HOT !!! Montenegro properties NEW LAW!!!

[valnet]

In January 2008. Montenegro government will pass a new bill (law) by which, all the foreigners doesn't have to open company just to buy some properties.
From January everyone can buy properties in Montenegro just like the citizens of Montenegro. This will simplifier our job maximally !!!
WHAT DO YOU THINK ABOUT IT, IS IT GOOD OR BAD FOR MONTENEGRO?

 

[monteimmo]

Do you have news of this law?

 

[MLS]

hello monteimmo,

Law is still in Assembly procedure, It have suffered some changes but still will be good for foreigners. I will inform you when it comes in power


regards

MLS

 

[Dusica]

I am sure it is good for foreigners but how good will it be for the country. I still didnt hear anything about this law and I would appreciate it very much if you can keep us posted...

 

[mortagage]

It will be good for foreigners who have the capital to invest in quality property in a beautiful country. I hope this doesn't drive locals out of the house buying market. However foreign investment tends to be a good thing for the economy as a whole.

 

[SSDOO]

well this new law is not going to happen soon....
and it is a lot of hassle to set up a private company to own bare land

 

[Montenegrina]

More information for investors in Montenegro

In January 2008. Montenegro government will pass a new bill (law) by which, all the foreigners doesn't have to open company just to buy some properties.
From January everyone can buy properties in Montenegro just like the citizens of Montenegro. This will simplifier our job maximally !!!
WHAT DO YOU THINK ABOUT IT, IS IT GOOD OR BAD FOR MONTENEGRO?

Legal Requirements



For a foreign to successfully aquire montenegro property their country of origin must have reciprocal agreement with Montenegro. Luckily most of european countries do have such an agreement with Montenegro including UK, Ireland and Russia. Foreigners are allowed to buy and own the property registeded on their name, just like Montenegrin citizens, there are no differences. The only legal restriction forbids foreign citizens to own a bare land, however by registering a limited company in Montenegro it is completly possible to own a plain land as well. This law is going to change soon and there will be absolutely no differences between Montenegrin and foreign citizen when purchasing property is concerned.

The actual process of buying a Montenegro property is very easy. Two main conditions has to be fulfilled: legal entitlement to the property and the registration of the property with the official Property Registry. A contract has to be signed between property owner and buyer and the signed contract has to be verified by a court.

After the court verify the document (contract) a legal basis of ownership is established. Purchase Tax is 2% of the property valuation which is given by the nland Revenue Office. Last thing after the payment has been made, the contract has to be given to the Local Property Registy as en evidence. Than a property will finaly be registered to new owners name.


What to be careful about


You should double check who the property belongs to. Properties in Montenegro can be split amongst several owners. For the decades people really didn't care much about the actuall ownership structure for their properties and once when they decide to sell a property their close relatives may claim the rights on the property. The best thing to do is use a service of a registered real estate agency which will provide you with a lawyer to check the cadastre documentation and prevent possible problems. Most Montenegro real estate agencies do not have their own lawyer but instead use a servise of indipendent lawyer. It doesen't really matter, as long you got a lawyer service. Better not try to find owners and negotiate the price - the prices can suddenly skyrocket when they see you are a foreigner. If you stay in Montenegro for few days you will likely meet people offering you all kind of properties even having big property listings to carry around. Those people are not professional real estate agents. There are many, many people in Montenegro who do an "intermediary" work for agencies as an additional income. . For you that only means more expensive properties.

 

[Montenegrina]

I have a new REPUBLIC OF MONTENEGRO
FOREIGN INVESTMENT LAW in PDF format and I will send it to you on your demand.

KR
Montenegrina

 

[SSDOO]

nothing new

all legislation texts can be easily found at the MIPA website agency



The April '11 Foreign Investment Law does not give any new right to foreigners who are still obliged to run a company to own bare land

 

[Montenegrina]

Are you sure?

all legislation texts can be easily found at the MIPA website agency



The April '11 Foreign Investment Law does not give any new right to foreigners who are still obliged to run a company to own bare land

Maybe for you it is not nothing new but for some other visitors is. Yes law can be downloaded from MIPA website but I was not sure if they can find it easily.
By the way I joined yesterday and have not time to read all the posts.

Investors in Montenegro are welcome as they know it and it is very easy to open a company and start all business they can think off.
I just wrote about thinking twice before they buy a land, to check all owners documents, it can be a problem, other problems are not so big as someone want to point out.
KR

 

[Nemanjaned]

Hi everybody,

User SSDOO is quite right about this new law.
To register (in Governmental Real-Estate Authority) ownership of bear land is still forbidden for foreigners, but if they buy it contract will always protect their ownership!!! Ownership of bear land they can register just if it is urbanized and in area set for building, or if parcel has contact to parcel they own already with the house on it. If it is not urbanized, you can sign up contract, build hose illegally (if you are buying not urbanized land that is you only option anyway),and then register it in real estate authority (Uprava za nekretnine),and then add annex in your contract that there is house on that land you bought, also add clause that you build it by-yourself so you avoid paying transfer tax for house too, and then you can register ownership of land and house at the same time. Sure you need cooperation of person you bought land from, but you can all that put in contract, and leave last part of money to pay after you finish all procedure.

if I was to poor in explaining do not hesitate to ask