Montenegro is a beautiful country located in Balkan Europe. As a result, visitors are often surprised at how beautiful it is. Some said it’s even a beautiful and smaller version of Croatia. What is impressive about Montenegro is that it’s an amiable country for doing business. Like Georgia, Montenegro offers a very friendly tax regime, and it can attract many foreigners to set up their companies in Montenegro. Property prices of the country surge. Furthermore, its candidacy to European Union made the country even more attractive in terms of investment opportunities. A lot of foreigners take this advantage to obtain residence permits or economic citizenship in Montenegro.
In this article, we will give out information on how to immigrate to Montenegro as a foreigner.
Benefits of Immigrating to Montenegro
Montenegro is a stunning Mediterranean country. When you look at the Adriatic sea, you will appreciate the nature of this beautiful place. Recently, Montenegro offers a pleasant environment for people who want to establish their business there. The country applied to join European Union. The cost of living in Montenegro is low compared to Western Europe or North America. Its climate is suitable for people who want to retire. Its ease of doing business is among the best in Southern Europe. It has a lot of benefits if you decide to immigrate to Montenegro.
Montenegro is one of the countries with the lowest crime rates in the world. With all the benefits stated above, the country becomes a good option for many people who want to look for a second home or relocate.
Montenegro is a member of the UN, WTO and NATO. Montenegrin tourism is developing into a significant industry, with tourist arrivals registering a 10% increase in 2018. While the country is a part of the Eurozone, the public expects Montenegro will gain full EU membership by the end of 2025.
Montenegro’s passport gives holders access to over 120 countries visa-free, including EU Schengen countries.
Immigrate to Montenegro
In the past, Montenegro did offer an easy path to citizenship through their economic citizenship program. The program aimed at attracting high net worth individuals who want to immigrate to Europe by making a substantial investment in the country’s tourism industry.
First, foreigners who invest in specific tourism and residential projects recognized by the government can obtain Montenegrin citizenship. Second, foreigners can buy properties in Montenegro to obtain citizenship. If you purchase an apartment or house worth more than EUR 450,000 in Montenegro, you can apply for Montenegrin citizenship. So far, in 2021, 218 foreigners obtained Montenegrin citizenship through this method. We have heard that the government is limiting 2,000 and will suspend this programme in the future.
Is there another method for you to move to Montenegro? The answer is yes.
Montenegro offers foreigners other ways to move and live there. Foreigners can obtain citizenship in Montenegro by incorporating a company there. Compared to countries offering similar programme, Montenegro residency is relatively easy to get.
We will explain more about the way to immigrate to Montenegro in this article by incorporating a Montenegrin company.
Benefits of Opening a Company in Montenegro?
Recently Montenegro became a favourite destination for entrepreneurs who want to manage their wealth well. It is possible by incorporating a company in Montenegro. There are many benefits of incorporating a company in Montenegro.
- Montenegro has a low personal income Tax – 9% (11% for gross personal income above EURO 720).
- The corporate income tax is 9%, one of the lowest in Europe.
- If you incorporate a non-resident company, there is no tax on income earned outside of Montenegro.
- There is no minimum capital requirement for a Montenegrin company.
- The government required a minimum of one shareholder and director.
- The banking system in Montenegro is solid and efficient.
- No requirements on the number of local employees hired.
- It provides an easy access to immigrate to Montenegro with citizenship.
Does it mean that I can open a company in Montenegro and apply for a resident permit?
The simple answer is yes. Having said that, there are certain things you need to pay attention to, particularly how you will manage the company in Montenegro. We will list the steps, requirements, and rules for applying for a residence permit in Montenegro.
Steps To Obtain Residence Permit in Montenegro
1. Incorporate a Company in Montenegro
2. Hire Yourself as a Director 3. Come to Montenegro
3. Apply for the Work Permit
4. Apply for the Residence Permit
Requirements of the Work Permit in Montenegro
You can hire yourself as a company director to immigrate to Montenegro. If you do this, you need to pay attention to the following requirements.
1. You need to follow the local rules to obtain a work permit. It includes registering with the pension fund, health fund and social security with the employment bureau in Montenegro.
2. For all these social benefits and fund, you should consider as an expense. It is usually about EUR 100-160 per month.
3. If you employ yourself as a director of this company, you must receive a minimum wage of EURO 380.
4. You may need to hire an accountant for bookkeeping services.
Procedure of getting a Work Permit and Residence Permit in Montenegro
After you hire yourself as a director, you can come to Montenegro to handle the work permit and residence permit application. We strongly suggest you consult with a local lawyer to guide you through this process to avoid issues. In general, here are the steps to obtain the work permit and residence permit in Montenegro:
1. Submit the documents
It includes original criminal records from your home country, diploma, transcript, company documents, contracts, bank statements, etc. Please note that some documents may require certified translation.
2. Pick up the Work Permit
You can pick up the work permit after 20 to 25 days.
3. Submit the documents for Residence Permit
You can pick up the residence permit after 20 days. It is usually a temporary residence permit that allows you to stay in Montenegro for one year.
After a year, you can renew your temporary residence.
Permanent Residence and Citizenship
After spending five years as a temporary resident, you can apply for permanent residency in Montenegro. This means your residency permit lasts for five years and can be renewed for additional five-year terms. You’re granted all rights of Montenegro’s citizens except a passport and the right to vote.