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 Kotor?

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

Can buying a property in Kotor 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 a property in Kotor?

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 a 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 Kotor?

The apartment prices in Kotor vary in a range of €2100-2600 for a square metre depending on the region and distance from the sea. The prices of a house range from €2500-3500 for a square metre.

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

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 Kotor on the website .

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

Kotor is a finely-preserved historic town, and the old city of Kotor is a UNESCO World Heritage site. It is the administrative, cultural, religious, education, and economic centre of the Bay of Kotor, and a good destination for city tours and excursions. Kotor is a walled town with the longest wall walk in Europe, and is remarkably scenic with abundant historic sights and monuments of architecture against the background of the mountains plunging almost vertically into the sea. There are no arranged beaches with kempt facilities in Kotor, and the coastal water here is not so clean as in the other resort towns.