Can foreigners get a mortgage loan to buy an apartment in Petrovac?

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 Petrovac?

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

Can buying an apartment in Petrovac 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 an apartment in Petrovac?

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 an apartment 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 apartment prices in Petrovac?

The apartment prices in Petrovac vary in a range of €1400-1800 for a square metre depending on the region and distance from the sea.

What taxes are charged on apartment purchase, ownership, and sale in Petrovac?

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 apartment purchase, ownership, rent, and sale in Petrovac on the website .

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

Petrovac is a resort town 17 kilometres from Budva, surrounded by olive groves and coniferous trees. The waterfront area is dotted with restaurants and cafés; there is also a market, some shops, hotels, pharmacies, a hospital, and a night club in an ancient fortress in Petrovac. Yet Petrovac is one of the quietest towns in the Budva Riviera that is ideal for family getaway. There are two beaches in Petrovac. The urban area here is so compact that not all the coastal houses can boast a sea view.