Montenegro, located on the Adriatic Sea, is the youngest country in Europe with its unique historical atmosphere and magical beaches. The country, whose capital is Podgorica, borders with Bosnia Herzegovina, Serbia, Kosovo and Albania. Montenegrin is the official language of the country, where Serbian, Bosnian, Albanian and Croatian are also widely spoken.
Montenegro is expected to be the first of the five countries to join the EU before 2020 and is a country that is of great interest to foreign investors. Real estate prices in the county have increased 14% on average over the last five years. The current legislation of Montenegro stipulates that real estate owners in the country can obtain temporary residence permits. This residence permit can be renewed on an annual basis unless the property is sold. The investors can also apply for a residence permit for their families. Most importantly, there is not yet a minimum value of property required for residence permits.
Another reason why Montenegro is so popular among foreign investors is because it is the tax paradise of Europe. Income tax and corporate tax are 9% each in Montenegro. It is possible to establish a company within a week and obtain a residence permit within one month. Furthermore, Turkish citizens who have residence and work permits in Montenegro will benefit from all rights EU citizens have after the country enters the EU. Meeting all the Copenhagen Criteria in scope of the EU negotiations, Montenegro has a strong legal system that protects the rights of investors.