Legal rights for foreigners in Montenegro - new law in procedure

[MLS]

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

 

[Montemad]

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

 

[syebba]

As far as i know this has'nt been implemented yet,it's taking ages.
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