the value of the property (agreed price). For example: If the agreed price is 100.000 Eur, the notary’s fee will be 350 Eur + VAT (21%) = 423,50 Eur. Please contact us for more information about Notary fees.
- Legal assistance – lawyer’s fee. For the full service starting with the title deeds survey to your registration as the new owner, the lawyer’s fees are approximately 1.000 EUR.
- Interpreter’s fees, for written translation the fee is 20 EUR per page (usually around 120 EUR for the Contract), and for the oral translation the fee is 50 EUR per hour. It is obligatory for the licensed interpreter to be present at signing of Purchase Contract in front of Notary if one of the parties is non-resident.
- Various small fees up to 100 Eur.
Agent’s commission is included in the price and paid by the seller. Buyers do not pay the commission.
Related text to this topic: Are there any taxes to pay?