Montenegro simplifies procedure for issuing residence permits
Montenegro attracts not only numerous Russian tourists. A large number of Russians are investing money in the purchase of real estate in this Balkan country and seek to obtain a residence permit. Montenegrin authorities have decided to simplify the procedure for obtaining a residence permit and foreigners adopted amendments to the existing law on foreigners.
The new edition of this law regulates matters concerning the stay in Montenegro for foreigners. The law also spelled out the new rules of procedure for obtaining residence permission for foreigners with a property in the country. According to Minister of Internal Affairs of Montenegro Abid Crnovrshanin, amendments to the law should lead to an influx of foreign investment.
Under the new law, buying Property in Montenegro gives the right to obtain a residence permit in the country for a period of 1 year. Before that the owners of real estate had no right to be in Montenegro for more than 90 days. They were forced to travel to any other country once every three months at any time, in order then to legally return to Montenegro.
In accordance with the new law, property owners can obtain a residence permit for a period of 1 year, with the right to renew its duration by preservation of the property. Amendments to the law will please those Russians who are going to engage in commercial or other business activities in this country. A residence permit includes the right to work in Montenegro. A card with biometric data is given to foreign residents who apply for residency, which allows working in the country.
It is expected that amendments to the law become effective in the autumn of 2014 or at the beginning of 2015. The legislation does not limit the value of property which gives the right for a residence permit. The right to determine the minimum value of the property has been transferred to the Ministry of Finance of Montenegro.
The adoption of these amendments will be good news for those of our compatriots who invest their funds in foreign real estate and purchasing in Montenegro.