October 14, 2019 - Visitors will have the opportunity to view the photo exhibition "People of China," by Milos Vujovic in Lustica Bay, which is being shown in Montenegro for the first time, and has been shown in Beijing three times. The exhibition opened in The Chedi Hotel, and is organized by the Confucius Institute at the University of Montenegro.

"Milos's photographs remain in his memory forever," said Chinese Ambassador Liu Jin, opening the exhibition.

During his stay in China, a prominent Montenegrin photographer, Milos Vujovic, remained fascinated by the history and culture, as well as the faces of all the people he had the opportunity to see. With the camera, he recorded the expressions on people's faces in everyday occasions - on the metro, in the library, and out in nature.

Milos Vujovic has been involved in professional photography since 2007. He has been engaged in most of the notable events in Montenegro and abroad, such as the activities of diplomatic missions, state and foreign officials, celebrations and activities of international organizations and leading corporations in the country. From 1999 to 2006, Vujovic worked as an amateur videographer, and then switched to professional waters.

On behalf of Lustica Bay, visitors were greeted by Slavica Milic, pointing out that the company is very active in the Chinese market and Lustica Bay, according to Chinese journalists, is a very desirable country for life. On behalf of the Confucius Institute at the University of Montenegro, the guests were greeted by the director Milena Djukanovic, and the opening was accompanied by music and dance performances by the Institute's volunteers.

In addition to Vujovic's works, visitors will have the opportunity to view an exhibition of photographs on China's development, as this year marks the 70th anniversary of the new China.

The People of China exhibition in Beijing was shown as part of the One Belt One Way initiative.

In cooperation with the Confucius Institute in Lustica Bay, a lecture and demonstration of the practical application of the skill of Taichi, Grandmaster Zhao You Bin, was organized this year.

October 14, 2019 - Thinking of buying a property in Montenegro and wondering what the costs are?

So what are the costs of buying a property in Montenegro, in addition to that headline asking price? A question we put to local specialists, RE/MAX Montenegro.

We all know that when buying a property, apart from its price, we have to pay additional costs. Here we give you an overview of the related costs:

Notary fees*

Sales & Purchase agreement is drafted by the notary and the fees depend on the price of the property that’s being purchased:

• for properties between €20.000 and €40.000, notary fees are €170 + VAT
• for properties between €40.000 and €60.000 notary fees are €250 + VAT
• for properties between €60.000 and €80.000 notary fees are €300 + VAT
• for properties between €80.000 and €120.000 notary fees are €350 + VAT
• for properties over €120.000, for every additional €15.000 the fee is increased by €10, but it must not reach the amount over €5000

*information on fees taken from the official web page of Notaries chamber

Notary fees are usually covered by the buyer, however, they can be split between the buyer and seller if they reach such an agreement. When signing the contract, the buyer should present a valid ID document (ID card or passport) and the seller should present the ownership document and a valid ID.

Two-bedroom apartment in Bar - €68,000

One-bedroom apartment in Kotor - €79,538

Administrative tax (registration for transfer of ownership) is €16 and is usually paid to the notary who will make the official payment and registration for you.

Property tax is 3% of the official value of the property which is determined by the official evaluator and it can sometimes be slightly different from the purchase price. If you’re buying the property from the investor, you don’t have to pay the property tax (but the investor has to be officially registered tax payer).

One-bedroom apartment in Podgorica - €49,500 (exempt from property tax)

Studio in Budva - €39,600 (exempt from property tax)

If you are financing your purchase through a housing loan, keep in mind that you will probably have to pay for the property insurance, in some cases a life insurance as well, bill of exchange (cca €2), access to the Credit registry of the Central Bank of Montenegro (€3-3.50). A detailed and precise overview of costs related to the housing loan will be provided by your bank. 

If you are transferring money from one bank to another when paying for the property keep in mind that you will have to cover the costs for the bank transaction.

When buying a property that needs renovation, a rough calculation of the renovation works is €150 - €300/m2.

Studio in Tivat - €80,121 (exempt from property tax)

Detailed information on sale, purchase or rent of real estate is available with RE/MAX Montenegro agents who will help you throughout the entire sales and purchase process.

