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Hey guys,
Newer member here so feel free to take what I have to say with a grain of salt, however I'm here to share my opinions, learn and grow my wealth like everyone else.
As mentioned in my intro post, I'm selling my house in Canada and moving to Montenegro. I won't go into all the nitty-gritty as to why, but it's pretty predictable political/social reasons.
I'm not too sure if Montenegro has been beaten like a dead horse here, or if it's yet to be mentioned, but I wanted to talk a bit about it so that those who aren't familiar with it can explore the idea.
I'll get this one out of the way now to keep your interest - Montenegro also does not tax online income generated outside of Montenegro.
Montenegro (Crna Gora in local tongue "Black Mountain") is a relatively "new" country having gained independence from Serbia in 2006. They speak Serbian (Montenegrin, Bosnian, Croatian - it's all very similar, but don't tell them that). They use the Euro, and offer stunning coastline along the Adriatic Sea, as well as some of the most breathtaking mountains in the world, with ski resorts popping up left right and centre. The country is trying to join the EU by 2025, however the word on the ground is that's not going to happen for quite some time - if at all. Personally, I would prefer if they didn't, however it's not my country and not my place to comment. It would do wonders for my future investments, but comes with many other issues.
I originally wrote this out with prices per square meter for numerous cities and a little intro on each one, diving fairly deep into the real estate market in specific, but the post would be biblical in length and most would probably find it hard to get through, so I've shortened it up quite a bit (believe it or not). Those looking for more details can request it in the replies, or message me privately.
There was a time when Croatia was less than 1,000 euros a square meter up and down the Adriatic. They joined the EU, and thousands of Germans, French and Scandinavians flocked to buy real estate. This drove prices up and now you're looking at 3,000 euros a square meter starting anywhere on the Adriatic. Montenegro is different. Most people couldn't even point it out on the map, let alone make the conscious effort to dive into the potential of this country. You can find land for as cheap as 10 euros a square meter (in bulk), and houses for as cheap as 700 euros a square meter. New apartments/houses are typically around 1,000-1,300 euros a square meter, however this varies depending on where you're looking to buy. The good news is that you're an hour from just about everywhere worth being in Montenegro. It's a very small country, but with a great variety of landscape packed within.
Why Montenegro?
The rich oil magnates of the Gulf Emirates have built Porto Montenegro. They're trying to become the next Monaco, and are well on their way to doing so. In fact, they're expanding it as we speak. The place is beautiful, and offers a very luxurious lifestyle for those with the bank roll to do it. The place has many boutique shops, world-class restaurants and luxury cars everywhere. It's a really nice place. Not my style, but some people like it. This all said, I like to follow successful people and like to park my money where they do. If some of the richest people in the world see something here, then I think it's worth looking into it as a potential investment. Mark my words, Montenegro will see a huge surge in a post-COVID world and will become a very hot tourist destination as places like Croatia get more and more expensive.
Montenegro is a really interesting place, as it offers the beautiful Adriatic Sea and the beautiful mountain ranges and ski resorts, all within an hour or two of eachother. The country lacks the highways of Croatia, but you can get around just fine as is.They're China's currently building a large highway to drastically reduce the time it takes to cross the mountains, and will make Belgrade, Serbia reachable in just a few hours. Currently it takes over 5 hours to get to Belgrade. The country sees a very large amount of Serbian and Russian tourists in the summer months, with many of them owning real estate in the country.
Low cost of living is one of the main reason for choosing this beautiful country. Even without owning a house or an apartment, you can quite comfortably live on $1,000 USD a month. The locals do it for half that on average. You'll pay more for American/Western brands (sensodyne was 5 euros, ouch!), but that's to be expected. Despite the low wages, every night the bars, clubs and restaurants are filled with locals. Dinner for two can be had for less than 20 euros, with drinks. Tipping isn't really a thing there, however they do expect you to if you're not local. Even as an expat, they don't know you are one and unless you speak to them in Serbian, they're going to assume you're not a local (you're not) and will expect a tip. The good thing is they never say anything if you don't tip, and 1-5% tip is quite common. Anything more and you're showing off - not that they'll complain about it, but be prepared to do it every time. Don't ruin it for the rest of us please. Tipping culture as we've seen can and does get way out of hand.
I want to start by stating I am not a lawyer, financial advisor, accountant or anything other than an investor. That's it. You are the only person responsible for your money, and I'm not here to sell you anything. If you want my services, I'd be happy to help, however this information is free and I expect nothing in return...Maybe a beer if you come to Montenegro, but we'll talk. Moreover, what I'm describing is a way to obtain temporary residence in Montenegro through either incorporation or real estate investment. Montenegro is ending it's Citizenship By Investment program this year, so I will not be talking about it. Temporary residency can be renewed every year for 5 years, after which you qualify for permanent residency, provided you follow what I'm saying below. If you do it right, you only need to spend a week a year in Montenegro to qualify for permanent residency after 5 years. Let's get started.
