Consultations on payments and transfers

There are the following payment methods for real estate in Montenegro:

1. Non-cash payment in euros from a bank account. Not suitable for buyers from Russia or Ukraine due to restrictions in the sending countries or sanctions. The recipient of the payment can be either the property seller or the notary registering the transaction. The latter option is convenient because it does not require confirmation of receipt of money by the seller. Important! Purchasing property from a developer (a legal entity) will only be possible through non-cash payment starting January 1, 2024.
2. Cash payment. Some sellers in the secondary market are willing to sell an apartment or house for cash in euros. In recent months, there have been increasing reports of an imminent ban on cash payments, but at the time of writing, this payment method is still valid. However, it is clear that cash payments will likely be prohibited in the near future.
3. Payment in national currencies. This method is most in demand among Russian citizens. Currently, such transactions are still certified by notaries in Montenegro, although the lack of transparency in such payments across countries is evident. The risks in these transactions are not controlled by the notary. You sign a purchase agreement in Montenegro with the price specified in euros, then transfer, for example, 15 million rubles to the seller’s account in Russia. The seller must then confirm in writing to the notary that they have received the money and that the transaction can be successfully closed. If the seller, after receiving the money, fails to do so or becomes unreachable, the buyer is left without the apartment or money. In this case, neither the notary, lawyer, nor the agency can help. Please consider this risk! It is likely that this payment method will be banned soon.
4. Payment in cryptocurrency for real estate in Montenegro. This method is not yet used in practice but has potential. We will share more details in our news section.

 

Transfer of funds to Montenegro:

1. You can bring up to 10,000 euros per person in cash without declaring it, or any higher amount with a declaration.
2. You can contact people who will accept a non-cash transfer in hryvnias or rubles from you and give you cash euros in exchange. Yes, this is a common practice.
3. The same people offer services for exchanging cryptocurrency or “moving” cash from one country to another.
4. It is possible to transfer rubles from a bank in Russia to an account in a bank in Montenegro (automatic conversion to euros will occur). This method still works but could be terminated at any time.
5. SWIFT transfers from banks in Russia and Ukraine. In practice, the majority of attempts are unsuccessful. Citizens of other countries, however, can easily make transfers.