Own property in Montenegro: a dream or reality
We all sometimes think that it would be nice to see outside the window not the forest of buildings, but the sea or the mountains. And what is better, the sea or the mountains? What a trifle, let there be sea and mountains! And this is quite a realistic dream, if you consider the option of purchasing real estate in Montenegro.
Real estate in Montenegro can be purchased by both a legal entity and an individual. There are, of course, some limitations. Foreign citizens cannot own real estate and land plots located less than one kilometer from the state border of the country. It is also impossible to acquire ownership of a building or land on islands and on the territory of strategic facilities. Another feature is that the area of land that can be acquired by foreign citizens should not exceed 5000 square meters. And yet, on the land there should be a building, which is acquired in the property, since the land without the building can be purchased only if it is included in a detailed urbanization plan.
The most reliable way to search and purchase real estate in Montenegro is to contact real estate agencies. They employ professionals who know their business, who work only with trusted vendors and legal objects. Besides the fact that they will help you to choose the most suitable option for you, they will also save you from a number of routine procedures associated with the process of acquiring real estate. They are familiar with the characteristics of the work of state bodies in Montenegro and know how to competently interact with people, taking into account the Montenegrin mentality. The realtor services in the amount of 5% percent of the value of the property is usually paid by the seller.
So, what is the procedure for the acquisition of real estate in Montenegro.
Once you have made your choice, you must enter into a preliminary agreement with the seller and make a deposit in the amount of 10% of the value of the property. Next begins the process of processing the transaction.
To draw up and conclude a contract for the sale of real estate, they usually contact an attorney who additionally checks the legal status of the property being acquired. If you purchase property through an agency, then, in most cases, they work with their lawyers.
To make a deal, the buyer needs a passport and the seller must have a certificate of ownership, from which you can find out all the necessary information about the object of the transaction. The transaction must be notarized in court in the presence of an interpreter. Translation services cost about 40 euros per hour. The cost of certification will be 0.5% of the value of the object of sale.
The value of the acquired property specified in the contract of sale must be confirmed by the tax inspectorate of the local municipality. This organization determines the estimated value of the property, according to which the amount of tax on real estate turnover will be calculated in the future. The amount of this tax is 3% of the assessed value. Tax is paid on a receipt that the inspection will send to your email address within 15 days from the moment of getting the receipt. If payment is not made after two months, a penalty will be charged.
Calculations under the contract of sale are usually made in a non-cash order. In the final settlement, the seller issues a receipt to the buyer, which is notarized.
After that you need to submit an application for re-registration of ownership to the Cadastre. The cost of this service will be approximately 10 euros. This procedure will take about 3 months. After entering you will receive a certificate of ownership. The cost of the certificate itself is about 30 euros.
That's all. Now you are a full owner of the property with a great view from the window. You are only required to annually pay property tax, the amount of which depends on the location and area of your real estate, and also enjoy your stay in such a wonderful country like Montenegro.