Can foreigners buy property in Montenegro?
Yes, foreigners can buy property in Montenegro without restrictions. However, foreign nationals are not allowed to purchase agricultural land or property in restricted military zones.
What are the additional costs when buying property in Montenegro?
In addition to the purchase price, buyers should budget for additional costs such as a 3% property transfer tax, notary fees (usually 0.5-1%), legal fees, and potentially real estate agent commissions, which are typically around 3%.
Can I get a mortgage as a foreigner in Montenegro?
Yes, it is possible for foreigners to get a mortgage in Montenegro, although it can be more challenging for non-residents. Banks typically require a down payment of at least 30-50% of the property value and will assess the applicant’s financial situation.
Are there any residency requirements for owning property in Montenegro?
No, there are no residency requirements to buy or own property in Montenegro. However, property ownership does not automatically grant residency, although there are programs available to obtain residency through investment.
Are there any taxes on rental income from property in Montenegro?
Yes, rental income in Montenegro is subject to taxation. The current rate is 9% of the rental income, and landlords must declare this income in their tax returns. Property owners can also deduct certain expenses related to the property from their taxable income.