October 13, 2019 - Continuing our look at the real estate opportunities in Montenegro through the RE/MAX catalogue, a trip to imperial Cetinje. 

While most people looking to buy in Montenegro naturally look first at the coast, there is much more to the country than its 275 kilometres of coastline. Heading inland can offer a better quality of life with less crowds while still in close striking distance of the sea. As such, more buyers are now also considering inland purchases, and there are certainly some great destinations and properties to buy in places such as the former imperial capital of Montenegro, Cetinje, the subject of this week's RE/MAX property of the week, as introduced by the official listing description:

This lovely villa is set on approximately 168 sqm, in this perfect location enjoying magnificent views and total privacy and tranquility in the core of the downtown of Cetinje.

Entrance through a gated driveway which can take up to 4 cars, the villa is surrounded by lovely mature gardens, outside dining and barbecue area.

Accommodation comprises of an entrance hall leading to a large and bright living room. From there you access the spacious dining room with large windows overlooking the park and a fully equipped designer kitchen, bathroom and bedroom. On the first floor one finds another 3 double bedrooms and main bathroom.

Using only the best material and highest quality as well as the highest quality wood and parquet flooring. Further complimenting this amazing villa, on basement level one finds a large fully equipped garage with the laundry room. The property is being sold completely furnished and equipped and ready to move in to.

Community description:

Cetinje is a small town with rich history and tradition. It is also well known as one of most popular tourist destination in Montenegro and a town where is settled the University of Arts. Cetinje is situated in ideal location on 672 altitude, half an hour drive from the Adriatic sea and high mountains of Lovcen.

In the last couple of years Cetinje has become a very popular as a summer residence for people from surrounding cities, because of its pleasant climate during the hot summer season. Buying this apartment is considered as good rental investment, because of high demand from tourist and student population.

For more photos, information and to book a viewing, visit the original RE/MAX listing.

13 October 2019 - Amendments to the Internal Trade Act will begin on Monday, which stipulates that wholesale and retail trade in Montenegro cannot be performed on Sundays and public holidays.

The first non-working Sunday is October 20th. The law was adopted on June 20, and the largest Montenegrin retail chains support this legal solution, although some expect that traffic in their stores will be reduced, given that Sunday and public holidays are the most significant in terms of sales volume, writes Pobjeda daily.

Representatives of trading companies in Montenegro announced that by applying the law, their workers would be more satisfied, and consumers are expected to change their buying habits and adapt to changes and make weekly and daily purchases on other days of the week.

The representatives of the company Voli said they would obey the law but expect others to do so. Commenting on changes to the Internal Trade Act, which introduces a non-working Sunday in trade, the company recalled that they adjusted their business to market requirements and have been working on Sundays since opening the first market. “In any case, we supported the law because we believe it will have a beneficial effect on our employees. When it comes to Voli, a non-working Sunday will make it easier for us to organize our days off, there will be no job streamlining," the representatives of the company said.

The company Merkator CG, which operates Idea stores, said that the company operates following legal regulations, and will do so when it comes to amendments to the Law on Internal Trade, which stipulate that retail shopping facilities in Montenegro cannot operate on Sundays and public holiday days.

"Merkator CG is a socially responsible company and as such, welcomes the Government's measures, that will allow our colleagues from retail stores to have a free Sunday, which they will be able to spend in the family," said Mercator representatives. The management of this trading company believes that its consumers will understand these measures and that they will purchase the products they need on other days of the week.

"Mercator CG expects that these measures will change consumers' purchasing habits and that the purchases made so far on Sundays will be carried out on other days," said Mercator representatives.

Still, they warned that losses in terms of volume sales could result in even more significant losses during the tourist season. "This could adversely affect the business of commerce as a whole, but it remains to be seen in the future," said Mercator CG representatives.

The representatives of Domaća trgovina company also say that in all Aroma and Conto markets, the Law on Internal Trade will be respected so that Sunday will be a non-working day. "All organizational and structural changes in the operation of our markets and discounts have been made in order to harmonize the business with the new legal solution," said the company’s management.

The Inspection Directorate has called on businesses this week to comply with the obligation to contribute to the full implementation of the Internal Trade Act, which introduces a non-working Sunday in commerce.

