Wednesday 08th of February 2012

Land and property

What Can Foreign Nationals Buy?

As a foreigner you have the same legal ownership rights on land and property as a Montenegrin.

Clean Title

There is a long history of documented and regulated land ownership in Montenegro, stemming from Austro Hungarian rule. The transfer of title is regulated and legally secure through the computerised land registry system. The purchase process is relatively simple and straightforward, provided you use a good agent and reputable lawyer.
Amathist have appointed a reputable lawyer to assist buyers to with the ownership Amathist have negotiated terms with a good lawyer to their clients assist with It is especially important to check in detail the history of land title documents, as there are in some cases still inheritance decision from previous years that have not been properly registered.

Average Costs Associated with Purchases

• Purchase Tax is set at a rate of 3% of the valuation of the property given by the Inland Revenue Office. Once the 3% stamp duty tax is paid the purchase is complete.
• Lawyers fees vary depending on the complexity of the property title and can be between 1% and 2 %. Amathist have negotiated a price of 0.5% of the price for its customers. During the contract process the buyer's lawyer will verify all property titles with the land registry and deal with the court registration of the change of ownership.
• Local taxes (variable but usually a minimal amount) are payable to the court and local municipality for administration of the process.

Surveys

Surveys are not typically commissioned in Montenegro however there are locally some English and English speaking surveyors who can arrange a survey if required.