Residence Permit for Foreigners Based on Property Ownership in Montenegro

Montenegro is a popular destination for foreign investors, primarily due to its beautiful surroundings and favorable living conditions.

One of the ways foreigners can obtain a residence permit in Montenegro is based on property ownership. If you are a foreigner who owns property in Montenegro, this blog will guide you through the necessary steps to secure a residence permit.

WHAT ARE THE REQUIREMENTS FOR OBTAINING A RESIDENCE PERMIT?

Foreign nationals can obtain a residence permit based on property ownership in Montenegro, subject to the following conditions:

PROPERTY OWNERSHIP

The foreigner must be a co-owner of at least ½ of the property. This can include various types of real estate, such as:

• Family houses
• Vacation homes
• Villas
• Apartments
• Residential-commercial buildings
• Business premises

THERE ARE NO RESTRICTIONS ON THE VALUE OR SIZE OF THE PROPERTY

DOCUMENTATION REQUIRED FOR APPLICATION:

• Real Estate List (not older than 3 months)
• Proof of financial means – a bank statement showing a minimum of 20 EUR per day per person (approximately 7200 EUR for a year)
• Insurance policy covering a period of 30 days
• Certificate of no criminal record from the country of origin, not older than 6 months, and must be translated by a certified translator.

WHO IS ELIGIBLE FOR A RESIDENCE PERMIT?

In addition to the property owner, their spouse and minor children can also apply for a residence permit.

DURATION OF THE RESIDENCE PERMIT

After submitting the application, the residence permit is issued within 40 calendar days. The permit based on property ownership is issued for one year and can be extended. After five years of residence in Montenegro based on property ownership, you can apply for permanent residency. The condition is that there has been no break between residence permits for a single day.

The permanent residence permit is issued for a period of five years, with an obligation for renewal.

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