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December 19, 2019 - The real estate market in Montenegro is booming. Buyers from all over the world are coming to buy houses and apartments on the beautiful Montenegrin coast (and increasingly inland as well), as the country's reputation as the new global luxury tourism star continues to grow, flight connections continue to improve, and new tourist facilities continue to appear.
The conditions for investing in Montenegro appear to be favourable, with additional paths to investment offering something a little different. This includes the introduction of the recent Citizen by Investments programme, which was recently introduced to Montenegro.
Starting at just 250,000 euro in northern Montenegro, the Citizen by Investments programme offers investors a Montenegrin passport, with all the advantages of residence and onward travel that this offers, in return for concrete investment in the development of the country. TMN caught up with one of the bigger players in the current real estate market, Kristina Ivanovic, Sales Manager of RE/MAX Montenegro office in Podgorica, to learn more about the general rise in foreign investment interest, as well as some of the specific attractions of the citizen by investments programme.
Montenegro continues to attract attention of international travelers, but also companies. What is it that makes the country so attractive to foreign businesses?
Montenegro has been working hard on improving its quality of life, business climate, stability, and safety. It became a member of NATO in 2017 and is on its way to joining the European Union. Many procedures related to doing business have been simplified, with international investors enjoying the same rights as the domestic ones. Costs of running a business are lower than in many European countries: flat tax system (9% tax on corporate and personal income), 3% property transfer tax, 21% VAT (7% for 5* hotels), office space can be rented at €10 to €15/sqm, depending on company’s needs.
Accommodation is also more affordable when compared to European business centers. For example, one can rent a beautiful, fully furnished one bedroom apartment in the business district of Podgorica for €350-€400 per month. And apart from the business side, Montenegro boasts a rich historical and cultural heritage, beautiful nature, mild climate and 280 sunny days per year, which makes it very attractive as holiday and second-home destination.
Montenegro is home to some of the largest investment projects in Europe right now, numerous world-known hotel brands (such as Hilton, Aman, Regent, Sheraton, Chedi, Melia, Falkensteiner, Iberostar) while many others are just starting their projects, such as Ritz Carlton and One&Only. Large international corporations, such as Deloitte, Microsoft, Coca Cola, KPMG, Ernst&Young, together with well known international banks such as OTP, ERSTE, NLB, etc, are already operating in the country.
The Citizenship by Investment program was launched earlier this year. In your opinion, how will this affect the real estate market and the Montenegrin economy in general?
The Montenegrin economy was noted to be one of the fastest-growing economies in Europe, with economic growth rates in 2017 and 2018 being 4.7% and 4.9% respectively. Thanks to an open approach to economy within a business-friendly environment, Montenegro has attracted a lot of Foreign Direct Investments (FDI) over the years. The total net inflow of FDIs in the first nine months of 2019 was €227.3 million, which is 48% more than during the same period last year. Now with the launch of Citizenship by Investment program, interest in the country is expected to increase even more. The new investments will ensure continuous sustainable growth of the economy.
The list of the tourism projects that are included in the Citizenship by Investment program includes projects in the South and in the Central and Northern regions. Some of them are planned as a time sharing investment, while others offer a simple purchase of the unit within a four or five star hotel resort. Apart from tourism projects, applicants can obtain Citizenship by investing in agriculture or wood processing sectors.
By becoming a Montenegrin citizen, one has gained a visa-free entry to 122 countries, including Europe’s Schengen Area, Russia, and Turkey.
It is strongly advised to consult a real estate agent who can provide guidance and advisory based on applicant’s needs and help them choose the best investment option.
RE/MAX Montenegro has offices in Podgorica, Budva, Tivat and Kotor and has a team of 25 real estate consultants and sales agents, all specialized in different regions of the country and different property types. With over 3.000 active listings in our database, from development land to residential and commercial properties to investment projects, we can advise on choosing the best investment option with a realistic return on investment.
For more expert advice on investing in Montenegro, as well as a comprehensive overview of those listings, visit the RE/MAX website.
The traditional big New Year's concert of the Music and Educational Society (GPD) "Tivat" will be held on Saturday, December 21 at 7:30 pm in the large hall of the Tivat Cultural Center.
Under the baton of Professor Nevila Klakor, the Tivat City Music Ensemble will perform a specially prepared rich program of marches, polkas, waltzes and arrangements of popular and movie songs. Special guest of the concert will be klapa “Jadran”.
