+$250.000
+$250.000
3%
€750
€1.000
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Yes, foreigners can freely buy property in Montenegro. The only restriction is that foreign individuals cannot purchase agricultural land or land that is classified as a natural resource, but they can buy apartments, houses, and land zoned for construction.
The primary tax when purchasing a property is the 3% property transfer tax, which is based on the market value of the property for resale homes. New properties bought directly from a developer may be subject to VAT (21%) instead of the transfer tax.
While it is not legally required, it is highly recommended to hire a lawyer to ensure all legal aspects of the property purchase are handled correctly, including title checks and contract reviews. Legal fees generally range from 1% to 1.5% of the property price.
Yes, foreigners can obtain mortgages in Montenegro, but local banks may require a higher deposit, usually around 30% to 50% of the property’s value. Mortgage approval will depend on your financial situation and local bank policies.
After purchasing, property owners must pay annual property tax, typically ranging from 0.1% to 1% of the property’s market value. Other costs may include maintenance fees for apartment buildings or gated communities, utility bills, and insurance.
The entire process usually takes 4 to 8 weeks. This includes securing a notary, legal checks, payment, and property registration with the land registry.
Montenegro’s Citizenship by Investment (CBI) program allows foreign investors to gain citizenship by investing a minimum of €250,000 in real estate in approved areas, plus a €100,000 government donation. This program is ideal for investors seeking Montenegrin citizenship along with property ownership.
A notary in Montenegro is crucial to the property-buying process. They authenticate the sales contract and ensure all legal requirements are met, preventing fraud. Notary fees range from 0.5% to 1% of the property price.
Yes, Montenegro is a popular tourist destination, and renting out your property, especially in coastal areas like Kotor and Budva, can provide attractive rental income. Short-term rentals are popular during the summer months, generating good returns for investors.
A 10% deposit is typically required when signing a pre-contract to secure the property. This amount is held in escrow until the final payment and transfer of ownership are completed.