Any foreign citizen can buy real estate in Montenegro. In order to do this, they must provide their international passport and a deposit for the selected object. Generally, the prepayment is 10% of the transaction, but if the sum is large, the amount of the deposit is further negotiated.
Quite often, property owners offer their objects on a condition of payment by installments. Interest-free installments, all payment terms are set forth in the contract. An entry in the cadastre prohibits any possibility of resale, donation, or any other re-registration of this object as long as the installment agreement is valid. This contributes to the protection of the buyer.
Mortgages are not common in Montenegro. There are only a few mortgage options for luxury complexes under construction, where the cost of apartments starts from 200,000 euros.
Yes, it is possible. The number of people involved in the purchase and further co-ownership is not limited. However, only the owner and his close relatives can get a residence permit in Montenegro on the basis of real estate ownership.
Testate succession. The persons mentioned in the will receive the inheritance regardless of their citizenship.
Intestate succession. As a matter of priority, the spouse claims the property, then the children and parents, and only then all other relatives. The citizenship of the owner and heir does not matter.
The law on the legalization of real estate objects was issued in 2016.
Legalization in Montenegro is based on the application form. The owner or his representative must submit a certain list of documents, including an application for registration of an object that does not have a construction permit. Then the local administration must add on the tax (land tax) to the payment. When the payment for this tax is provided, the entry saying that the object was built without permission is removed.
Land tax can be paid in installments in the course of 10 years (maximum).
The real estate property that does not have a construction permit, but is included in the cadastre, can be bought and sold without any restrictions. The same conditions are applied to an object that holds a permit.
In Montenegro, the objects for demolition may include those that:
If the building was built in a place where there is no detailed urban plan, if it is listed in the cadastre and submitted for legalization, then it is legal. All actions of purchase and sale, donation, inheritance, and obtaining a residence permit are legal and have no restrictions.
Yes, you can register the property in the name of your child. If you decide to sell your property before the child reaches his or her full age, you will need to deal with the guardianship authorities.
The contract is signed in the Montenegrin language. During the conclusion of the contract, there is a lawyer who speaks two languages, as well as a court interpreter who reads out the contract in your native language prior to its signing. If you need a translation of the contract into Russian, you can get it for an additional fee.
The transfer of ownership occurs after the buyer makes a 100% payment.
Average annual income from renting out real estate is 6-10% of the cost of housing (depending on the type of property).
Yes, it is possible. For example, the company ««MontBel»» has a broad experience in conducting transactions through remote registration by proxy. The seller and buyer are contacted via video call. A lawyer and a court interpreter must be present on the deal. The conclusion of a contract in a remote format is no different from one conducted in person. The client uses a video link to monitor the terms and conditions of the contract signing process.
In Montenegro, there is a tax on the purchase of the real estate. It is 3% of the estimated cost of the purchased object (but more often the contract amount is taken into account). This is a non-recurrent tax that must be paid within 14 days after the purchase of the property. In Montenegro, there is also an annual property tax + tourist tax (paid once a year). The amount of payment depends on: