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Montenegro's golden visa program officially closed to new applicants in March 2025, but understanding its requirements remains crucial for investors considering the country's residency options.
The program required substantial property investments ranging from €250,000 to €450,000 in government-approved developments, plus a mandatory €200,000 government contribution, making it one of Europe's most expensive citizenship-by-investment programs before its closure.
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Montenegro's golden visa program required €250,000-€450,000 property investments in approved developments plus €200,000 government fees before closing in March 2025.
Only government-designated projects qualified, with higher minimums for coastal areas and Podgorica compared to northern regions.
| Investment Requirement | Coastal/Podgorica | Northern/Central Regions |
|---|---|---|
| Minimum Property Investment | €450,000 | €250,000 |
| Government Contribution | €200,000 | €200,000 |
| Total Minimum Investment | €650,000 | €450,000 |
| Property Transfer Tax | 3-6% | 3-6% |
| Required Holding Period | 5 years | 5 years |
| Property Type | Approved developments only | Approved developments only |
| Multiple Properties Allowed | No - single project only | No - single project only |
How much is the minimum property investment required to qualify for the Montenegro golden visa?
The Montenegro golden visa program required a minimum property investment of €250,000 to €450,000, depending on the location of the property.
In the capital Podgorica and coastal regions like Budva, Bar, and Kotor, investors needed to invest at least €450,000 in an approved real estate development. For properties in northern and central regions excluding Podgorica, the minimum was €250,000.
These amounts applied only to government-approved developments, typically large-scale tourism projects, hotels, or resort complexes. Private property purchases or resale homes did not qualify for the golden visa program, regardless of their value.
Beyond the property investment, applicants also had to pay a mandatory government contribution of €200,000, bringing the total minimum investment to €450,000 for northern regions or €650,000 for coastal areas and Podgorica.
As of September 2025, the program is closed to new applicants, having officially ended in March 2025.
What's the difference in property investment requirements between the capital Podgorica, the coast, and the north of the country?
Montenegro's golden visa program established a clear two-tier pricing structure based on geographic regions.
Podgorica and all coastal municipalities including Budva, Kotor, Tivat, Bar, and Ulcinj required the higher investment threshold of €450,000. These areas were considered premium locations due to their economic importance, tourism potential, and higher property values.
The northern and central regions, excluding Podgorica, qualified for the lower €250,000 minimum investment. This included municipalities like Pljevlja, Žabljak, Kolašin, and other inland areas with lower property values and less tourism development.
This regional pricing difference reflected Montenegro's strategy to attract investment to less developed northern areas while acknowledging the premium nature of coastal and capital city properties. The €200,000 government contribution remained constant regardless of location.
It's something we develop in our Montenegro property pack.
Does the government set a fixed minimum value in euros for the qualifying property?
Yes, the Montenegro government established fixed minimum values in euros for qualifying properties under the golden visa program.
The government mandated these specific amounts - €450,000 for coastal regions and Podgorica, and €250,000 for northern and central areas - and these thresholds were non-negotiable. Property valuations below these minimums, regardless of actual market value, did not qualify for the program.
Only investments in officially approved developments counted toward these minimums. The government maintained a specific list of eligible projects, and properties outside this list were automatically disqualified, even if they exceeded the minimum investment amounts.
These fixed values ensured standardization across the program and prevented disputes over property valuations. The government updated the approved project list periodically, but the minimum euro amounts remained consistent throughout the program's operation.
Currency fluctuations did not affect these euro-denominated requirements, providing certainty for international investors planning their investments.
Are there additional fees or contributions besides the property purchase, like government or development fees?
Yes, Montenegro's golden visa program required substantial additional fees beyond the property purchase price.
| Fee Type | Amount | Description |
|---|---|---|
| Government Contribution | €200,000 | Mandatory non-refundable fee for public funds |
| Due Diligence Fees | Up to €10,000 | Background checks for family applications |
| Administrative Fees | €15,000 + €10,000 per dependent | Main applicant plus family members |
| Property Transfer Tax | 3-6% | Based on property value |
| Notary Fees | €500-€600 | Document processing and certification |
| Legal and Translation Costs | Variable | Professional services for application |
| Total Additional Costs | €225,000-€235,000+ | Excluding property transfer tax and legal fees |
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Can I buy more than one property to meet the minimum investment amount, or does it have to be a single property?
