1. Is it hard to buy a property in Montenegro if I am a foreigner?
No, it is not. Foreign citizens can easily purchase real estate for residential purposes in
Montenegro. The process is straightforward and foreigners are treated equally in terms of
property ownership rights.
2. How long does it take to complete the property purchase procedure in Montenegro?
Depending on the agreement with the seller, the procedure can take from a few days to a few
weeks. It usually involves several steps, such as signing a purchase agreement, conducting due
diligence, and obtaining necessary permits. The most time-consuming part is the process of
waiting for property ownership documents from Montenegro's government institutions.
However, you will be able to use the property during this waiting period with the prior consent of
the property seller. It is also important to note that this process is independent of the sale of the
apartment, developer, or real estate agency. However, with the right guidance and a professional
team, the process can be expedited to ensure a smooth and efficient transaction.
3. What do I need to do after I have bought the property?
Once the procedure is concluded, you will need to register the property title on your name with
the Land Register. This is an important step to ensure that your ownership rights are legally
recognized. It is recommended to work with a reputable notary or lawyer who can assist you
with the registration process and ensure that all necessary documents are properly filed.
4. Are there any additional fees that I need to pay when buying a property?
While the purchase price of the property is the main cost, there are some additional fees that you
need to be aware of. These may include property transfer taxes, notary fees, and legal fees. It is
important to factor in these additional costs when budgeting for your property purchase in
Montenegro. Working with a knowledgeable real estate agent or lawyer can help you understand
the complete breakdown of costs and ensure that you are prepared for all financial obligations. If
you invest in real estate from a previous owner, you will have to additionally pay a state tax
based on the value of the property stated in the contract. However, if you invest in a new
construction where the seller is a legal entity (a developer company or an investment company),
there is no state tax.
Overall, buying property in Montenegro as a foreigner is a straightforward process that can be
easily navigated with the right guidance and expertise. By familiarizing yourself with the
necessary steps and working with professionals who specialize in international real estate
transactions, you can confidently embark on your property purchase journey in this beautiful
country.