Everything to Know About Retiring in Montenegro

Editor's Note: This story originally appeared on Live and Invest Overseas.

I first visited the European country of Montenegro in the early 2000’s. Back then, it was a new state — freshly split from neighboring Serbia and fighting to assert itself.

Today, it’s a playground for A-listers, billionaires, and savvy expats.

Despite its popularity with the jet-set, you don’t need a bulging bank balance to make your home here.

In fact, a couple can live the good life here on as little as $1,700 a month … which makes it one of the most affordable places to spend time on the Continent.

Here’s some of the recent questions we’ve had from your fellow readers on Montenegro and our answers to them.

Is Montenegro a good place for overseas retirement?

Montenegro is a great place to vacation, live in, or retire to.

It offers stunning scenery, rich history, warm waters, prestigious marinas, and diverse recreation opportunities — you can ski the slopes in the morning and swim in the Mediterranean in the afternoon.

The small population means it’s also an incredibly safe destination and right now, setting up a life in Montenegro is simple, with easy residency policies and even a direct path to citizenship.

The expat community is welcoming, and climate-wise, you’ll enjoy mild temperatures year-round.

What makes Montenegro a good place for overseas retirement?

Property, rent, utilities, meals, and more are affordable in Montenegro.

You can almost certainly lower your current cost of living by moving here — a budget of 1,500 to 2,000 euros per month will see a couple living comfortably here. You can rent a small one- or two-bed apartment in Kotor Old Town for about 800 euros per month.

Other expenses, like utilities, are low, too … think 40 euros per month for electric and water … and meals out for two for as little as 20 euros.

It’s also a great place to invest.

You could own your own luxury condo here for under 155,000 euros. It’s a 100% turn-key, fully managed opportunity offering hassle-free annual rental returns of 9% net … and there’s a 10% discount available.

Is it true that you cannot obtain a visa in Montenegro unless you start a business or purchase real estate?

Montenegro does not offer a specific retirement visa … a work permit or property purchase are the primary routes to residency.

Americans and Canadians can come to Montenegro and stay for 90 days within a 180-day period — without the need for a visa. For longer stays … you’ll need to apply for a temporary residence permit.

You can buy real estate worth any value and be granted temporary residency. This is the best way to get residency in Montenegro. It can be pretty affordable. Real estate can cost as little as 50,000 euros.

Remember: This is a one-off purchase. For comparison — a country such as Ireland requires you to prove income of 50,000 euros per year (and deposit 250,000 euros in a bank) for their retirement visa.

Aside from the real estate purchase, you’ll have to show a clean criminal record, and provide a birth certificate and proof of health insurance.

The temporary residence permit is valid for one year and can be renewed. After five years, you can apply for permanent residency.

Can an expat from the U.S. work in Montenegro?

Yes, U.S. citizens can obtain work permits for Montenegro. The first step is usually to obtain a residence permit.

Visit your local Montenegrin embassy to make this application and ask for advice on the work permit process depending on your situation.

For some visas you will need a letter showing an offer of employment in Montenegro. Alternatively, if you’re looking to work in Montenegro as a digital nomad, you will need to show proof that your employer(s) are not based within the country.

You will also need to show a monthly income of around $1,500. This visa allows you to stay in Montenegro for two years and is renewable for a further two years.