How to obtain a residence permit in Montenegro based on real estate?

Montenegro attracts many foreigners due to its favorable climate, beautiful landscapes and prospects of joining the European Union. One of the most popular ways to obtain a residence permit (residence permit) in Montenegro is to purchase real estate. In the article, we will look at how to get a residence permit based on real estate ownership, as well as important nuances of this process.

The main requirements for obtaining a residence permit based on real estate

Purchase of real estate. Unlike some European countries, Montenegro does not require buying real estate for a certain amount to obtain a residence permit. You can purchase an apartment, house or land, as well as commercial premises. It is important that the property must be registered as personal property, and you must be registered as the owner.

A sheet of non-secrecy. One of the mandatory documents for applying for a residence permit is a non—secrecy sheet (extract from the state register of real estate). Without this document, it is impossible to confirm your right to a residence permit.

Medical insurance. To apply for a residence permit, you must have medical insurance valid on the territory of Montenegro. This is a prerequisite that is required for all foreigners applying for a residence permit.

Financial viability. It is also necessary to provide proof of your financial viability. These may be bank statements or income confirmations from a Montenegrin bank. The Montenegrin authorities want to be sure that you have enough money to live in the country.

Payment of taxes and fees. In Montenegro, when applying for a residence permit, you need to pay a number of fees, such as property tax and application fee. These are usually small amounts, but they need to be taken into account when planning the process.

The application process

Preparation of documents. Before applying for a residence permit, it is necessary to collect a package of documents, including a passport, a contract for the purchase and sale of real estate, registration at the place of residence, medical insurance and proof of financial viability.

Submitting an application. After preparing all the documents, you must submit an application to the local police department responsible for foreigners. This is usually done in the city where your property is located.

Waiting for a decision. After submitting the application, the review takes approximately 30-60 days. During this period, the authorities may request additional documents or clarifications. After approval, you will receive a temporary residence permit for a period of one year, which can be extended annually if you continue to own real estate.

Important points and "pitfalls"

The right to a residence permit does not give the right to work. It is important to understand that obtaining a residence permit based on real estate does not automatically give you the right to work in Montenegro. To do this, you need to get a separate work permit or open your own business.

Mandatory extension. A residence permit issued on the basis of real estate must be renewed every year. To do this, it is important to submit documents in a timely manner and comply with the conditions of residence in the country.

Changes in legislation. Montenegro is on the way to joining the European Union, so the legislation may change. It is recommended to follow the current requirements and legal advice before submitting an application.

Prospects and advantages

Obtaining a residence permit in Montenegro on the basis of real estate is a great opportunity to live in one of the most beautiful regions of Europe with the possibility of free movement in the countries of the Schengen area in the future. Also, real estate in Montenegro continues to rise in price, which makes buying a home not only a convenient way to obtain a residence permit, but also a profitable investment.