Business
Again, I'm not a tax expert at all, so I suggest talking to an accountant about double taxation treaties. I do know that when I opened my accounts they asked if I have any financial reporting requirements to Uncle Sam and the IRS. I do not. Do your own research.
The best part about Montenegro is their attitude towards business. While their way of doing things is very "Eastern Bloc", it's improving with every passing year. Opening a bank account is a pain in the a$$. Finding reputable and trustworthy lawyers, accountants, contractors, etc is a pain in the a$$ (glad to help there). Signing your name 48 times an hour is a pain in the a$$. All that said, it eventually gets done. Montenegrins work with the "polako polako" (slowly, slowly) mentality, and it shows - especially with government. It takes some getting used to, but it's all worth it. Oh yeah, I forgot I was talking about how it's easy to do business - whoops. While it may be difficult initially dealing with all of the bureaucracy, once you have it's smooth sailing for the most part. You can show up to Montenegro on a tourist visa, open up a corporation in 3-4 days, open up your bank accounts, and apply for residency. This is provided you have your high school transcript or university degree on hand, criminal record check on a federal level in your country, etc. In less than a month, you're a Montenegrin resident and come and go as you please, while taking advantage of 0% Corporate Tax (If registered in the north of the country, otherwise 9%), 9% Income Tax, and the ability to buy cheap real estate. In fact, you don't even need to own a corporation to buy real estate in Montenegro. Anyone can buy real estate, and doing so also grants you a temporary residence visa. The issue with gaining residency through real estate invesment is that you cannot be outside of Montenegro for more than a two months per year. Doing so will make you ineligible for permanent residency within 5 years. If that's not important to you, then you can keep renewing your temporary as long as you own a house. That said, that may change as they try to get into the EU. If you gain residency through incorporation and being the director of your firm, you can come and go as you please because you're an important businessman and have important things to attend to. Time away still counts towards your 5 year path to permanent residency.
Montenegro is more second world than first. They're lacking many service-based businesses, and despite being such a small country, there are a lot of wealthy individuals calling Montenegro home. There's a market for luxury services and goods, but it may only really flourish in the summer months. Come winter, most of the coast with exception to Bar (a city) is practically dead. Restaurants and tourism-related businesses are closed for the most part. I would recommend setting up your base in Podgorica (the capital, 30 mins drive to the coast), or Bar (large city on the coast) as they're both close to the coast, or on it, and offer good year-round business potential.
Real Estate
Real Estate in Montenegro ranges greatly depending on your location. In the north you can buy land for as cheap as 10 euros a square meter. On the coast, you can find it as cheap at 50 euros a square meter with some sea views, all the way up to 500 euros a square meter for some prime plots right on the seaside. Here are a few good sites to look at real estate. Here, here and here. Be careful when buying real estate in Montenegro. Many places (up to 50%) are not legalized and will cost money to legalize. Always use a lawyer and a notary to buy anything in Montenegro.
Houses and apartments can all be found for 1,000-3,000 euros a square meter, depending where you're looking - even less in the north. Property taxes are typically 1% of the current valuation of the home. The best part about apartments here is that you can do whatever you want to them. Want to tear down walls? Go ahead. Want to enclose your balcony to increase indoor space? Go ahead. It's very strange for westerners to grasp, however when you own an apartment here, it's yours. No HOA to bother you about your AC unit. You pay anywhere from 20-50 euros a month for building maintenance that goes into a pool with everyone else's money for any repairs or renos on the building, and that's it.
Building costs are anywhere from 500 euros to 800 euros a square meter, depending on your desired quality of finishings. This means that it's significantly cheaper to build than it is to buy - especially value for dollar. You can buy some sea view plot for 30k euros, and build a 100 square meter house for 50-80k euros. That house would be worth much closer to 2,000 euros a square meter when all said and done. Again, this all depends on your location, quality of finishings, etc. That said, there's a huge market for buying & flipping/building houses.
Rental Income potential is where it gets good. Buy a 40,000 euro studio apartment in any coastal town. Rent it out for 60 euros a night. There are about 120 tourist season days in the year, but let's say for ease of math and conservatism you rent it out for 100 nights. That's 6,000 euros a season. We'll cut out 2,000 euros for expenses, and ease of math. That's 4,000 euros, or 10% ROI. The ROI gets even better when you go into more premium locations and find good deals. You can fetch up to 20% ROI on some properties. By the way, this is all assuming you only rent it out for 100 nights a year. There are still tourists in the off-season. There are locals you can rent to for 300 euros a month to cover costs, other expats, family, etc. It's not unrealistic whatsoever to hit 20% ROI on these places.