No, Montenegro's golden visa program required investment in a single eligible project and did not allow aggregation of multiple properties to meet the minimum threshold.
Investors had to purchase property worth the full minimum amount (€250,000 or €450,000 depending on location) within one government-approved development project. Combining smaller investments across different projects or properties was explicitly prohibited under the program rules.
This single-project requirement ensured that investments contributed meaningfully to large-scale development initiatives rather than being scattered across multiple smaller properties. The government's approved project list consisted primarily of substantial tourism developments, hotels, and resort complexes that required significant capital investment.
Even if an investor owned multiple properties in Montenegro with a combined value exceeding the minimum threshold, only a single qualifying property in an approved project could count toward the golden visa application.
This restriction simplified the application process but limited flexibility for investors who preferred diversified property portfolios.
Do off-plan properties or new developments count toward the golden visa minimum?
Yes, off-plan properties and new developments counted toward the Montenegro golden visa minimum, provided they were included in the government's approved project list.
Most qualifying properties were actually new developments or off-plan projects, as the government specifically targeted large-scale tourism and hospitality developments to stimulate economic growth. These included resort complexes, hotel developments, and integrated tourism projects.
Investors could purchase properties before construction completion and still qualify for the golden visa, as long as the development had official government approval and the investor met the minimum investment requirements. Payment schedules for off-plan properties typically required significant upfront deposits to secure the investment.
Established private properties or resale homes generally did not qualify for the program, regardless of their value. The government's focus on new developments meant that most qualifying opportunities involved off-plan purchases in approved tourism projects.
It's something we develop in our Montenegro property pack.
Is there a difference in the required property size or type, like apartment versus house?
No, Montenegro's golden visa program did not specify minimum property size requirements or differentiate between apartments and houses.
The program focused on the investment amount and project approval status rather than property type or square footage. Whether investors purchased an apartment, villa, or commercial unit within an approved development, the same minimum investment thresholds applied.
Most qualifying properties were hotel units, resort apartments, or tourism accommodation within large-scale developments. Single-family homes rarely qualified because they were typically not part of government-approved development projects that met the program's economic development objectives.
For standard residency permits (separate from the citizenship by investment program), Montenegro did specify minimum liveable area requirements per applicant. However, the golden visa program prioritized project type and approval status over specific property characteristics.
The government's approved project list determined eligibility, not property size, type, or configuration within those developments.
Does the minimum investment change if I buy in a designated development project versus a private property sale?
Only designated development projects qualified for Montenegro's golden visa program - private property sales were completely ineligible regardless of their value.
The government maintained a specific list of approved developments, typically large-scale tourism projects, hotels, and resort complexes. Investment in any property outside this official list did not count toward the golden visa requirements, even if the property value exceeded the minimum thresholds.
Private property sales, including existing homes, apartments, or land purchases from individual sellers, were automatically disqualified from the program. The minimum investment amounts of €250,000-€450,000 applied exclusively to government-approved developments.
This restriction ensured that golden visa investments contributed to Montenegro's economic development strategy focused on tourism and hospitality infrastructure. The government updated the approved project list periodically, but the fundamental requirement for designated developments remained constant.
Investors had no flexibility to substitute private property purchases for approved development investments, regardless of the private property's value or location.
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What's the required holding period for the property before I can resell it and still keep my residency?
Montenegro's golden visa program required a minimum holding period of 5 years before investors could sell their qualifying property while maintaining their citizenship status.
This 5-year restriction applied from the date of property purchase and citizenship approval. Selling the property before completing the full holding period would result in loss of citizenship and residency rights under the program.
After the 5-year period, investors could freely sell their property without affecting their Montenegro citizenship status. The government implemented this holding period to ensure genuine long-term investment commitment rather than short-term speculation.
