
For Buyers
As a foreign citizen do I need a visa?
Montenegro: If you are coming from EU,USA,Russia,Turkey,Azerbaijan you don not need visa. In order to enter Montenegro from Middle East you would need a valid Schengen or Montenegrin visa.
Turkey: Entering Turkey is easy. Ordinary passport holders can obtain their sticker type visas at the Turkish border gates upon their arrival.
Bosnia: If you are coming from EU or USA you don not need visa. In order to enter Bosnia from Middle East you would need a valid Schengen or Bosnian.
What are the currencies?
Montenegro: In Montenegro the official currency is the Euro.
Turkey: In Turkey the official currency is the Turkish Lira.
Bosnia: In Bosnia currency is convertible Mark
As a foreign national, can I own property in Montenegro, Turkey and Bosnia?
Montenegro: All nationals can fully own property in Montenegro with no restrictions.
Turkey: Yes all nationals can fully own property in Turkey with no restrictions.
Bosnia: There are no restrictions to own property in Bosnia for the most of foreign nationals.
What is the process of buying property?
Montenegro: Once you’ve found your dream property a purchase contract is drawn up and signed by both parties in the presence of a notary officer. Once the notary officer approves the contract in an Area Property Registry the legal ownership is yours. It is important to know there are no tax on new properties. However on pre-owned properties the buyer pays the property transfer tax of 3% of the agreed valuation.
The whole process is completed in a couple of days!
Turkey: After signing the contracts between buyer and developer, buyers need to issue a power of attorney to a lawyer so he or she can transfer the title deeds under the buyers’ name. All we need is the buyers’ passport copy and that’s it. All the lawyers we work with speak native English so communication with buyers is never a problem.
If the buyer so desiresthe lawyer can open a Turkish bank account on behalf of the buyer with the power of attorney. However, at the initial stage buyers do not need a bank account in Turkey, this is purely optional.
Bosnia: Once property a purchase contract is drawn up and signed by both parties in the presence of a notary officer (government body). The notary officer approves the contract in an Area Property Registry the legal ownership is yours...
The process can be completed in one week time!
What are transaction costs and fees?
Turkey: In regard to the purchase cost; Stamp Duty: 4% (Developers share this cost which means buyers need to pay 2%) VAT :1% Solicitor’s Fee: $1200. This fee covers the full service including: Preparing the sales contracts – Due Diligence on the property and title deeds – Applying the security clearance checks - Obtaining the VAT number (This is necessary if buyers want to open a bank account in Turkey) – Putting the title deeds under the buyers name with their Power of Attorney. Public Notary Fee: $100
Montenegro: Transfer Tax: There is no transfer tax on new properties. However transfer (Purchase) tax is set at 3% of the valuation given by the Inland Revenue Office on pre-owned properties.
Registration and Notary Fees:
Notarisation is mandatory for sale-purchase agreements. Notary fee costs €30 for any agreement over €5,000, plus 0.25% of the amount exceeding €5,000, but the additional amount should not exceed €300. Therefore, the maximum amount for notary fees is €330.
Additional funds should be set aside for translation and other registration-related costs, which do not exceed €100.
Lawyers’ Fee:
According to common practice, lawyers are hired to prepare the sale-purchase agreement. Although negotiable, legal fees range from €100 to €300 per transaction.
Bosnia:
Notarization is mandatory for sale-purchase agreements. Notary fee costs €30 for any agreement over €5,000, plus 0.25% of the amount exceeding €5,000, but the additional amount should not exceed €700. Therefore, the maximum amount for notary fees is €700.
Additional funds should be set aside for translation and other registration-related costs, which do not exceed €100.
Lawyers’ Fee: According to common practice, lawyers are hired to prepare the sale-purchase agreement. Although negotiable, legal fees range from €100 to €300 per transaction.
Do I need a lawyer to buy a home?
Turkey: Yes, buyers need to issue a power of attorney to a lawyer so the lawyer can transfer the title deeds under the buyers’ name.
Montenegro: The process of buying property in Montenegro is straightforward. Additionally a representative will follow the whole process. Therefore involving a lawyer is optional but not necessary.
Bosnia: It is Optional
What help can I expect from the agency in Turkey or Montenegro?
Turkey: It would be our pleasure to meet you at the airport in Turkey and be at your service during your stay in Turkey. Organising your accommodation, transport and guiding you through the process of buying property is the very least we can do for you!
Montenegro: A member of our dedicated team who is a Montenegrin national will organise your trip, guide you and be at your service 24hours per day during your stay in Montenegro, from your arrival until the very end of the process!
Bosnia: Our dedicated professionals will be pleased to assist you through the whole process of buying including after sale services.
I need more information. Is it possible to book an appointment?
Yes It’s very easy. Just give us call or send an email and we will be glad to meet with you at your convenience!
For any further enquiries please feel free to contact us!
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