Thread Status:
Not open for further replies.

Legal rights for foreigners in Montenegro - new law in procedure

Discussion in 'New and Emerging Property Markets' started by MLS, Nov 15, 2007.

  1. MLS

    MLS New Member

    I would like to bring some news on law in Montenegro considering rights on immobilities.

    As you may know, Immobility Direction of Montenegro have brought regulation in July 2007 which says that by current low foreigners are not allowed to register land in Montenegro as natural(psychical) persons,Not even one square meter. Land can be registered only through legal entity registered in Montenegro.

    But now, with new law in procedure foreigners will have same right as natural domestic people considering immobility and mobility. Law is to be accepted by the middle of December.
    I would try to translate some parts:
    "
    FOREIGN PERSONS RIGHTS


    OWNERSHIP OVER MOBILITIES

    Article 411

    Foreign persons and legal entities can acquire ownership on mobilities as well as natural persons.

    OWNERSHIP OVER IMMOBILITIES FOR DOING BUSINESS

    Article 412

    Foreign persons and legal entities , under reciprocity conditions, acquire ownership on immobilities on territory of Montenegro same as natural persons, if not precised by special law different. Especially, law can prescribe that foreign person or legal entities can not acquire ownership on certain region of Montenegro.

    CONTRACT ATTESTATION

    Article 413

    Contract of acquiring ownership over immobilities can be verified if is gratified condition in article 412 of this law.Court or other competent institution can get explanation of reciprocity conditions in Article 412 from Ministry of Justice.Ministry of Justice gives explanation for Article 412 also for other interested parties.

    DATA CONVEYING

    Article 414

    Agency for Immobilities is obligate to transfer to Ministry of Finance data for realization of foreign person ownership entry in 15 days from realized inscription.

    OWNERSHIP TRANSFER

    Article 415

    Foreign naturals and business entities can with legal work transfer ownership on natural persons, as well as on foreign persons which is able to gain ownership.

    FOREIGN COUNTRY AND ORGANIZATION OWNERSHIP

    Article 416

    Foreign country for requirement of their diplomatic and consular missions, as well for organizations and special agencies of UN, can, under compliance of Ministry of Justice, buy buildings and flats for official requirements, and land for building such facilities."



    This is very free translation and sorry for my English, hope it will be understandable for you

    MLS
     
  2. Montemad

    Montemad New Member

    Any progress on law being adopted?

    Dear MLS, do you know if this law has been adopted yet? I currently have a contract lodged with the Bar Opstina to show I have purchased some land, but am keen to get this transferred to my name as soon as legally possible. There is a house on the land which is already in my name.

    Thanks for your advice
     
  3. syebba

    syebba New Member

    As far as i know this has'nt been implemented yet,it's taking ages.:rolleyes:
    I have a plot of land in kotor bay & i would also like to scrap my company & save some euro,s!
    If u see the main monty post,a guy called spoon posts there,click on the link at the bottom of his postings,they have an article on it.
    Ta:cool:
     
Loading...
Thread Status:
Not open for further replies.

Share This Page