Residence permit for the purchase of real estate in Montenegro

The Balkan Peninsula has long attracted attention not only as an ideal place for recreation, but also a successful investment object. The tourist flow to Montenegro increases year by year. Up to 2015, non-resident property owners in Montenegro did not have the opportunity to apply for a residence permit. However, with the release of the new law “on foreign citizens”, it became possible to purchase real estate with concomitant receipt of residence permit for 1 year, which is subject to prolongation. And so, until the owner does not decide to sell his property.

The cost of 1m2 of housing is relatively low compare to the EU countries and Montenegro is one of the countries to get the membership soon. There are all the advantages for investment in real estate, as the current prices of houses, apartments and construction services in Montenegro are very affordable. Having obtained residence permit, a foreign citizen has the opportunity to register vehicles inside the country, and kids are accepted to the state kindergartens and schools.

It should be warned that only the acquisition of a piece of land is not enough to receive, the so-called “Privremeni boravak” (residence permit). There should be also a house, which is subsequently registered.

To apply for a residence permit, you need to visit the district municipality, by providing a property sheet, a notarized copy of the passport, a monthly/annual insurance, payment of a state duty of 25 euros, a certificate of non-conviction (it depends on the community), an extract from the bank (with the available balance no less than 3650 euros on the account).

From the Article 54 of the Law “On Foreigners”:
Ā«1. A temporary residence permit for the purpose of disposing the right to immovable property to a foreign citizen in Montenegro can be issued if they meet the requirements of Article 42 of this Law, and as evidence of the validity of the request, they will provide an extract from the cadastral book or other proof confirming the ownership of real estate, in accordance with the law governing the real estate cadastre.
2. Real estate, in paragraph 1 of this article, is: residential buildings, holiday houses, villas, apartments, public catering and office premisesĀ»