St. Julians, Malta
Dragonara Business Centre, Office 506, Dragonara Road,
Paceville, St Julian’s, STJ 3141 Malta
+356 (277) 811-04
Vienna, Austria
Doblhoffgasse 9, 1010
+43 (650) 540-49-79
All offices

Real estate investment in Montenegro

Foreigners can buy and sell real estate or rent it out with few restrictions. Foreigners are prohibited from buying agricultural land and forests or owning cultural monuments and objects near the country's borders.

The most expensive and sought-after real estate is in the resort areas of Budva, Herceg Novi, and Tivat.

€1,450 Average price per 1 m²
of housing in Montenegro
€450,000 Minimum investment amount
to get citizenship
3,02—19,02% Buyers’ related expenses,
of the transaction amount

Cost of a 3-bedroom apartment in Montenegro

€4 million

Penthouse in Budva
on the first coastline

€1.2 million

Apartment in Budva
on the first coastline


Apartment in Budva
in a 10-minute walk from the sea

Montenegro residence permit or citizenship by real estate investment

Owners of residential or commercial real estate can get residence permits. The value of the property does not matter. A residence permit is issued for a year with the possibility of extending an unlimited number of times while the property is owned.

Until the end of 2022, Montenegro has a citizenship by investment program. The investor buys a share of €250,000 in a commercial development project, a resort complex or a hotel and contributes €200,000 to a government fund.

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Taxes and associated costs


Property buyers pay the value-added tax for new builds, transfer tax for resale properties, and additional fees.

The associated costs will range from approximately 3.02% to 19.0% of the purchase agreement value. When buying a new apartment worth €500,000, the investor will spend approximately €595,100, including additional costs.

3.02—19.02% Of the purchase agreement value are associated costs for the purchase of housing
Purchase expenses
New buildings



of the transaction amount

Resale housing

Transfer tax


of the transaction amount

Notarial and legal support of the transaction


Owners of real estate in Montenegro pay an annual property tax of 0.25% to 1%of the market property value. The tax rate depends on the property type, location, and year of construction.

Income tax of 9% is paid on income from renting the property out.

€1,128 Approximate annual expenses on maintenance of an apartment

Communal payments

Electricity, gas, water, heating, and garbage collection

per month

Internet, TV, and telephone

per month

Real estate sellers pay a capital gains tax of 9% on the difference between the sale and purchase prices.

The agency fee the seller pays when selling through an agency is 3—6%.

9% Capital gains tax on
the sale of real estate