Podgorica, 26 Oct (Tirana Echo) – Montenegro has approved legislation allowing foreigners to apply for a residence permit based on the ownership of real estate, in a move to ease the procedures for residence holders.
While it has been possible to get a resident permit through the establishment of a business or through employment based platforms, those who owned real estate in the small Balkan country were not allowed to apply for a temporary residence permit.
New legislation as part of the ‘Aliens Law’ will now allow a foreigner who owns real estate in Montenegro to also get a one year renewable temporary residence permit, as long as one ca prove ownership of an apartment, house, hotel or restaurant.
Montenegro which counts a population of around 650,000 has been in high demand in recent years for foreign property owenrs, particularly russians who have in the past flooded into the country buying apartments and villas on the Adriatic coast. The latest move to make residence permits easier suggests the government is looking to keep foreigners longer in the country which is struggling to produce fresh investments and generate more income.
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