ByShould you decide that you want to move to Montenegro, a picturesque country in the Balkans, as a legal resident, it pays to know that there’s a quick and affordable route to achieve your goal. You can either purchase real estate or register a business in your name in the country. This grants you the legal right to reside there, potentially providing an extra source of income and the opportunity for European citizenship through naturalization.
Temporary residence options in Montenegro
Regardless of whether your country has a visa-free travel arrangement with Montenegro, the maximum stay allowed with a national passport is 90 days during 6 months. The same duration applies if you are required to obtain a visa.
To extend your stay beyond this period, you must apply for a temporary residence permit. The latter grants a 12-month stay in Montenegro and can be renewed upon expiration. Renewal procedures are governed by the Law on Foreigners, enacted in 2018 and revised in 2019.
The Montenegrin legislation outlines numerous lawful grounds for acquiring a residence card, with the most commonly cited reasons being family reunification, educational purposes, yacht ownership or crew affiliation, real estate possession in Montenegro, and commercial activities (including both business proprietorship and employment).
Residency through real estate investment in Montenegro in 2024
Montenegrin legislation governing the issuance of residence permits to foreigners through real estate investment is distinct from comparable laws in other European countries. In particular, it does not stipulate a minimum investment threshold for eligibility.
Thus, legally, acquiring any real estate in Montenegro is a sufficient basis to apply for a residence permit there in 2024.
Be mindful of specific limitations when seeking Montenegrin residency. For instance, eligibility requires that your property ownership stake must be above 50%.
Regarding land lot purchases for the above goal, the answer is affirmative with a caveat. To obtain a temporary residence permit, you’ll have to erect a building on the purchased land and subsequently register it with the municipal authorities.
Montenegro residency: the business connection
It’s crucial to understand that merely registering a company in Montenegro under your name does not automatically grant you residency rights.
Under Montenegrin law, a residence permit application is viable only when you are gainfully employed by a company located in Montenegro. Consequently, numerous foreign investors attain residency by appointing themselves as executive directors of their Montenegrin companies, thereby fulfilling the employment criterion for residency.
Establishing a company in Montenegro and appointing yourself as a director is merely the initial step in the residence permit process. The subsequent requirement is to demonstrate to the immigration authorities that you have a place of residence in the country.
Should you purchase a residence, whether it is a house or apartment, you must submit the property ownership document to the immigration office. Alternatively, if you are leasing a property, the rental agreement must be provided. Ownership of the residence is not mandatory, however, proof of a Montenegrin address is essential for the residence permit application.
To confirm solvency, you will need proof of financial means. This means a minimum of EUR 3,650 must be deposited in a Montenegrin bank. For family residence applications, this amount is required for each adult family member. Additionally, a EUR 25 state fee is charged for processing the application.
After fulfilling these conditions, you may approach the Labor Board to apply for a work permit.
Please note that establishing a company in Montenegro solely to obtain a residence permit involves certain expenses and complications. Regardless of whether the company is operational, you must employ an accountant, contribute to the social security fund, and provide medical insurance for your employees.
Local municipalities in Montenegro might also impose additional requirements on foreigners purchasing real estate or establishing companies in the jurisdiction. While these stipulations are standard, it’s important to anticipate them. FYI: Holders of a temporary residence permit in Montenegro are permitted to leave the country for up to one month within any 12 months with no need to inform local authorities. For absences longer than one month, prior notification to immigration officials is required.
NB: The processing times for residence applications in Montenegro have been expedited. Since January 2019, applications from foreigners for residence based on real estate purchases or business setups have been processed within 15 days, a reduction from the previous 20-day period.
Montenegro: your path to European residency and beyond
The benefits of obtaining legal residency in Montenegro through real estate acquisition or company formation are indeed multifaceted:
- Business Expansion: Montenegro’s prime location, bordering EU member Croatia and at the heart of the Balkan Peninsula, offers expansive opportunities for businesses.
- Relocation: With its picturesque coastline and mountainous ski resorts, Montenegro boasts a lower cost of living and favorable tax rates compared to many European nations, alongside a strong social security system.
- Affordable Resort Accommodations: Residential property prices are more economical than in EU countries. Legal residents can purchase vehicles and enjoy freedom of movement, and their children have access to public education.
- Visa Acquisition with Montenegrin Residence Card: The residence card facilitates visa applications at foreign embassies and consulates in Montenegro, although some countries may require holders to have the permit for at least 6 months.
- Pathway to Second Citizenship: A Montenegrin residence permit may lead to citizenship, particularly valuable as Montenegro aims to join the EU. Montenegrin citizens already benefit from visa-free travel within the EU and Schengen states, and the EU may potentially extend this privilege to residence card holders, making temporary residence in Montenegro a cost-effective route to EU citizenship.
Effortless residency in Montenegro with International Wealth
Would you like to obtain a Montenegrin residence permit through a real estate investment or company registration? Professional services offered by International Wealth experts simplify the process. With them, you are sure to obtain legal residence in Montenegro fast, steering you clear of any common obstacles.
Avoid the hassle of queues and language barriers. At International Wealth, you’ll enjoy comprehensive support, from obtaining your residence card to selecting a location, purchasing or leasing property, company registration, work permit acquisition, and more. For more information on this affordable way to get residency in Montenegro, feel free to contact us by any means convenient to you. We’re quick to answer!
