A Guide to Foreign Property Ownership
Dreaming of owning a slice of paradise in Montenegro? Good news – there are few hurdles for foreigners looking to buy houses or apartments! Just keep in mind, if you have your eye on a plot of land, you’ll need to get a local company registered first.
Before you purchase Montenegro’s real estate, let’s bring you up to speed on the latest updates.
Montenegro’s Melting Pot of Real Estate: From mountain retreats in Kolašin to beachside bliss in Budva, Montenegro has it all. Think Podgorica for a taste of history amidst Austro-Hungarian, Ottoman. Budva, on the Adriatic coast, is a tourist magnet with stunning waters and historic charm. Tivat, nestled on the Bay of Kotor, boasts UNESCO heritage and the glamorous Porto Montenegro marina.
Navigating the Market: When it comes to house hunting, check out online platforms like Indomio and Realitica. The coastal areas and the capital, Podgorica, often steal the spotlight for foreign investments.
Financing Your Montenegrin Dream: Financing options have opened their doors to foreigners. It’s wise to shop around with different banks, considering varying terms, interest rates (ranging from 3-7%), and loan-to-value ratios (as low as 50%).
Your Property Journey – Step by Step:
- Exploration and Preliminary Contract:
- Scope out your dream property online.
- Head over to Romanointernational.com and “request an advisor” to guide you through the process of acquiring the property.
- Take a trip, see it for yourself, and survey homes.
- Agree on a preliminary contract with a 10% down payment. Engage a local lawyer for added peace of mind.
- Due Diligence and Sales Contract:
- Let the lawyer do the legal checks in the Land Registry.
- If everything’s in order, sign the final sales contract with a Montenegro public notary.
- Transfer the remaining purchase price to the seller, and voila – the property is yours!
It’s an adventure. So, dust off that dream, explore the options, and make your Montenegrin dream a reality!