The Directorate reminded all wholesale and retail trade companies of the prescribed provision of the article of the Law on Internal Trade, which will be enforced from tomorrow, which means that the first non-working Sunday is October 20.

"We warn and appeal to all companies subject to the prescribed restriction to comply with this obligation, so as not to get into the situation that the Market Inspection Directorate through market inspectors takes the prescribed administrative measures and actions and imposes fines," the statement said.

For non-compliance with this obligation, in addition to fines, an administrative measure has been prescribed, which stipulates that if the inspector determines that the trader works on Sundays and public holidays, he will close the shop or other outlets for a period during which work is not allowed. The law provides for a fine of 1,000 EUR to 10,000 EUR for the company and 200 EUR to 500 EUR for the responsible person.

Read more about lifestyle in Montenegro at TMN's dedicated page.

13 October 2019 - The Airports of Montenegro will establish a Podgorica – Bari – Podgorica line as part of the cross-border On Cloud Nine project, announced the PR Service of the company.

The representatives of the Airports of Montenegro said the project On Cloud Nine, “cONnecting CLOse and Unexplored Destinations with New INter-Adriatic transport sErvices” aims to establish air links between the Italian region of Pula and Montenegro, as well as Pula and Albania, through the testing of the Brindisi - Tirana and Bari – Podgorica air routes. "This initiative will contribute to the promotion of mobility, trade and tourism in the Montenegro-Italy-Albania region by developing and improving the quality of new cross-border, sustainable and integrated passenger transport opportunities," the statement said.

At the end of September, the representatives of the Airports of Montenegro participated in a kick-off meeting of the transnational On Cloud Nine project in Bari (Italy) at the premises of Airports of Puglia.

"The meeting presented the current accomplishments related to the project, analysis of the market for passenger traffic and services of Podgorica Airport and the possibilities for the development of intermodal urban transport. In the coming period, in addition to the introduction of the airline, transnational routes will be established in cooperation with the tourism sector, "the statement added.

The airport explained that the project was co-financed under the trilateral Interreg - IPA cross-border cooperation program for Italy, Albania and Montenegro, with a total budget of 1,44 million EUR.

Get more information on travelling to and through Montenegro at TMN's dedicated page.

13 October 2019 - The situation in the banking sector in Montenegro has strengthened after addressing issues related to vulnerable banks, as evidenced by excellent indicators of key balance sheet positions with 13 banks operating in Montenegro, Central Bank (CBM) Governor Radoje Žugic said at a high-level dialogue meeting with the European Central Bank (ECB), held in Frankfurt.

Žugić explained that banks' assets of 4,6 billion EUR are at a historical maximum, while the stability of the system is confirmed by an extremely high coefficient solvency ratio of 19,5 per cent, reports Vijesti daily.

"Non-performing loans are steadily declining and currently amount to 4.75 percent of purchases, which is a significant drop from 2011, when their level was 25.9 percent," said Žugic.

Interest rates, he said, continue the decreasing tendency. "Despite low-interest rates, deposits are growing, which is a testament to the confidence in the banking system," Žugic said.

The CBM said that ECB representatives were presented with new data reflecting the situation in the Montenegrin economy, with particular emphasis on the situation in the banking sector. “The Montenegrin economy has been continuously growing for the last six years. According to official data from Monstat, last year saw a 5,1 per cent growth rate, thanks primarily to strong investment activity in the public and private sectors, as well as an increase in domestic demand and private consumption, "said Žugic.

He highlighted that there were positive trends in the fiscal sphere owing to the fiscal consolidation measures implemented by the Government of Montenegro and added that, according to the Ministry of Finance projections, public debt would have a downward trend this year.

The meeting also discussed activities undertaken by the CBM to implement the planned asset quality audit of the banking system (AQR), further strengthen supervision, especially in the segment of money laundering prevention, and modernization of the payment system.

The CBM Vice Governors, Nikola Fabris and Miodrag Radonjić, presented macroeconomic trends in Montenegro, the status of negotiations with the EU, as well as the management of international reserves and the effects of the CBM's monetary policy.

