Buy a Property in Montenegro, step by step
To buy a property in Montenegro is easy if you follow these steps.
Foreign investors in Montenegro are guaranteed equal treatment as nationals by law.
A substantial body of laws protects foreign investors. According to the Foreign Investment Law (Official Gazette of Montenegro No. 52/00), foreign investors enjoy the same legal status and have the same rights and obligations as local investors.
A foreign investor may establish a company on the territory of Montenegro or invest in a company’s assets following the same procedures and meet the exact requirements applying to residences. According to the Business Organization Law (Official Gazette of Montenegro No. 17/07), foreigners can be directors and board members within the companies.
At the beginning, it’s recommended to engage an independent Montenegrin lawyer to act on your behalf during and after the transaction to fully ensure that all parties have followed the correct procedure and to make further checks.
The common practice in Montenegro requires a hired notary to prepare everything regarding reservation and purchase agreements. Once a property has been chosen, the buyer should start with the purchase procedure by the following steps:
Step 1. Preparation of the reservation contract or pre-contract
Step 2. Signing of the Purchase Agreement
Step 3. Final payment according to the Purchase Agreement
Step 4. Purchase tax
Step 5. Ownership registry
Step 6. Registration of the invoices (utility bills)
During the process, Buyers have these costs:
- Lawyer’s fees
- Notarising documents and other notary fees
- 3% title transfer tax
- Cost of company formation and registration for land purchases
- Translation costs where necessary
- Additional transactional taxes
You can face all these steps yourself or go through it all safely and expertly guided by our expert team.
Contact us, we will be happy to help you,
Astra real estate team.
