In Montenegro
Foreign individuals and legal entities can easily acquire property if the said property is necessary to their business. Foreigners can also easily acquire houses and apartments even if they are not performing business operations. However, it is necessary to register a company if one wishes to purchase land in Montenegro. Ownership can then be transferred to an individual by a simple procedure.
There are two conditions necessary to complete the purchase of a property and confirm ownership. These conditions are: “justus titulus” (legal entitlement to the property), and “modus aquirendi” (the registration of the property with the Area Property Registry).
Once a property has been chosen, a purchase contract is drawn and signed by both parties, or by their authorized representatives. All signatures must be certified by a court in Montenegro. When legal ownership is confirmed, a department within the Local Council Offices determines the value of the property. The buyer then pays the property transfer tax of 3% of the agreed valuation. Once this tax is paid, the purchase contract is confirmed by an official stamp and can now be registered with the local Area Property Registry. The purchase is complete upon payment of the purchase price.
Foreign property buyers are able to obtain a one year residency permit (can be extended) based on the ownership of a property in Montenegro regardless of its value.