Dating
If you're a single male, then you're in for a treat, as well as a reality check. Montenegrin men are some of the tallest in the world. They're also good looking (no homo). 6' is the norm there, and if you're under that you will find it much more difficult to date. Of course there are women who don't care, and many expats who don't care either. That said, your chances are lower if you're a shorter man as women are also fairly tall.
The women in the Balkans are without a doubt some of the most beautiful women in the world. I've lived in Russia for a bit, I've lived in Canada, and Germany for a bit as well. I can assure you none of them compare, although Russia is probably better if you prefer blondes. Balkan women are also some of the most difficult to get. The Balkans are still very patriarchal and women there do not tend to be very open about casual sex. This is also a good thing if you're looking for something more serious. If you're a playboy looking to flaunt cash, you can do it, but you will be ill-perceived by just about everyone other than the harlots you hang around with. It's just a fact. You will have success with the Russian tourist girls and other expats, westerners, etc, but Montenegro is a very small country and word gets around fast.
Dating apps are a complete waste of time, unless you're looking for other foreigners. Local women do not use them. Due to how small the country is, dating apps are seen as hookup apps (they are for the most part), and women don't want their families to find them there. Traditional methods of finding a woman is the way to go here.
Also, day game.
Language
Listen, you're in the Balkans. They speak English for the most part - especially the youngsters, but you're going to want to learn Serbian/Montenegrin (they're the same). You can get by on just English, but if you're actually looking at a permanent relocation, you're going to need to know the lingo at some point - even if just for navigating government waters on your own. The university offers language courses, and it's dirt cheap if not free (I can't remember).
Speaking English will get you attention. Some people like that, some don't. At the end of the day, people are staring at you because they're intrigued, not because they're angry with you. They want to know why you're there, how you heard of their country, what you do, where you're from, etc. They're very nice, hospitable and welcoming people and provided you are respectful, and don't do shit like this, you'll do great.
I could keep going all day, but I just realized how long this is getting and I'm kinda winging it. Just wanted to share some insight into an amazing country with plenty of opportunity. If anyone wants any info, I'd be glad to help out the best I can. Feel free to ask me any questions in the comments, or shoot me a private message.
Newer member here so feel free to take what I have to say with a grain of salt, however I'm here to share my opinions, learn and grow my wealth like everyone else.
As mentioned in my intro post, I'm selling my house in Canada and moving to Montenegro. I won't go into all the nitty-gritty as to why, but it's pretty predictable political/social reasons.
I'm not too sure if Montenegro has been beaten like a dead horse here, or if it's yet to be mentioned, but I wanted to talk a bit about it so that those who aren't familiar with it can explore the idea.
I'll get this one out of the way now to keep your interest - Montenegro also does not tax online income generated outside of Montenegro.
Montenegro (Crna Gora in local tongue "Black Mountain") is a relatively "new" country having gained independence from Serbia in 2006. They speak Serbian (Montenegrin, Bosnian, Croatian - it's all very similar, but don't tell them that). They use the Euro, and offer stunning coastline along the Adriatic Sea, as well as some of the most breathtaking mountains in the world, with ski resorts popping up left right and centre. The country is trying to join the EU by 2025, however the word on the ground is that's not going to happen for quite some time - if at all. Personally, I would prefer if they didn't, however it's not my country and not my place to comment. It would do wonders for my future investments, but comes with many other issues.
I originally wrote this out with prices per square meter for numerous cities and a little intro on each one, diving fairly deep into the real estate market in specific, but the post would be biblical in length and most would probably find it hard to get through, so I've shortened it up quite a bit (believe it or not). Those looking for more details can request it in the replies, or message me privately.
There was a time when Croatia was less than 1,000 euros a square meter up and down the Adriatic. They joined the EU, and thousands of Germans, French and Scandinavians flocked to buy real estate. This drove prices up and now you're looking at 3,000 euros a square meter starting anywhere on the Adriatic. Montenegro is different. Most people couldn't even point it out on the map, let alone make the conscious effort to dive into the potential of this country. You can find land for as cheap as 10 euros a square meter (in bulk), and houses for as cheap as 700 euros a square meter. New apartments/houses are typically around 1,000-1,300 euros a square meter, however this varies depending on where you're looking to buy. The good news is that you're an hour from just about everywhere worth being in Montenegro. It's a very small country, but with a great variety of landscape packed within.
