Villa in Montenegro with a residency permit
Many people dream of buying a house by the sea or in the mountains, with a beautiful view of the bay or the slopes. A house in Montenegro, purchased at an attractive price and without bureaucratic delays, turns this dream into reality.
The country attracts both business people and ordinary buyers worldwide with its picturesque natural landscapes, stable economy, the possibility of obtaining a residence permit, a growing real estate market and investment opportunities.
As per the Numbeo index (European price database), the average cost of living in Montenegro is lower than in many European countries, prompting numerous expats to choose to relocate here. Affordability is reflected in the cost of everyday items like groceries, dining out and utilities, as well as the stable value of property in Montenegro. The region is appealing for living long-term due to its pleasant climate, stunning nature and other attractive factors.
The lowest cost of villas in Montenegro is approximately EUR 100,000. The more affordable options are mainly located on the outskirts of resorts, at least a 30-minute walk from the sea. Properties on the secondary real estate market or villas and houses in Montenegro in need of renovations tend to be priced the lowest.
House prices in Montenegro rise when the property is near the ocean, newly constructed or renovated. Therefore, properties close to the shoreline are priced between EUR 3,000 and EUR 4,000 per square metre. Luxurious beachfront villas for sale in Montenegro are priced between EUR 4,000 to EUR 8,000 per square metre.
Buying a villa in Montenegro with a residency permit is an attractive option for citizens of other countries for several reasons:
- No restrictions for foreigners: Foreigners are not limited in their ability to acquire villas in Montenegro for investment. On the contrary, by becoming the owner of an apartment, anyone can apply for a residence permit through a simplified process;
- Transparent transactions: The buying and selling process is transparent, fast and reliable. It takes no more than a month;
- Easy entry into the country: A visa-free regime is provided for overseas citizens. Entry only requires a passport allowing for a 30-day stay in the country’s territory;
- Low expenses: Utility bills in the country are low and they will not make major changes to your budget.
- Permanent income: A villa for sale in Montenegro can be used as your holiday spot when you visit and can also be rented out when you are not using it. This will include the expenses for upkeep and also assist in producing revenue.
Thus, you can legally use the right to obtain a residence permit in Montenegro through a property investment and receive some benefits.
Residence permit in Montenegro by buying a house
You have the option to buy a house in Montenegro and get a residence permit (with no minimum price set) for a pleasant stay in one of the well-liked resort towns. After finishing the transaction and making full payment, the notary registers the transfer of ownership in your name with the state register. Reviewing the documents will require 2-3 weeks. Once you have registered the overseas property under your name, you can issue a residence permit.
To do this, the investor needs the following documents:
- Foreign passport (valid for at least 1.5 years);
- Certificate of no criminal record (for all candidates over the age of 16);
- Extract from the state register (cadastre) proving ownership of the overseas property;
- Certificate from the Montenegrin bank confirming the balance in your account to demonstrate solvency;
- Valid visa, if required for your country.
The documents must be translated into Montenegrin. By law, only locally licensed translators can do this.
The processing time for the application takes up to 40 days. Once the property owner receives a residence permit in Montenegro by buying a house, they can then apply for family reunification for their children and spouse.
The residency permit in the republic can be extended annually for one year. After residing in the country continuously for five years on a residence permit, you have the right to obtain permanent residency, valid for five years (stalni boravak). After living in the republic for a decade, you are eligible to acquire Montenegrin citizenship.
You have the option to buy a villa in Montenegro for a comfortable stay in one of the popular resort towns. After completing the transaction and making full payment, the notary will record the transfer of ownership in your name with the state registry. Submitting and reviewing the papers will take 2-3 weeks. Once the property registration process is completed, you will be eligible to apply for a residence permit.
To obtain a residence permit, the homeowner needs the following documents:
- Foreign passport (valid for at least 1.5 years);
- Certificate of no criminal record (for all candidates over the age of 16);
- Extract from the state register (cadastre) that you are the owner of the overseas property;
- Certificate from the Montenegrin bank verifying the funds in your account to confirm your solvency;
- Valid visa, if required for your country.
The papers must be translated into Montenegrin. By law, only locally licensed translators are permitted to do this.
It will be 40 days before the review is complete. Once the property owner has obtained a residence permit, they can then apply for "family reunification" for their children and spouse.
Investment house in Montenegro
While Serbia, Russia and Turkey have long been key players in the country's real estate market, there’s now a new wave of interest from investors in more distant countries.
Residents of the USA, Asia and the UAE have started buying villas, apartments and commercial properties here.
The Central Bank reported that foreign investments in the republic's real estate market rose to EUR 222.8 million in 2023. This impressive growth of 11% compared to the previous year marked the best outcome in the last fifteen years.
This is not surprising. Montenegro offers various benefits for investing in both commercial and residential real estate, such as low property tax rates and a straightforward legal system.
Foreigners face no limitations on owning property in the republic, allowing international investors to enter this market easily. Another benefit is the option to obtain a residence permit.
Numerous foreigners opt to purchase new local villas for investment purposes, as they offer more modern and convenient layouts, technology and security features. Moreover, new properties from the developer are exempt from the 3% tax.
The Bay of Kotor and the Budva coastal area are the most favoured spots for investors, with prices varying between EUR 200,000 and EUR 300,000.
Purchasing houses or apartments in Montenegro offers various benefits. Choosing a house for sale in Montenegro depends on personal requirements, lifestyle and financial objectives. The primary reasons making homeownership more desirable include spacious areas, privacy, courtyards, gardens and additional features. However, it’s crucial to consider the responsibilities and expenses associated with owning a home, such as maintenance, repairs, insurance and more.