Montenegro Reforms 2022 on Documents - Digital Nomad Residency - CBI - Tax Reforms

To discuss reforms on Documentation validation, Digital Nomad Residency, an extended Citizenship by Investment (CBI) in Montenegro programme and tax reforms in Montenegro for personal and corporate Tax, I'm joined once again by the Balkan Expert, Julie Karagod.
Previous popular video with Julie and I about Residency in Montenegro: • Montenegro Residency E...
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0:00 Introduction
1:11 Documentation validation for purchase and sales or real estate, residency and more
7:33 Obtaining residency in your absence
9:27 Digital Nomad Residency in Montenegro
11:42 Digital Nomads working Rights in Montenegro
12:05 Tax rates for Digital Nomads in Montenegro
13:33 Rights to renew annual residency for Digital Nomads in Montenegro
14:45 Rights for family members and dependents of Digital Nomads
15:05 Minimum wages to qualify for Digital Nomad Residency
16:17 Crypto Currency investors - do they qualify?
18:47 Change in regulations for bank payments such as PayPal
20:42 Citizenship by Investment in Montenegro 2022 - new rules
22:03 State Fund for Innovation
25:45 Tax Reform and Wages
26:40 Minimum Wage
30:05 Increase indirect tax, decrease Medical Insurance
31:58 Increase in tax for wage earners of €1000 per month or more
32:59 Progressive Corporate Tax rates
37:50 Property buying myths
39:24 and also… Airbnb simple taxes on income for private individuals
#DigitalNomadsMontenegro
#CitizenshipByInvestment
#MontenegroRealEstate
#CitizenshipbyInvestmentMontenegro
#Montenegro
We cover a lot of ground in the video and if you'd like to consult with either me or Julie, the details are below.
You can Contact Peter Flynn
ntRealty - Real Estate Agency, Tivat
Email: [e-mail]
Web: www.rightmove.co.uk/overseas-...
Tivat Office: [phone]
Mobile (En): [phone] (WhatsApp, Viber and Telegram)
Mobile (En,Mne) [phone]
You can contact Julie Karagod
BalkanExpert - IMMIGRATION & BUSINESS SUPPORT MONTENEGRO
tel.:[phone] (Telegram&viber)
tel.:[phone] (WhatsApp&Telegram)
Email: [e-mail]
web-site: mneconsult.ru/
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[@MontenegroRealEstate]

Many important updates and reforms in Montenegro regarding taxes, minimum wages☝️ Digital Nomad Residency, Citizenship by Investment and so much more, so… skip to the bit that’s interesting to you. You have the time stamps (chapters) below. If this video is useful to you, please like it as this helps our channel. If it’s useful to friends, please share it with them or on social media. Really appreciate you watching our videos. The longer you let it play, the better for the KZbin algorithm 😉

[@aniacarney5564]

Hi Peter, this is soooo informative, thanks to Julie, too! I research the Internet looking for all the info regarding taxes, mortgages, employment/self-employment etc - all the things that need to be considered before taking the plunge, however you and your colleague provide many details that can't be found elsewhere. Much appreciated, keep it going! ❤

[@MontenegroRealEstate]

Thank you Ania There’s quite a few updates to the various laws. Would like to make a follow up video to keep people interested in Montenegro updated but due to the market being hot, it’s difficult to find time, but I’ll try ;) Subscribe to our channel if you want more info. When I get time I’ll make more useful or hopefully interesting videos. Thanks again for your kind words Peter

[@Stingerca]

Thank you for the time stamps. Always a plus.

[@MontenegroRealEstate]

Thanks for your appreciation;)

[@damorocksaor2032]

Thank you Peter for the podcast, lots great information.

[@MontenegroRealEstate]

Thanks you for your kind appreciation.

[@t0umart0u]

This is all very informative. Thank you both for putting in the time!

[@MontenegroRealEstate]

Montenegro also has some talented musicians you may like, for example Miloš kzbin.info/www/bejne/e4KZYWaddrKErKc

[@kenmeyer100]

Thanks, Peter. I always enjoy your content.

[@MontenegroRealEstate]

Thanks for the comment. Very much appreciated.

[@johnmcauliffe3575]

Great piece of information from you both ,

[@MontenegroRealEstate]

Thank you John.

[@lynnelisa9505]

Thanks for all this information and for the contact info for Julie. The myth busts helped a lot. Will be calling you this week.