The "New Year's Concert" is the last in a series of activities that GPD "Tivat" celebrated its grand jubilee in recent months - the 110th anniversary of its founding and continuous operation.
The society marked this anniversary with numerous performances and a particularly successful all-day musical event called "Veliki šušur", which was held for the second time on June 15 at the waterfront "Pine", bringing together 12 orchestras with over 350 musicians from Montenegro, Bosnia and Herzegovina, Albania and Croatia.
Text by S.L. , on December 18th, 2019, read more at Boka News
The Municipality of Herceg Novi and the Ministry of the Interior have signed an agreement to use financing from the Protection and Rescue Fund, approved as part of a competition among municipal services, public institutions, businesses and non-governmental organisations. The agreement was signed by Interior Minister Mevludin Nuhodžić and Deputy Mayor of the Municipality Danijela Đurović, with Aleksandar Škobalj of the Herceg Novi Protection and Rescue Service also in attendance.
Minister Nuhodžić emphasised that the allocation of financing from the Fund confirms the determination of the Ministry of the Interior to work in synergy with all stakeholders in the system to improve capacities and working procedures in aspects of large-scale disasters and other incidents. Implementation of the projects for which financing has been committed will mean an improved rescue and protection system, as well as better delivery of preventive measures and operational activities, stated the Minister.
“I believe that through your work you will contribute to the strengthening of the protection and rescue system, and will be an additional incentive for other entities to work on building this important and demanding system actively,” said Minister Nuhodžić, addressing this year’s winners.
For Herceg Novi, the project that has been approved will be of huge significance as it will contribute to better protection for those in danger in hard to reach areas, stated Deputy Mayor Danijela Đurović. She added that the new equipment to be bought would be of great help to the Municipal Protection and Rescue Service, and that the local authority was grateful to have been recognised by the Ministry and the Fund Commission.
Danijela Đurović
Đurović took advantage of the meeting with Minister Nuhodžić to send a message on the need to improve security in and around Herceg Novi, bearing in mind that the municipality borders the European Union, and as such is of particular interest to those aiming to cross the border illegally. Referring to the recent killing of a border police officer on duty, she stressed the importance of increasing security at the national border, and expressed the hope that the competent authorities would prosecute those responsible as soon as possible. Đurović requested the Ministry to initiate a procedure to amend the criminal code so that anyone charged of the murder of a police officer be handed the strictest possible sentence.
The Commission for the Allocation of Financing from the Protection and Rescue Fund, within a public competition, has provided funding totalling over 99,090 euros for projects to procure protection and rescue equipment and improve resources, and for financing projects encouraging educational, research and development studies, for programmes, projects and other activities.
This year’s beneficiaries are: NGO Association of Youth with Disabilities Montenegro, Bedrock Podgorica, Berana Municipality, Žabljak Municipality, Bijelo Polje Municipality, Nikšić Municipality, Herceg Novi Municipality, Non-governmental Association Union of Scouts Montenegro - Podgorica, Institute for Public Health Montenegro, Cetinje Students Association, NGO Gorica and Nature Lovers Association.
For the seventh consecutive time, the project “From Christmas to Christmas” begins with the traditional New Year concert of the Kotor City Music orchestra.
"Under the baton of Dario Krivokapic, with the guests at the concert, the klapa "Incanto" and choir CC "Nikola Djurkovic" introduces all the citizens and guests of the town of Kotor to another magical New Year's.
The traditional concert will be held on Monday, December 23, 7.30 pm at the Cultural Center “Nikola Djurkovic”, according to NVU Karampana.
Kotor City Music this year marked a 177-year anniversary with a series of concerts.
Text by Boka News, on December 18th, 2019, read more at Boka News
December 18, 2019 - Kotor mayor, Mr Željko Aprcović, director of the Direction for Organization and Construction of Kotor, Mr Zoran Mrdak, and executive director of the company Bigova Bay, Ms Branka Lazarević, met in Kotor to sign the agreement on the implementation of an investment – the construction of a high-end tourism complex in Bigova.
The agreement announces the beginning of the implementation of an investment whose initiation started 7 years ago.
