The purchase of real estate in Montenegro (residential or commercial) of any value gives grounds for obtaining a residence permit in Montenegro, subject to two conditions:
- the property must not have encumbrances (installment plans/mortgages cannot be used);
- real estate should not be registered in the name of no more than two owners.
The owner of the property and his family are issued a residence permit in Montenegro upon purchase of real estate for 1 year, after which it can be extended an unlimited number of times (subject to residence in the country for at least 11 months a year, otherwise a full package of documents is submitted for registration of a new type for residence).
Documents required for obtaining a residence permit in Montenegro when purchasing real estate
To obtain a residence permit in Montenegro, you will need the following documents:
- a completed application in the prescribed form,
- international passport,
- certificate of no criminal record,
- property documents,
- medical insurance,
- bank statement confirming sufficient funds in the account for living in Montenegro (at least 3,650 euros per person/year).
Obtaining a residence permit in Montenegro is possible for the whole family. First, a request is submitted for the owner of the property, and after receiving a residence permit, documents are submitted for the family.
The application must be accompanied by certificates of marriage and birth of children (child), translated into Montenegrin.
At the moment, Montenegro is not part of the European Union. A residence permit in Montenegro only simplifies obtaining visas to EU countries – the recipient does not need to leave the country. However, the possibility of the country’s early admission to the European Union cannot be ruled out. In this case, holders of residence permit and permanent residence status in Montenegro will receive a lot of advantages.
Obtaining permanent residence when investing in real estate in Montenegro
Programs that allow you to obtain permanent residence and citizenship of Montenegro by investment, such as in Malta or Cyprus, are currently being developed. They have already been adopted at the legislative level – the government is discussing the intricacies of the procedure and the conditions for the participation of foreign investors in the programs. According to preliminary data, government programs will be aimed at the development of certain industries, in particular, hotel infrastructure.
As we wrote above, property owners can obtain a residence permit in Montenegro for a period of 1 year, it can be extended the required number of times (if they live in Montenegro for at least 11 months a year).
After 5 years of residence in the country, a foreigner with a residence permit can apply for permanent residence. In this case, the advantage will, of course, be the creation and running of a successful own business in the country, according to which a residence permit in Montenegro can be obtained on the basis of work activity.