Timeline of issuing residence permits for housing purchase in Montenegro

Jan. 16, 2015

Timeline of issuing residence permits for housing purchase in Montenegro

Law on Foreigners in Montenegro, which project was published almost a year ago, will come into force since April 1, 2015. It was finally approved by the Parliament of Montenegro in December 2014. However, some amendments will follow: the minimum cost of real estate purchased for obtaining residence permit is not yet known (it’s so-called European investor "golden visa", given in Spain, Portugal, Greece, Cyprus, Latvia and others), informs the ee24.com citing value1estates.com.

Minimum investment amount required for obtaining a residence permit in Montenegro shall be determined by the Ministry of Finance until April 1, 2015. It is planned that the foreigners owning housing in Montenegro, will be able to obtain a residence permit for 1 year with further prolongation, but in this situation they are not allowed to apply for permanent residence.

"The law may significantly improve the situation in the real estate market in Montenegro, but this will primarily depend on the minimum property cost, giving the right to obtain a residence permit. In my opinion, this threshold should not exceed €150,000. This will attract the attention of a mass audience to Montenegro, making it one of the most interesting countries in Europe in terms of getting the "golden visa."

The main influx of buyers who want to get a residence permit based on real estate owning in Montenegro, is expected to come from Russia, Ukraine, Belarus, Kazakhstan and Azerbaijan. These changes may also attract buyers from the Middle East," said Anton Shamarin, Managing partner at real estate agency and investment consulting company Value.One (Montenegro).

The new law will combine three previously existing documents (Act on Foreigners, the Law on employment of foreigners and Resolution on migration registration of foreigners) and also will slightly reduce red tape. Instead of two documents for foreigners working in the country, there will be new unified one - in the form of a plastic card, which will be a work and temporary residence permit ant once.

The ee24.com was one of the first to follow the fate of the bill and we will continue to acquaint our readers with further changes in the rules of the issuance of a residence permit in Montenegro.

 

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