A property law, effective as of March 2009, introduced a more liberal approach with respect to foreigners’ rights to acquire real estate in Montenegro. The new law permits both foreign natural persons and legal entities to acquire ownership rights over land, apartments, residential buildings and business premises.
Furthermore, reciprocity of rights to purchase for Montenegrin citizens abroad is no longer acquired. Moreover, a certificate proving that the real estate is necessary for conducting business activity in Montenegro is no longer a prerequisite.
The law, however, does impose certain restrictions, stipulating that foreigners cannot acquire ownership rights over the natural resources, real estates of public interest, culture heritage and real estate in the state border line zone.
In addition to mentioned restrictions, a foreign natural person may acquire forestry and agricultural land that does not exceed 5,000 square metres, provided that the subject of ownership acquisition is a residential building located on that land.
This law should be an additional incentive for foreign investments, removing a much criticised business barrier that imposed limitations for foreign investors in the past.
Source : PWC