Why Montenegro?
The rich oil magnates of the Gulf Emirates have built Porto Montenegro. They're trying to become the next Monaco, and are well on their way to doing so. In fact, they're expanding it as we speak. The place is beautiful, and offers a very luxurious lifestyle for those with the bank roll to do it. The place has many boutique shops, world-class restaurants and luxury cars everywhere. It's a really nice place. Not my style, but some people like it. This all said, I like to follow successful people and like to park my money where they do. If some of the richest people in the world see something here, then I think it's worth looking into it as a potential investment. Mark my words, Montenegro will see a huge surge in a post-COVID world and will become a very hot tourist destination as places like Croatia get more and more expensive.
Montenegro is a really interesting place, as it offers the beautiful Adriatic Sea and the beautiful mountain ranges and ski resorts, all within an hour or two of eachother. The country lacks the highways of Croatia, but you can get around just fine as is.
Low cost of living is one of the main reason for choosing this beautiful country. Even without owning a house or an apartment, you can quite comfortably live on $1,000 USD a month. The locals do it for half that on average. You'll pay more for American/Western brands (sensodyne was 5 euros, ouch!), but that's to be expected. Despite the low wages, every night the bars, clubs and restaurants are filled with locals. Dinner for two can be had for less than 20 euros, with drinks. Tipping isn't really a thing there, however they do expect you to if you're not local. Even as an expat, they don't know you are one and unless you speak to them in Serbian, they're going to assume you're not a local (you're not) and will expect a tip. The good thing is they never say anything if you don't tip, and 1-5% tip is quite common. Anything more and you're showing off - not that they'll complain about it, but be prepared to do it every time. Don't ruin it for the rest of us please. Tipping culture as we've seen can and does get way out of hand.
I want to start by stating I am not a lawyer, financial advisor, accountant or anything other than an investor. That's it. You are the only person responsible for your money, and I'm not here to sell you anything. If you want my services, I'd be happy to help, however this information is free and I expect nothing in return...Maybe a beer if you come to Montenegro, but we'll talk. Moreover, what I'm describing is a way to obtain temporary residence in Montenegro through either incorporation or real estate investment. Montenegro is ending it's Citizenship By Investment program this year, so I will not be talking about it. Temporary residency can be renewed every year for 5 years, after which you qualify for permanent residency, provided you follow what I'm saying below. If you do it right, you only need to spend a week a year in Montenegro to qualify for permanent residency after 5 years. Let's get started.
Business
Again, I'm not a tax expert at all, so I suggest talking to an accountant about double taxation treaties. I do know that when I opened my accounts they asked if I have any financial reporting requirements to Uncle Sam and the IRS. I do not. Do your own research.
The best part about Montenegro is their attitude towards business. While their way of doing things is very "Eastern Bloc", it's improving with every passing year. Opening a bank account is a pain in the a$$. Finding reputable and trustworthy lawyers, accountants, contractors, etc is a pain in the a$$ (glad to help there). Signing your name 48 times an hour is a pain in the a$$. All that said, it eventually gets done. Montenegrins work with the "polako polako" (slowly, slowly) mentality, and it shows - especially with government. It takes some getting used to, but it's all worth it. Oh yeah, I forgot I was talking about how it's easy to do business - whoops. While it may be difficult initially dealing with all of the bureaucracy, once you have it's smooth sailing for the most part. You can show up to Montenegro on a tourist visa, open up a corporation in 3-4 days, open up your bank accounts, and apply for residency. This is provided you have your high school transcript or university degree on hand, criminal record check on a federal level in your country, etc. In less than a month, you're a Montenegrin resident and come and go as you please, while taking advantage of 0% Corporate Tax (If registered in the north of the country, otherwise 9%), 9% Income Tax, and the ability to buy cheap real estate. In fact, you don't even need to own a corporation to buy real estate in Montenegro. Anyone can buy real estate, and doing so also grants you a temporary residence visa. The issue with gaining residency through real estate invesment is that you cannot be outside of Montenegro for more than a two months per year. Doing so will make you ineligible for permanent residency within 5 years. If that's not important to you, then you can keep renewing your temporary as long as you own a house. That said, that may change as they try to get into the EU. If you gain residency through incorporation and being the director of your firm, you can come and go as you please because you're an important businessman and have important things to attend to. Time away still counts towards your 5 year path to permanent residency.
