Here is a list of questions frequently asked by our customers. Please contact us if your question remains unanswered.
Its position in the centre of Europe, rapidly growing economy, geographical structure ready for development, historical, cultural and natural richness make Montenegro Europe’s new apple of the eye and the new target market of international investors in Europe. In 2008, Montenegro started the process of applying for membership in the European Union and it will most probably become a full member in 2021.
Montenegro is a developing country with many emerging possibilities. When you buy a property in Montenegro, you become part of the European Union and obtain the right to free movement, working and living in Europe.
By buying a home in Montenegro, the new centre of attraction in the Balkans for housing and tourism investments, you are entitled to have a residence permit for you and your family. Reachable with a one hour flight from Turkey, Montenegro offers political and economic stability and confidence, and the lowest financial risk in the region. Buying a property in Montenegro is a very profitable investment. Any type of property you buy in Montenegro (land, residential, summer house, commercial) will return to you as a profitable investment because the competition in the real estate sector has just begun and properties have not found their real value yet.
After becoming a member of the EU and the Schengen zone, Montenegro will adopt the visa regime implemented by the EU and the Schengen countries to Turkish citizens. As a natural consequence of this Turkish citizens who have obtained a residence permit in Montenegro will have the opportunity to travel freely in the Schengen zone, which consists of 26 European countries.
You may apply to get a residence permit with the property that you have bought. Your spouse and your children under 18 may also benefit from the residence permit. The residence permit is valid for one year and must be renewed every year.
After the process of buying the property is completed, the main applicant may make his/her application for a residence permit in Montenegro. The application process is usually completed on the same day, and the residence permit is issued within approximately 40 days. Application for family members shall be made after the residence permit for the main applicant has been issued.
In Montenegro, the country whose date of membership to the EU is the closest among all candidates, you can buy a property and get your residence permit without minimum thresholds. In Schengen countries, the minimum investment amount to obtain a residence permit is € 250,000.
In Montenegro, the tax applicable to buying real estate is 3%. New housing purchased from contractors is exempt from this tax. The real estate commission is usually paid by the seller, and it is not requested from the buyer. Other costs associated with the purchase are the notary and document translation fees. In other European countries where we operate, the purchase costs are much higher in terms of their percentage to the real estate value.
Unlike the process in Turkey, whereby the transactions to buy a property are carried out in the title office, in Montenegro, these transactions are carried out by a notary public. One you select the house to buy, the house is checked by a notary in terms of its suitability to be purchased. After getting the approval from authorities, the notary makes its preparations and property ownership transfer contract is signed with the seller before the notary. During the whole process, a sworn interpreter in Turkish translates all conversations to the buyer. Thus, all the documents signed and the transaction details are communicated to the buyer. Following the procedure, you may return to Turkey, because it takes 20 to 40 days to obtain the official certificate of ownership.
The price of the property bought is paid after the contract is signed between the buyer and the seller, via a bank transfer from your account in Turkey to the account number of the seller specified in the contract. This eliminates uncomfortable factors such as the bringing together the purchase fee on the day of the notary transactions, the risk of certified check being late, or the risk of carrying cash.
Foreign investors have property rights in Montenegro, including the right to establishment, right to operate, right to own apartments, living spaces and construction areas.
Montenegro became an independent country on 3 June 2006. Before gaining its independence, it used to be a single state together with Serbia. Montenegro is ruled by parliamentary democracy. Members of the parliament (81) as well as the president of the country are elected by the people. The Prime Minister must get a vote of confidence from the members of the parliament. The country follows the continental European legal system