[@MontenegroRealEstate]

Thanks Lynne Lisa

[@TheKajtaj]

And just another comment:GREAT INFORMATION. THANX A LOT 🙂

[@MontenegroRealEstate]

Thank you. I very pleased that you found our video informative. Will try and do more in a similar vein as soon as we can. Maybe consider subscribing to get alerts for the latest videos.

[@MrBlair-ft2li]

I’m in Canada. I’ll be 60 in October 2022 and in the early stages of looking for a retirement destination. So happy I found you. 🙂 Martin

[@MontenegroRealEstate]

Hi Martin. So happy that you're getting value out of our content. My content details are in the description, so feel free to contact me directly if you have any questions. Peter

[@MrBlair-ft2li]

@@MontenegroRealEstate thank you Peter. I will be in touch :)

[@traveleconomics]

great stuff!

[@MontenegroRealEstate]

Great to see your channel doing so well. Keep up the awesome work!

[@traveleconomics]

@@MontenegroRealEstate thanks. I might come to CG before the end's year, let's catch up if you'll be there.

[@MontenegroRealEstate]

@@traveleconomics perfect. Looking forward to meeting you and hopefully doing some filming together, if you like.

[@traveleconomics]

@@MontenegroRealEstate yes!

[@chrisamies2141]

Thank you, this is all good information. I am planning to visit Montenegro shortly to look at buying an apartment and going that route to becoming a resident.

[@MontenegroRealEstate]

Awesome news! Glad you found our videos helpful. Let me know if we can help find the right apartment when you come.

[@chrisamies2141]

​@@MontenegroRealEstate Thank you. I will contact you via email re what I am looking for.

[@MontenegroRealEstate]

@@chrisamies2141 perfect. My contact details are in the video description. Looking forward to hearing from you.

[@alexg6702]

Taxing things that are harmful to one’s health, keeping taxes competitive to attract people, all innovative moves for a small country (a la HK, Singapore). Just hope they can balance the budget. Like Switzerland and Monaco maybe they should not be drawn into the EU bureaucracy trap?

[@ml_g]

Higher taxes + higher wages also mean higher cost of living, i'd imagine. It's unfortunate as i have just started looking into moving to Montenegro...

[@MontenegroRealEstate]

It's all relative. My guess is, because of the financial burden C19 has placed on most countries in the world. You're going to have inflation. Personally, I'm pleased that there's a higher minimum wage. Yes, this will contribute to more inflation, but hopefully, it will also bring a slightly better standard of living for those on minimum wage.

[@anilknp]

It's a very useful video it busts a lot of my myths. Sir, Thanks for this useful video. Kindly make a video regarding the making/registering of a company in Montenegro.

[@MontenegroRealEstate]

We’ll try soon. It’s hard to get the time as we I also run a busy real estate agency. I managed this one as we filmed on one Sunday then edited the next. Nevertheless, I think the information can be very useful to people, so I do try. Thanks for your comment.

[@anilknp]

Peter Sir, actually I am planning to start a film production company in Montenegro, That's why I request for that Video. Hopefully within a month or two will see you in Montenegro. Regards

[@MontenegroRealEstate]

@@anilknp good luck with your plans. If I’m not able to make a video, then I’d recommend arranging a consultation with Julie Karagod, The Balkan Expert

[@anilknp]

It would be good. I got yours and her contact numbers from this video, but I think she is not using Whatsapp/Signal. Anyway will try to contact you/her before heading to Montenegro. Thanks again for your kind reply. Regards

[@alexg6702]

@@anilknp Good luck, what a great part of the world to set up film company. Maybe the next James Bond film can have more actual Montenegro locations than Casino Royale. Not sure what area of film you are in but Kotor Bay is a great alternative to its more expensive neighbours. Move over Lake Como!

[@intellectualgladiata]

Some of these measures are somewhat concerning and may kibosh our plans to move to Montenegro. How is Montenegro going to attract people to the country and transform it's economy if it is pursuing a path of increasing taxes and regulation? They should be making it easier and more attractive for people to bring their money there. Retirees and Digital Nomads would no doubt happily pay 9% of their probably considerable earnings if they could roll it up to the Montenegro system if it meant they could avoid paying a lot more in their previous home country. Why would Montenegro not want to structure things in this way to create a win win situation of getting much more tax revenue while also providing an incentive for people to bring significant capital into the country?

