Montenegro, known for its captivating landscapes and hospitable residents, offers a direct pathway to obtaining a residence permit in Montenegro through real estate purchase. If you are considering relocating to the picturesque Balkan country, this option may be very attractive to you.
What kind of property can you buy to get a residence permit in Montenegro?
You can purchase both residential and commercial properties, such as houses, apartments, offices or cafes. A significant advantage is that there is no minimum purchase price requirement. Therefore, owning any property that is free of encumbrances such as arrests, legal disputes, debts, etc., qualifies for obtaining a residence permit. However, it is worth noting that in the near future, the Montenegrin government may set a minimum price threshold, as this issue has already been raised for discussion. So, it’s advisable not to delay starting the process if you want to get a residence permit under the current conditions.
In the capital city of Podgorica, prices for residential properties start from 1200 euros per square meter, while in coastal towns, prices start from 1500 euros.
Advantages of holding a residence permit in Montenegro through real estate purchase
- Unlimited days of stay in the country – the permit is issued annually, and during this period, foreigners can freely reside in Montenegro without being limited to 90 days like regular tourists;
- The applicant’s spouse and children under 18 can also obtain a residence permit through family reunification;
- Residence permit grants children access to free education in public schools;
- Access to loans in Montenegrin banks;
- Ability to purchase and register a car or watercraft;
- Permit holders can apply for visas to other countries from Montenegro without having to travel to their country of citizenship;
- After living on a temporary permit for 5 years, foreigners can apply for permanent residency in Montenegro (provided they have not been absent from the country for more than a total of 10 months and not more than 6 months in a row during these 5 years).
The requirements for obtaining a residence permit in Montenegro are defined by the Law “Law on Foreign Nationals” of 2018
- Applicant must be at least 18 years old;
- Property purchase without encumbrances;
- Providing a certificate of no criminal record;
- Availability of sufficient funds in the account for living in the country (from 3650 euros per year for one person);
- Providing a certificate of no dangerous diseases;
- Having medical insurance.
The application processing time is about 40 days.
To renew the permit, an application with a similar set of documents must be submitted 30 days before the current permit expires.
In conclusion
Obtaining a residence permit in Montenegro through real estate purchase can be a simple and fast process for those who want to call this charming country their home. However, we advise acting quickly before the permit issuance conditions become more stringent due to the high number of applicants.
If you are interested in moving to cozy Montenegro, we will be happy to assist you in this process!