Montenegro is more second world than first. They're lacking many service-based businesses, and despite being such a small country, there are a lot of wealthy individuals calling Montenegro home. There's a market for luxury services and goods, but it may only really flourish in the summer months. Come winter, most of the coast with exception to Bar (a city) is practically dead. Restaurants and tourism-related businesses are closed for the most part. I would recommend setting up your base in Podgorica (the capital, 30 mins drive to the coast), or Bar (large city on the coast) as they're both close to the coast, or on it, and offer good year-round business potential.
Real Estate
Real Estate in Montenegro ranges greatly depending on your location. In the north you can buy land for as cheap as 10 euros a square meter. On the coast, you can find it as cheap at 50 euros a square meter with some sea views, all the way up to 500 euros a square meter for some prime plots right on the seaside. Here are a few good sites to look at real estate. Here, here and here. Be careful when buying real estate in Montenegro. Many places (up to 50%) are not legalized and will cost money to legalize. Always use a lawyer and a notary to buy anything in Montenegro.
Houses and apartments can all be found for 1,000-3,000 euros a square meter, depending where you're looking - even less in the north. Property taxes are typically 1% of the current valuation of the home. The best part about apartments here is that you can do whatever you want to them. Want to tear down walls? Go ahead. Want to enclose your balcony to increase indoor space? Go ahead. It's very strange for westerners to grasp, however when you own an apartment here, it's yours. No HOA to bother you about your AC unit. You pay anywhere from 20-50 euros a month for building maintenance that goes into a pool with everyone else's money for any repairs or renos on the building, and that's it.
Building costs are anywhere from 500 euros to 800 euros a square meter, depending on your desired quality of finishings. This means that it's significantly cheaper to build than it is to buy - especially value for dollar. You can buy some sea view plot for 30k euros, and build a 100 square meter house for 50-80k euros. That house would be worth much closer to 2,000 euros a square meter when all said and done. Again, this all depends on your location, quality of finishings, etc. That said, there's a huge market for buying & flipping/building houses.
Rental Income potential is where it gets good. Buy a 40,000 euro studio apartment in any coastal town. Rent it out for 60 euros a night. There are about 120 tourist season days in the year, but let's say for ease of math and conservatism you rent it out for 100 nights. That's 6,000 euros a season. We'll cut out 2,000 euros for expenses, and ease of math. That's 4,000 euros, or 10% ROI. The ROI gets even better when you go into more premium locations and find good deals. You can fetch up to 20% ROI on some properties. By the way, this is all assuming you only rent it out for 100 nights a year. There are still tourists in the off-season. There are locals you can rent to for 300 euros a month to cover costs, other expats, family, etc. It's not unrealistic whatsoever to hit 20% ROI on these places.
Dating
If you're a single male, then you're in for a treat, as well as a reality check. Montenegrin men are some of the tallest in the world. They're also good looking (no homo). 6' is the norm there, and if you're under that you will find it much more difficult to date. Of course there are women who don't care, and many expats who don't care either. That said, your chances are lower if you're a shorter man as women are also fairly tall.
The women in the Balkans are without a doubt some of the most beautiful women in the world. I've lived in Russia for a bit, I've lived in Canada, and Germany for a bit as well. I can assure you none of them compare, although Russia is probably better if you prefer blondes. Balkan women are also some of the most difficult to get. The Balkans are still very patriarchal and women there do not tend to be very open about casual sex. This is also a good thing if you're looking for something more serious. If you're a playboy looking to flaunt cash, you can do it, but you will be ill-perceived by just about everyone other than the harlots you hang around with. It's just a fact. You will have success with the Russian tourist girls and other expats, westerners, etc, but Montenegro is a very small country and word gets around fast.
Dating apps are a complete waste of time, unless you're looking for other foreigners. Local women do not use them. Due to how small the country is, dating apps are seen as hookup apps (they are for the most part), and women don't want their families to find them there. Traditional methods of finding a woman is the way to go here.
Also, day game.
Language
Listen, you're in the Balkans. They speak English for the most part - especially the youngsters, but you're going to want to learn Serbian/Montenegrin (they're the same). You can get by on just English, but if you're actually looking at a permanent relocation, you're going to need to know the lingo at some point - even if just for navigating government waters on your own. The university offers language courses, and it's dirt cheap if not free (I can't remember).
Speaking English will get you attention. Some people like that, some don't. At the end of the day, people are staring at you because they're intrigued, not because they're angry with you. They want to know why you're there, how you heard of their country, what you do, where you're from, etc. They're very nice, hospitable and welcoming people and provided you are respectful, and don't do shit like this, you'll do great.
I could keep going all day, but I just realized how long this is getting and I'm kinda winging it. Just wanted to share some insight into an amazing country with plenty of opportunity. If anyone wants any info, I'd be glad to help out the best I can. Feel free to ask me any questions in the comments, or shoot me a private message.
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