[@MontenegroRealEstate]

In many respects, the taxes will be staying the same. It appears, though the minimum wage will jump from €250 to €450 per month, the tax burden will remain the same. People with foreign income will mostly pay 9% tax. Digital Nomads will pay 0% tax but must be relatively high earners. The idea I guess is to attract Digital Nomads with an Annually renewable residency permit and have them spend their disposable income in Montenegro. If it’s on booze, cigarettes and confectionery, then the government with take a slice of that spend. Always seek good tax advice to see how these measures may affect you personally. There are very few tax advisors in Montenegro as many accountants are more like bookkeepers. However, Julie can help or we have good connections for tax planning in Montenegro. Thank you for your comment. Peter

[@mindblowing3202]

Did I understand it correctly that your investment into property for example has to be close to half a million because of the state fund etc. Buying an apartment for 150.000€ and get the citizenship with it is not possible?

[@MontenegroRealEstate]

The CBI (Citizenship By Investment) scheme no longer exists in Montenegro. But you can get Residency (not Citizenship) by buying pretty much any real estate. Currently not price minimum.

[@gutsandgrittv5076]

You’re speaking a lot about citizenship requirements but I wish you’d talk more about residency requirements.

[@MontenegroRealEstate]

Hi, I think you saw the previous video on residency. To my knowledge, there are no changes to the requirements laid out in that video which is why we didn't discuss in this update video.

[@JumpOnJohn]

How will the tax rates on personal offshore income work with the new changes? Will they be progressive like wages and the new corporate rates? Or will it be a flat tax on this income?

[@MontenegroRealEstate]

Good local (professional) tax advice should be sought. But, as I understand it, taxes on outside income will step from 9%-15% as described in the video.

[@aniacarney5564]

Does it also depends on the country your offshore income comes from? Double treaty agreement between ME and the other country? I understand that if you have an income from a property in UK and you are a non-resident in UK, you pay tax on your UK income to the UK tax man, and the income from the country you reside in and physically work in is being paid into the tax man in that country. So with personal income tax relief up to £12,500k in UK and earnings from a property in UK up to £12,500k you pay 0% tax

[@rajaabidmehmood]

I m interested farmers areas

[@JumpOnJohn]

Can someone on the new digital nomad visa buy real estate in Montenegro while on that visa? And are there any restrictions on travelling in and out of the country on the digital nomad visa (the restrictions on how long you can spend outside of the country on the temporary resident visa options is a bit of a turn off).

[@MontenegroRealEstate]

That’s a great question. Certainly regardless of your status for residency, you can buy real estate in Montenegro. As far as flexibility of coming and going into Montenegro , we’ll look into that.

[@JumpOnJohn]

@@MontenegroRealEstate Great - you would think it would be beneficial for the government to encourage digital nomads to invest in Montenegro while they are there - but you never know :)

[@balkanexpert.9776]

there are common restrictions for absence, including DM residency - no more than 3 months a year. There is no practice yet if it works or not , cause programme has just started in the end of the Dec 2022

[@DmitriKartashov]

Would be great to know more about having crypto and living in Monte. What are taxes involved etc. Thanks.

[@MontenegroRealEstate]

As far as I’m aware. If you want to be tax resident in Montenegro, currently you pay 9% tax, but if you’re super rich, this year it could raise to a maximum of 15% for a proportion of your earnings. You can get residency through property, a business or Citizenship by Investment

[@balkanexpert.9776]

Crypto is not legally regulated . So that no any rules for using it, up to the officials' position. Banks will not recognize the crypto as a source of income

[@bamboozle999]

great video. To confirm, tax will be 0% for digital nomads? I did a search but couldn't find much more information on this.

[@MontenegroRealEstate]

Can't confirm that. We reported on legislation that was promised to go through, but as yet, I don't believe it's been put into law.

[@balkanexpert.9776]

The income tax from the job activities is 0%, up to your contract. As for the other sources of income the resident of MNE should pay the taxes up to the income tax law

[@TheKajtaj]

Another question about buying; if you bug a land, can you do that as individual or it is mandatory to buy it as a company. I've heard different opinions on that.

[@MontenegroRealEstate]

You can buy up to 5000 m2 as an individual as long as it has some kind of planning status. So, a couple could buy up to 10000 m2. If you need more land, then you’ll need to open a company and have the land registered in the company name.

[@Quickpump100]

I own rental properties in the United States, they provide a main source of income. While I would like to own a property in Montenegro, I don’t want to be restricted to being there 11 months out of the year so becoming a citizen isn’t desirable. What can you recommend?

