The government of Montenegro adopted new legislative solutions, removing barriers for obtaining residency permits. The new legislation brings about short and simple procedures for obtaining a residency permit for business oriented non-residents.
There are two most commonly used types of Temporary Residence Permits – the one is related to employment while the other is related to ownership of an immovable property.
Through Employment
An establishment of a local company and the employment of a non-resident person by the same company, which is most commonly appointed as the Executive Director, is the most often used option for obtaining temporary residency through employment. The procedure of applying for a temporary residence permit when a non-resident person is the Executive Director is now simplified.
Company incorporation can be done within 5 days upon submission of required documentation, while temporary residence permit can be obtained within one month.
The applicant has to be present in Montenegro two times within a month: for the submission of a temporary residence request and for the receiving of the Statement of Granted Temporary Residency.
Through Ownership of an Immovable Property
In recent years many foreigners have bought real estates in Montenegro, especially on the Adriatic Riviera. Still such an investment didn’t allow the acquisition of a temporary residence permit. Until recently!
According to the recent amendments to the Foreigners Law, a foreigner who owns real estate in Montenegro is able to obtain temporary residency permit. An only set of criterion regarding this real estate is that it should be an apartment, a house, a condo, a hotel or a restaurant. There is no limitation in value or on size of the property.
A Residency permit based on ownership of the real estate shall be issued on one year period and can be extended.
A non-resident, who is doing business in Montenegro or owns real estate in Montenegro, is able to obtain temporary residency permit through simplified procedure and in relatively short period of time.
We, at Eurofast, will be happy to give you a full professional assistance on:
• Preparation of applications and documentation to be submitted
• Submission of documentation to authorities
• Representation of the applicant in front of the authorities
• Tax advice on investment opportunities
• Assistance on fi¬nding and acquiring immovable property
• Preparation of necessary agreements and compliance with the law
• Work permit application
• Registration of companies and optimum tax structure
• Ongoing administration, accounting and support for the legal entities and physical persons in concern
Please contact our advisors for more detailed information and to arrange a one to one meeting to discuss your needs.
Your contact for further queries is:
Ivan Petrovic director
T. +382.20.228.490
E. ivan.petrovic@eurofast.eu