Investors who violated the holding period requirement faced immediate revocation of their citizenship and any associated residency benefits. The government monitored property ownership through official registry systems to ensure compliance.
This requirement meant that golden visa investments were effectively illiquid for 5 years, requiring investors to commit substantial capital for an extended period without the flexibility of early exit.
Are there specific areas or projects approved by the government that qualify, or is any property above the threshold acceptable?
Only specific government-approved areas and projects qualified for Montenegro's golden visa program - property value alone was insufficient for eligibility.
The government maintained an official list of approved developments that met specific criteria for economic development and tourism infrastructure. This list included large-scale projects such as:
1. **Luxury resort complexes** in coastal areas like Budva and Kotor 2. **Integrated tourism developments** with hotels, restaurants, and entertainment facilities 3. **Marina and waterfront projects** with residential and commercial components 4. **Golf course developments** with accompanying residential units 5. **Spa and wellness resort projects** in mountain regionsProperties outside these designated projects were automatically disqualified, regardless of their value or location. Even luxury villas or prime commercial properties worth millions of euros did not qualify if they weren't part of approved developments.
The government updated this approved project list periodically, typically focusing on developments that would create jobs, attract tourism, and contribute to infrastructure development. Most approved projects were concentrated in coastal regions and areas with existing tourism infrastructure.
It's something we develop in our Montenegro property pack.
How much are the property taxes, notary costs, and legal fees on top of the purchase price?
Property purchase costs in Montenegro add significant expenses beyond the base property price for golden visa investors.
Property transfer tax ranges from 3% to 6% depending on the property value. Properties under €150,000 are taxed at 3%, while premium properties above €500,000 face the maximum 6% rate. Most golden visa properties fell into the higher tax brackets due to the minimum investment requirements.
Annual property tax ranges from 0.25% to 1% of the assessed property value, creating ongoing holding costs throughout the required 5-year period. Coastal properties typically face higher assessment rates than inland properties.
Notary fees are relatively modest at €500-€600 for standard property transactions. However, legal fees, translation costs, and due diligence expenses can add substantially to total transaction costs.
Total purchase and transaction costs typically range from 3% to 19% of the purchase price, depending on the property value, legal complexity, and professional services required. For a €450,000 coastal property, investors should budget €13,500 to €85,500 in additional transaction costs beyond the purchase price.
Is the property investment alone enough for the golden visa, or do I need to show additional proof of funds or income?
The property investment alone was not sufficient for Montenegro's golden visa program - several additional requirements applied beyond the real estate purchase.
Applicants needed to demonstrate the legal source of funds for both the property investment and the mandatory €200,000 government contribution. This required extensive documentation including bank statements, income records, business ownership proof, or inheritance documentation.
Clean criminal records were mandatory for all applicants and family members over 16 years old. Background checks covered the applicant's country of residence and any country where they had lived for more than one year in the previous decade.
While no minimum ongoing income requirement existed specifically for the golden visa program, applicants had to prove they could afford the total investment (property plus fees) through legitimate means. Some applicants were required to provide additional financial statements during due diligence processes.
For basic residency permits (separate from the citizenship program), Montenegro requires approximately €3,650 in bank deposits, but this did not apply to the golden visa citizenship program which had its own specific financial requirements.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Montenegro's golden visa program represented one of Europe's most expensive citizenship-by-investment options before its closure in March 2025.
Current investors should focus on understanding Montenegro's evolving residency programs and property market fundamentals for future opportunities.
Sources
- Henley Global - Montenegro Citizenship by Investment
- Immigrant Invest - Montenegro Citizenship
- CitizenX - Montenegro Citizenship by Investment
- Global Residence Index - Montenegro Citizenship
- Garantin - Montenegro Golden Visa
- iWorld - Montenegro Citizenship
- Citizenship by Investment Global - Montenegro Residency
- Montenegro Guides - Golden Visa
- Get Golden Visa - Best Citizenship Countries
- CitizenX - Montenegro Golden Visa