Any individual who intends to stay and work in Montenegro for a period longer than three months has to obtain a residence permit. Investors who are looking to open a company in Montenegro also need a residence permit for lawfully doing business. There are two types of residence permits in Montenegro: temporary and permanent. The application for a temporary residence permit has to be submitted with the Montenegrin police, it has to be accompanied by specific documentation and is processed within 30 days from submission. After a 5 years stay in Montenegro, the temporary residence permit can be exchanged for a permanent one.
Our experts in company registration in Montenegro can give you more details about the procedure of obtaining a residence permit for this country.
We also specialize in offering support to those who want to open a company in Montenegro.
The main law related to obtaining a Montenegro residence permit is the Act on Registers of Temporary and Permanent Residents which was amended in 2008. The law covers aspects such as the procedure for applying for the residence visa, the documents required when applying for the status of a Montenegro resident and the rights acquired through the permit.
The Law covers the following types of residence permits and the rights attached to them:
The Registry must keep the following information about the holders of Montenegro residence permits:
Our company registration agents in Montenegro can offer more information about the legislation related to obtaining a residence permit as an investor.
Holding a temporary permanent residence permit implies the following:
The application for a temporary residence permit for Montenegro must be filed with the embassy or consulate of Montenegro in the applicant’s home country.
When it comes to the permanent residence of a foreign individual in Montenegro, the following aspects must be considered:
Our local agents can also help foreign investors who want to acquire residency by opening a company in Montenegro.
Only foreign individuals who buy a property or register a company in Montenegro are able to obtain a one-year residence permit, regardless of the value of the property or business. This temporary residence permit can be extended annually and can be obtained only by the following categories of owners: of houses, apartments, Montenegrin companies, hotels, restaurants and holiday homes. The application for a residence permit in Montenegro has to contain the following documents:
• Proof of property ownership (buying/selling contract);
• A bank receipt attesting a bank deposit of 3,650 EUR into a Montenegrin bank – this amount is considered sufficient funds to remain in Montenegro;
• Valid medical insurance covering a 30 days period;
• Copies of each page of your passport;
• Certificate of no criminal record in your country of origin;
• 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 of 25 EUR.
Please note that once you are granted a residence permit in Montenegro, you have to notify the local police any time you leave and return to the country. Our specialists in company registration in Montenegro can help you set up a company and apply for a residence permit.
According to the Montenegrin civil law, the residence permit can be issued for more than 90 days on the following grounds:
• Family reunification;
• Real estate ownership;
• Company formation in Montenegro;
• Education (university, vocational, student exchange);
• Scientific research;
• Medical care;
• Humanitarian missions;
• Any other grounds stipulated by law or international agreements.
One of the easiest ways of obtaining a Montenegro residence permit is by setting up a business in this country. Montenegro is not an EU country, therefore the procedures to be respected are more complex than in an EU state.
A foreigner interested in acquiring a temporary residence permit must first start the company incorporation procedure by preparing the documents needed to register the business. This implies having the business’ statutory documents drafted and notarized and opening the corporate bank account in order to deposit the share capital.
The minimum amount required to set up a company in Montenegro starts at 1 euro for limited liability companies, however, the amount of money will depend on the operations to be completed by the future company. Our Montenegro company formation consultants can offer legal assistance throughout the whole procedure related to the incorporation of the business with the Trade Register.
Opening a company in Montenegro allows a foreign entrepreneur to become an employee of the company, therefore, to work in this country, but also to bring other family members here and obtain temporary residence permits from themselves and their families. After 5 years of living in Montenegro based on a temporary residence permit, the foreign citizen can apply for a permanent residence permit. After 10 years, one can obtain a Montenegro passport.
In 2015, the Montenegrin government decided to attract more foreign investors by following other European countries’ examples and created the residence by investment program. However, the program was only given the green light in 2018.
Under this program, a foreigner interested in obtaining a Montenegro residence permit is required to comply with the following conditions:
While the first condition is mandatory, at least one of the second conditions must be fulfilled. Through this program, Montenegro has become one of the most appealing countries for investors seeking to obtain residency by investment.
It is important to know that for the moment, only 2,000 applicants will be admitted to the program. Also, the residence permit by investment can be obtained in a very short period of time which can take up to 3 weeks. Based on this program, the applicant can receive a Montenegro citizenship within 6 months.
Our company registration specialists in Montenegro can offer full details on the residence by investment program and can help with the procedure of incorporating a business in this country.
One of the natural steps after obtaining a permanent residence permit in Montenegro is to become a citizen of this country. Under the regular conditions, the Montenegro citizenship can be obtained after living here for 10 consecutive years here based on the renewal of the residence permit.
In order to be allowed to apply for a Montenegro passport, a foreign citizen must prove he or she has sufficient funds for living here. Having a business or a job can help those who apply for citizenship.
Obtaining citizenship by investment is also possible in Montenegro, based on the above-mentioned program, under which the Montenegro passport can be obtained in 6 months.
1. Is it hard to obtain a residence permit for Montenegro given it is not an EU country?
No, obtaining a Montenegro residence permit is not difficult, as the government respects EU regulations which allow foreign citizens to apply for temporary or permanent residence visas under very advantageous conditions.
2. How long does it take to obtain a residence permit in Montenegro?
The procedure of obtaining a Montenegro residence permit can be completed in a matter of weeks, depending on the way you decided to apply for it.
3. Is it hard to open a company in Montenegro if I want to apply for residency this way?
No, as matter of fact, obtaining residency by starting a business in Montenegro is one of the easiest ways.
4. Why should I apply for residency in Montenegro?
Montenegro is one of the most beautiful countries in Europe and the booming economy here is one of the main reasons for working or starting a company here with real chances of success.
Don`t hesitate to contact our Montenegrin company formation agents if you need more information about obtaining a residence permit based on business ownership in Montenegro.