Foreigners cannot register land through company anymore ( 2008-07-15)
| All companies that were founded in Montenegro and whose owners are foreign persons or coporations cannot register land in their name anymore. The reason is simple – following an order by the head of the Real Estate Directorate, Mico Orlandic, the local land registries ask companies that buy land to provide a proof that they will build something on it. The problem is that the Ministry of Finance does not issue such certificates because it treats all companies that are registered in Montenegro as local companies, regardless whether they are owned by foreigners. The old federal law that Montenegro applies, allows foreign companies to buy and register land, houses, flats and business spaces if they show a proof that the real estate will be used for economic activities. Domestic companies do not need such a proof, regardless of whom they’re owned by. (Vijesti) |
