Can foreigners get a mortgage loan in Montenegro?

It might be tricky for a foreigner to obtain a mortgage loan for property in Montenegro . Erste Bank is the only bank lending to foreign property buyers, yet the primary qualification for an eligible foreign applicant is to have a residence permit in the country.

How much do utilities cost in Bar?

Property maintenance costs are not so high in Bar as compared to the rest of Europe. Read more about major housing and home ownership costs in Montenegro.

Can buying property in Bar also get foreigners a residence permit in Montenegro?

A property purchase in Montenegro will get residence in the country (except for property for further development that would not qualify a buyer for a residence permit). There is no minimum investment threshold for a residence permit. The purchased property should be free and clear of any encumbrances. Read more in our article .

How to get citizenship in Montenegro by buying a property in Bar?

To get citizenship in Montenegro , you would have both to purchase a property out of the government-approved pool investing at least € 250,000 and donate at least € 100,000 to the government fund.

What is the process of buying property in Montenegro?

It will take 2–4 months in average to register property ownership in Montenegro. To close a transaction, a foreign buyer needs to present a foreign passport of the home country, an individual seller is to produce a legal proof of property ownership and the excerpt from record in the local property registry, and a corporate seller should additionally provide the buyer with its corporate documents. See details here .

What are the property prices in Bar?

The apartment prices in Bar vary in a range of €1200-1600 for a square metre depending on the region and distance from the sea. The prices of a house range from €1000-1800 for a square metre.

What taxes are charged on property purchase, ownership, and sale in Bar?

A transfer tax at 3% is charged on real estate transfers in Montenegro, and 21% VAT is levied if property has not been sold before. The real estate tax is levied for the use of the property at the rates ranging from 0.25 to 1% of the property value. Read more about the taxes charged on property purchase, ownership, rent, and sale in Bar on the website .

Key takeaways about Bar to know before property purchase: what makes the region special?

Bar is a large coastal town and the biggest seaport in Montenegro. The beaches in Bar are pebbly with a smooth sea floor, making them good for families with small children. The seashore is lined with pine trees, benefits from the balmy microclimate, and receives about 200 sunny days a year. This resort town is hit by the harshest winds in Montenegro. Unlike in the rest of the country, the houses in Bar are mostly modern with scarce ancient buildings or cosy narrow lanes. The property prices in Bar are traditionally lower than in the other regions, yet houses often require repairs and are located in dense urban areas. The surface here is flat, so sea view is not ubiquitous.