“The local self-government is proud to have a renowned investor in this business who will invest large sums of money – over 300 million euro – and today is a big day for the Municipality of Kotor,” said the Mayor of Kotor.
The aim of this project is to obtain the new content that will raise the sites in Donji Grbalj to a higher level.
Mr Aprcović said: ”This investment will represent the initial impetus for future investors in this extremely attractive site.”
Kotor Municipal Assembly, at its session held on 18 Nov. 2019, passed the decision on resolving relations between the Municipality of Kotor and Bigova Bay and the agreement signed today represents an integral part of it.
Text by CDM, read more here.
To read more about business in Montenegro, follow TMN's dedicated page.
Works began on the construction of a roundabout at the former Tivat Municipality building, which was inaugurated by Prime Minister Dusko Markovic.
Due to the commencement of works, parts of Luka Tomanovic street and the Second Dalmatinska Brigade were closed to traffic, and the usual mode of movement of the vehicles through the center of Tivat was changed.
However, the citizens of Tivat have not been officially informed about this by the Municipality, which is the investor of the EUR 300,000 project, which allows for an entrance to the city center.
Text by S.Lukovic, on December 16th, 2019, read more at Boka News
December 17, 2019 - The development of the Airports of Montenegro has no alternative. It’s a matter of development, not political differences, said Prime Minister, Mr Duško Marković, who is on his official visit to Tivat.
“Airports of Montenegro management, led by the Board of Directors, has done a lot for the past three years. I expect a lot from the concession, I want to see new infrastructure with a terminal in Tivat. Top-quality for the citizens and the state”, pointed out Mr Marković.
He added that Tivat could serve as an example to other municipalities.
“After successful investment schemes in culture, education and sport, transport is our top priority now. Congratulations on your commitment to improving social and sports infrastructure. Tivat sets en example to other municipalities”, said Mr Marković.
Prime Minister points out that the Government’s committed to building a modern healthcare facility in the Bay.
“We need to do that since Montenegro is considered to be an elite tourist destination”, said mr Marković.
Mr Marković and Mr Siniša Kusovac, president of the Municipality of Tivat, marked the commencement of works on the construction of a roundabout in Tivat.
Text by CDM, read more here.
To read more about politics in Montenegro, follow TMN's dedicated page.
Teodo's basketball players defeated Zeta 69-62 and practically ensured their stay in the Erste League.
A well-deserved home win achieved after a great fight.
With a great defensive play in the first quarter, the team from Tivat completely stopped the guests’ attacks. Teodo won this quarter 15-5.
In the second quarter, the visitors strengthened their defense and reached minus 3 - 19-16. However, the finish of the first half belonged to the Tivat team and went on a break with the score 28-21.
In the third quarter, the match was even, so the result was 47 -39 at the finish of the last quarter. Persistent guests did not surrender. Six minutes before the end it was 54-51 for the team from Tivat. Vucinovic scored two three-pointers and Mijovic added another, for the ovation in the stands.
Vjekoslav Vucinovic played extraordinarily. He spent all 40 minutes on the court and scored 34 points. His contribution is even greater because due to injury and illness, Milic and Radonjic did not attend the training all week.
An important victory for Teodo which continues its good first-league season.
Text by Dragan Popadic, on December 15th, 2019, read more at Radio Tivat
Meteorologists are announcing moderate to strong south winds for the coming days, so the highest temperature will be around 18 degrees. Rain will be local and intermittent by Thursday, and heavy at the end of the week.
So, we expect at least seven days of “juzina” (typical warmer weather in Boka bay before the period of rain), that is, above-average for this part of the year.
Monday:
Variable to mostly cloudy and light showers are possible in some places in the south and central regions.
In the north, in the morning or in the afternoon, in the valleys fog. Wind moderate to moderate south and south-east. Morning air temperature -3 to 10, highest daily 7 to 17 degrees.
Tuesday:
Changeable to mostly cloudy and mostly dry. In the north, in the morning or in the afternoon, in the valleys fog. Wind occasionally moderate to high, south and southeast.
Morning air temperature 3 to 12, highest daily 8 to 18 degrees.
Text by Boka News, on December 16th, 2019, read more at Boka News
Remax Property of the Week
Editorial
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07 Mar 2018, 08:08 AMWelcome to Total Montenegro News!
Interview of the week
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Ranka Vukasovic Botica on Montenegro as a Maritime Country
