There are no legal restrictions to foreign individuals to buy a property in Montenegro. Residential destinations are easy to acquire by foreigners, but company registration in Montenegro is compulsory if they want to acquire land in this country. The basic requirements to be met in order to buy a property in Montenegro are stipulated in the Law on Proprietary and Ownership Rights.
Our experts in company formation in Montenegro can offer you assistance in buying a property in this country.
If you are looking to purchase a property in Montenegro, there are several steps to follow. These are:
• Locate a property according to the budget you are willing to invest. If you intend to further set up a business in Montenegro, make sure the property suits your commercial interests;
• Make an offer for it;
• Hire a surveyor and a solicitor to assist you in the legal aspects of the purchase;
• Confirm the offer/mortgage;
• Read and sign the buying/selling contract;
• Pay the administrative fees and complete the transaction.
It is highly recommendable to assess the eventual risks attached to a property in Montenegro before buying it. The confirmation of ownership and the value of the property have to be determined by the Local Council Offices in Montenegro. A transfer tax of 3% of the property value has to be paid by the buyer. After this tax is paid, the contract has to be registered with the Area Property Registry. The payment of the buying price is the final step in buying a property in Montenegro. The property has to fulfill specific requirements if you intend to open a business there, such as a restaurant or a food product manufacturing enterprise.
You can rely on the professional expertise of our agents in company registration in Montenegro when buying a property in this country.
Buying a property in Montenegro comes with specific taxes and costs. The total costs of selling and purchasing a property in Montenegro range between 6% and 9% of the property value. The 3% transfer tax is paid by the buyer and the real estate agent`s commission is shouldered on the seller. At the transfer of newly built property, a VAT tax of 19% has to be paid. All buying/selling contracts have to be notarized prior to being signed by the parties. The transaction papers are usually prepared by a skilled lawyer.
Please feel free to contact us if you need help in acquiring a property in Montenegro.