If you are thinking of purchasing a property in Montenegro, do check an extensive real estate selection by IM Property Group here.

While doing so, you may as well look into obtaining a temporary residence permit based on property ownership, which will ensure you have access to numerous investment benefits (such as good return on investment, capital appreciation, VAT recovery, low tax rates and affordability) and many perks of living year-round in this stunning Adriatic country.  

Below you will find the most common questions IM Property Group receives from clients who think about applying for a temporary residence permit based on property ownership. We hope our answers provide you with good understanding of the process itself.

For additional details or assistance with the process, feel free to email IM Property Group at contact@improperty.group or call our Budva office at +382 33 680 912

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Q: Are foreign nationals allowed to apply for a temporary residence permit in Montenegro based on property purchase?

A: In accordance with the currently applicable Law on Foreign Nationals, foreign nationals who purchase property on the territory of Montenegro are able to obtain a temporary Montenegrin residence permit, provided that the property in question is an apartment, house, condo, hotel or a restaurant.

Ownership of a plot of land, ruin or non-residential building would not qualify for the temporary residence permit, but once such property is renovated or built on, and registered in the land registry, it can serve as a basis for the application for the residential permit.

Q: Is there a minimum price a foreign national would need to spend on property purchase in order to qualify for residency?

A: No, there are no limitations in relation to the value or size of the property.

 Q: How long is the permit valid for and can it be renewed?

A: The temporary residence permit based on property ownership is issued for a period of 12 months and can be further extended. Extension procedure should be initiated 30 days before the residence expires.

Q: Can more than one person apply for temporary residency based on the purchase of one property?

A: The applicant must have co-ownership over the property of at least 50% share in order to apply for temporary residence permit. This means that potentially two co-owners can apply for temporary residence permit based on the purchase of a single property.

In addition to that, a spouse of the property owner and children under the age of 18 are also eligible for temporary residence.

Q: Is there a minimum time required for property owner to spend in Montenegro in order to apply for temporary residence extension?

A: Once you are granted temporary residence based on property ownership, you are required to spend at least 11 months per year in Montenegro. This may be extended to up to three months abroad, provided you officially notify the local police any time you leave and return to the country.

Q: Can foreign nationals work in Montenegro with temporary residence based on property ownership?

A: No, this type of residential permit does not give a foreign national right to work in Montenegro. They would need to apply for temporary residence based on employment or company ownership. IM Property Group can advise you on the steps required to obtain this type of temporary residence permit as well.

Q: What is the very first step that a foreign national has to take in order to be eligible to apply for temporary residency based on property ownership?

A: The foreign national needs to register their arrival in Montenegro with the local police via the closest tourist organization office (Turistička organizacija), within 24 hours of their arrival in Montenegro, in order to be eligible to apply for temporary residential permit.

Q: What documents would a foreign national need to submit in order to apply for temporary residence based on property purchase?

A: An applicant would need to submit the following documents:

– Proof of property ownership (Certificate of ownership of the immovable property issued by Cadastre office in Montenegro and not older than 6 months);

– A bank receipt attesting a bank deposit of 3,650 EUR into a Montenegrin bank – this amount of 10 EUR per day for a year is considered sufficient funds to remain in Montenegro;

– Valid medical insurance covering a 30 days period;

– Copies of each page of your passport (passport has to be valid for the full duration of the granted residency);

– Certificate of no criminal record issued by the relevant institution in the country of origin, not older than 6 months;

– Proof of registration with the local police in Montenegro – this is compulsory within the first 24 hours after your arrival in Montenegro;

– Proof of paying the residence permit fee 

Please note that all documents which are submitted in the language other than the language in the official use in Montenegro, need to be officially translated by the certified translator and notarized (you may contact IM Property Group for further info on translation and notary fees)

 Q: How long does it take to get the temporary permit based on property ownership?

A: Once you submit the paperwork to the local office of the Ministry of the Interior, it takes up to 20 days for the authorities to issue the temporary permit based on property ownership. Once the paperwork is submitted, you will receive the confirmation that the process has started.