Montenegro residency by real estate ownership

(Last Updated On: October 4, 2023)

Montenegro is a country that is quickly becoming a popular destination for foreign investors, property owners, businessmen, and freelancers who are interested in spending a significant amount of time on its territory.

Many of these individuals are keen on obtaining a residence permit, or “boravak” in Montenegrin, which allows them to stay in the country for extended periods. There are several reasons why individuals may want to obtain a temporary residence permit in Montenegro.

Residency options

These include employment, family reunion, studies, and real estate ownership. In particular, the ability to obtain a residence permit on the basis of owning real estate has become increasingly popular since the adoption of the “Law on Foreigners” in 2015.

Real estate

Under this law, real estate owners are entitled to receive a temporary residence permit for up to one year, with the possibility of extension. This allows them to stay in Montenegro for an unlimited amount of time during the year, which has made the purchase of real estate even more attractive. Importantly, unlike many other countries with similar programs, there is no minimum real estate price threshold for obtaining a residence permit in Montenegro.

Related:   Spain digital nomad visa - updates

The list of real estate types approved for obtaining a residence permit in Montenegro is quite broad, providing additional flexibility to buyers. It includes single-family houses, summer cottages, villas, apartments, hospitality business facilities, mixed-use buildings, and commercial premises. Thus, individuals interested in obtaining a residential permit in Montenegro have plenty of options to choose from.

To obtain a residence permit based on real estate ownership, applicants must own at least 1/2 or more shares of a property. Moreover, a temporary residence permit for real estate gives the right to apply for a long-term residence permit, known as “stalni boravak”, after five years of uninterrupted stay in Montenegro from the date of the first residence permit.

Required days

However, it’s essential to keep in mind that within these five years, applicants must not be absent from Montenegro for more than six months continuously, and no more than ten months in total. Additionally, they cannot be absent from Montenegro for more than one month each year. Failure to comply with these conditions will result in the temporary residence permit not being extended, and the grounds for filing documents for permanent residence will not be fulfilled.

Related:   Looking for second passport? Check out the best options for wealthy Asians

One advantage of the real estate-based residence permit is that it extends to the applicant’s closest relatives, such as their spouses and minor children. However, this process takes place in two stages: first, the owner/owners of real estate receive a residence permit, and then their closest relatives can obtain a residence permit based on family reunion.

To obtain a temporary residence permit for property owners in Montenegro, the following documents are required:

Registration in the tourist office (to be done on the first day of arrival)

  • Copy of the first page of the applicant’s passport (with photo)
  • Copy of the property title deed (List Nepokretnosti) not older than six months prior to the application, a health insurance policy covering a minimum of 30 days from the application date
  • Proof of funds in the form of a bank statement from a Montenegrin bank of at least EUR 3,650 per person per year (EUR 10 per day)
  • Proof that the applicant has no criminal record in their country of origin (for applicants 16 years and older)
  • Proof that the application fee (EUR 5+40) for temporary residence has been paid
Related:   The best places for thrill-seekers in Montenegro

Submission and how long will it take?

All documents must be submitted and received in person. The process can take several weeks to complete, so applicants are advised to start the process as early as possible to avoid any delays.

Montenegro offers a temporary residence permit to real estate owners for up to one year, with the possibility of extension, allowing them to stay in the country for an unlimited amount of time during the year. There is no minimum real estate price threshold, and the list of approved real estate types is quite broad.

Applicants must not be absent from Montenegro for more than six months continuously or more than one month each year within five years to apply for a long-term residence permit. The process requires several documents, and applicants are advised to start early to avoid delays.

Such option is popular among foreign investors, property owners, businessmen, and freelancers interested in spending a significant amount of time in Montenegro.