The meeting also discussed the economic situation and development of the euro area banking sector, as well as the ECB's monetary policy. The ECB, they said, offered all forms of support to the CBM in the monetary policy area, especially in the area of ​​supervision.

Read more about the business environment in Montenegro at TMN's dedicated page.

13 October 2019 - According to the latest updated data from the Civil Aviation Agency of Montenegro, 454 drones - uncrewed aerial vehicles (UAV) are registered in Montenegro, reports CdM.

In order to introduce as many drone operators as possible into regulatory frameworks, the Civil Aviation Agency launched an educational campaign this year on how to safely manage drones.

Through the conduct of this campaign, the Agency insists on the observance of regulatory frameworks in the field of civil aviation by drone operators, so as not to endanger the safety of air traffic or endanger persons and property on the ground.

Drones are experiencing real expansion, not only for aerial photography, but also prove to be very useful in controlling infrastructure, forests, agricultural goods, road traffic and the like.

"However, it is important that everyone operating the drone adheres to certain rules to avoid adverse events, such as an aircraft drone crash or dropping a drone to the ground, which can endanger people's lives and property," the representatives of the Agency explained.

In order to combat the illegal use of drones, the Civil Aviation Agency signed an agreement with the Police Directorate. This creates the conditions for joint activities to carry out more effective drone control measures. In Montenegro, the Ordinance on the requirements for the use of unmanned aerial vehicles and aeronautical models adopted by the Civil Aviation Agency in 2016 defines the conditions for the use of unmanned aerial vehicles and aeronautical models (drones) with an operating mass up to and including 20 kilograms.

The basic regulatory requirements that are placed before drone operators:

1. All operators whose drones have a mass of more than half a kilogram with a range of over 15 meters and height over 10 meters, should be registered with the Agency;

2. The registration of the drones is free of charge;

3. The approval of the Agency for carrying out an operation using drones is only necessary when it comes to heavyweight drones and if they fly closer to urban areas or gatherings of people;

4. It is forbidden to operate a drone at night;

5. It is forbidden to operate a drone near the airport;

6. It is forbidden to throw objects to the ground during the flight.

Additional rules include the fact that "the drone must be within the field of vision of the operator and within 500 meters of the horizontal distance and up to 150 meters above ground or water. Also, the drone must be at a distance more than 150 meters from people’s gathering of and more than 30 meters from people, animals, facilities, vehicles, vessels, other aircraft, roads, railways, transmission lines and similar objects. In the event of illegal use of drones, there is the possibility of fines and court proceedings for violating public order and peace, "the Agency said.

Read more about lifestyle in Montenegro at TMN's dedicated page.

From the 16th to the 19th of October, Tivat will host the prestigious Private Luxury Forum, bringing together 100 representatives and 85 agents from the elite sector of the tourist industry. The Forum will gather the most eminent European professionals dealing in sales of luxury travel arrangements, representatives of luxury hotels and hotel chains, alongside prestige concierge companies.

“It is an honour for us to have the opportunity to host the best agents directly in Tivat, and through organising such a complex event to present Montenegro, which over the last decade has truly established itself as a prestigious destination. We are grateful to the organisers for accepting the initiative of the Hotel Regent management two years ago, and for enabling us to host the professional elite in the field of luxury tourist travel next week. In addition to a high-quality programme, agents will experience Montenegro through a range of activities showing not only the best the destination offers, but also elements of the lifestyle in the region. We look forward, as a serious partner-destination, to showing our professional, organisational and spatial capacity for holding this Forum. The fact that the Forum is being held here is confirmation of the continued development of Montenegro as a year-round luxury destination. Agents visiting the Forum will add Montenegro to their range of products and, according to the organisers, the destination will benefit from $7.2 million of additional revenue over the next three years,” stated Ivan Gajić, Director of Sales at the Hotel Regent Porto Montenegro, on the significance of organising such a high-profile event in Montenegro.

Montenegro, as a host, joins the ranks of established destinations such as Riviera Maya, Tenerife, Malaysia, Vienna, Istanbul and Florida. Partners of the project are Porto Montenegro, The National Tourist Organisation, The Chedi Luštica Bay Hotel, Tivat Municipality, Talas M agency and Yellow Events.