The government has established amendments: The minimum value of real estate for a foreigner to regulate temporary residence is 200.000 euros

The Government of Montenegro has adopted amendments to the Bill on Amendments to the Law on Foreigners, which define new measures for regulating the stay of foreign citizens in Montenegro.

This was announced today by the Government.

As stated in the statement, one of the amendments, which was determined at the electronic session of the Government held today, defines that the minimum value of real estate, based on which a foreigner will in the future be able to regulate temporary residence in Montenegro, is 200 thousand euros.

"Also, current owners of real estate, who have regulated their temporary residence in Montenegro on the basis of it, will be given a period of one year to align their residence with the new provisions of the Law. The second amendment stipulates that foreign citizens - executive directors and owners of more than 51 percent of the capital in a business company will have to have at least three employees, two of whom are Montenegrin citizens and who are insured full-time," the statement said.

The Government added that, in accordance with the amendments, they will have 180 days to align their operations with the new regulations.

"Along with the new regulations, intensive work is being done to improve the inter-institutional and inter-state exchange of data on the entry and stay of foreigners on the territory of Montenegro. In this regard, the Ministries of Foreign Affairs and the Interior, as well as the Department of Finance, Taxation and the Police Administration have intensified the cross-checking and exchange of data in order to prevent possible abuses of residence, and based on data on illiquid and inactive companies owned by foreign citizens, checks were carried out and, in accordance with the Law on Foreigners, procedures were initiated to terminate temporary residence in cases where the legal conditions for this are met," the statement reads.

The Government also said that based on previously conducted high-level talks, in cooperation with the competent institutions of Montenegro and Turkey, additional verification of the data of approximately 13 Turkish citizens who have been granted temporary and permanent residence will be carried out, in accordance with the Law on Foreigners.