Help & Advice - Montenegro Prospects
What is the process for buying a property in Montenegro?
Purchasing a property in Montenegro is a simple process and we do everything we can to ensure your purchase runs as smoothly as possible...
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:
Purchasing a property in Montenegro (how to)
Purchasing a property in Montenegro is a simple process and we do everything we can to ensure your purchase runs as smoothly as possible. An outline of the process is set out below, but each sale is different and these are general guidelines
Documents for the residency permit
This is the list of documents you need to apply for the residency permit:
1. Proof of ownership of the property (List nepokretnosti) that is not older than 6 months
2. Proof of a 3.650 EUR deposit into a bank in Montenegro
How do I get a residency permit in Montenegro?
A foreign citizen can obtain a residency permit in Montenegro based on a property purchase or work permit. There are other ways such as studying in Montenegro but the above two are the most common.
Do I need a lawyer to buy a property in Montenegro and how do I find one?
The short answer is no; it is not legally required to hire a lawyer to complete a property purchase but we strongly recommend doing so. The lawyer will act on your behalf,
What you need to know to sell your property in Montenegro
You can list the property with more than one agent at the same time In Montenegro, but it is a good idea to choose two or three reputable companies that are present both in local and international markets.
Citizenship by Investment Program, Montenegro
The Citizenship by Investment Program in Montenegro was launched in 2019. Applicants now have the opportunity to obtain Montenegrin citizenship and passport by making the qualifying investment into a government-approved development project.
OBTAINING A BUILDING PERMIT (planning permission) IN MONTENEGRO
The answer to the question “how to get a building permit in Montenegro” used to be very complicated.
Where to buy a property in Montenegro?
Learn about the different regions in Montenegro and where to invest in real estate.
What documents do I need for residency permit
This is the list of documents you need in order to apply for the residency permit
Why invest in Montenegro
The Montenegro real estate market is still an emerging market with a great deal of potential for capital growth. These are the main reasons for choosing Montenegro as an investment:
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.
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...
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...
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...
How do I pay utility bills?
ll water, electricity, rubbish, phone, internet, cable TV bills can be paid in the local post office or bank. Alternatively, water and electricity...
I understand it’s a buyers’ market so how do I make my property stand out?
First, do an appraisal of the market. What are similar properties on the market for and crucially, what are they selling for? Contact...
What can I do to spruce up my property to help it sell?
There are a number of things you can do at no or little cost that will help to show your property in its best light. Here are a few of the basic ones:
Clear clutter away
Clear away most personal items..
How do I register my vehicle?
Foreign citizens in Montenegro who have received a temporary residency permit may register a purchased car in their name...
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..
There's lots of companies out there. Can you recommend any foreign exchange firms?
FX has been providing a currency payments service since 2003 to Corporate Companies and Individuals
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...
Land registry in Montenegro - OnLine database
Land registry database in Montenegro is completely online and it is open for public access. Property deeds can be checked...
Are there any loans available for non residents?
Two banks in Montenegro offer loans to non-residents for buying a property in Montenegro:
CKB bank and ERSTE bank. Typically, the mortgages are 50% LTV (loan to value) at approximately 5%...
Evaluation of second homes in Montenegro
There are three basic factors that we need to consider when talking about the value of properties on the coast of Montenegro
2. State of the property
3. State of the market
Is there a double taxation treaty between Montenegro and my country?
Montenegro has so far signed 42 double taxation treaties with various countries on income and property. 36 treaties (6 are pending) are now in force with: Albania,..
Who offers property insurance in Montenegro?
There are many companies offering insurance in Montenegro, we would recommend Lovcen Insurance Company.Lovcen Osiguranje will insure your property for 1 EUR per..
What are the bank charges for money transfers in Montenegro?
Bank transfer charges to and from abroad to an individual’s private account in Montenegro are as follows:
FX inflows (loro remittances)
A survey on the impact of the COVID-19 pandemic on the property market in Montenegro
Montenegro Prospects has conducted an extensive survey on the impact of the COVID-19 pandemic on the property market in Montenegro. The survey was conducted by more than 1.500 of our clients (sellers and potential buyers) from EU countries, UK, Russia and the region.