[@MontenegroRealEstate]

You can buy a property as an investment. At the moment I think you’ll do well with capital growth. You can also stay in Montenegro up to 6 months with a standard visa using the 90 days out of 180 rule. If you want to discuss further, my contact details are in the description and you can reach me via WhatsApp on my mobile. Hope that helps.

[@rajaabidmehmood]

I'm interested sir

[@Andrey-vm5eu]

Just wonder if Montenegro has a double taxation treaty with the USA. If there is no such treaty and you are the resident of Montenegro, then on receiving dividends from the US companies you will pay 30% tax in the US and then another 9-11% in Montenegro. Is it correct?

[@jeffreymiles]

Came here to ask the same question. Did you ever get an answer about this? From the video I got the impression you would be double taxed but hoping that's not the case.

[@TheKajtaj]

Peter, just for confirmation. If you buy a NEW property, are you not obligated to pay 23% tax (vat) on the purchase price? Or maybe I misunderstood you?

[@MontenegroRealEstate]

That’s correct. It’s a common misconception,. If you’re buying from a developer who is selling for the first time then the PDV (VAT @ 21%) is included in the price. Note, this is only from developers who are PDV registered, which is the majority of new sales. Nevertheless, if it’s a private individual who has just built some new real estate in his/her own name, then the normal 3% purchase tax will apply. There can also be a great advantage for those looking to buy larger scale or higher prices in that if a company is formed, the PDV (included in the sales price) can be deducted over a 10 year period. The higher ticket price would be needed to justify the running costs of a business.

[@TheKajtaj]

Thanx a lot. You have busted another myths🙂

[@jakehart60]

Could I get citizenship by investment if I bought an apartment that cost $890,000? I’m aware I could get citizenship by investment for around $550,000 but then I’d have to spend another $890,000 for the place I found. So I was just wondering if I could get both just by purchasing the apartment

[@MontenegroRealEstate]

The Montenegrin CBI means that you cannot buy a property on the open market. Instead you’re required to invest in the purpose built, mainly 5* Apart-Hotels for the citizenship. You can then freely buy whatever you like outside of the scheme. That’s what our clients have done. Let me know if you would like me to guide your through the process and recommend the best places to buy and the best organisations to take you through the citizenship program. My details are in the description. Peter

[@chatif441l]

Great information, peter. Can you help me.

[@MontenegroRealEstate]

Thank you. How can I help?

[@firozshah5928]

Can I as a foreign Company director/Residency in Montenegro leave around 90 days or less at different times in a Year for Business or personal reasons travel out of Montenegro, will it affect My future PR and citizenship ? " how many days will it allow to stay out of Montenegro within 5 Years or every year count ? and where should i get the permission when I leave the Montenegro ? What about if I travel to another EU Country is there any Restriction for the Days ? And can I continue the PR or Citizenship Process ??

[@balkanexpert.9776]

Beeing a director of the company with a residency there are no limits for absence during a year 2.Yes, your absence will influe the right to get a permanent residency 3.the limits are no more than 10 months absence in parts or no more 6 months absence at once within 5 years. Doesnt matter where you go from Monte 4.You can apply for a residency only in Montenegro, at the immigration police

[@Perez_Realty]

Looking to buy real estate to retire in Montenegro. What documentation I need to get residency.

[@MontenegroRealEstate]

Hi Eduardo Can you send me an email to [e-mail] so that we can send you some information.

[@balkanexpert.9776]

For residency you need valid passp + criminal record check from the country of citizenship. All other docs depends on your personal situation

[@EastWing411]

Could a foreign company owner living on dividends qualify as a Digital Nomad do you think?

[@MontenegroRealEstate]

It’s feasible. A question for Julie I think, her contact details are in the description.

[@balkanexpert.9776]

no, it is impossible. The nomad treats as a person who is hired in the company and have job contract or, if he is a sole trader and has a long term service contract with some client which covers 1350e per month on an annual basis

[@rukhsanasheikh6348]

As Pakistani Woman Enterprenur what kind of business opportunities are there please guide me

[@MontenegroRealEstate]

My advice would be to visit Montenegro and see what opportunities suit your skill set or appetite for risk or long term commitment. The coastal area is renowned for high end tourism and there are a myriad of businesses that feed that industry.

[@fff4962]

Can I contact at your email? please post it. Thanks a lot

[@MontenegroRealEstate]

Yes, my email is in the description.