Montenegro

Montenegro is a small Adriatic jurisdiction that uses the euro in practice despite not being an EU member state. It is not part of the Schengen Area, so any travel rights in Schengen depend on the holder's passport, not a Montenegrin residence permit.

For regular tax residents, Montenegro taxes worldwide income, while non-residents are generally taxed only on Montenegro-source income. Headline personal income tax rates on employment income are relatively low, and investment-type income such as dividends and capital gains is typically taxed at 15% under the personal income tax framework.

From an immigration standpoint, Montenegro's Foreign Nationals Law explicitly allows a temporary residence permit for exercising the right to use and dispose of real estate owned in Montenegro. The applicant must satisfy the general conditions for temporary residence (funds, accommodation, health insurance, valid travel document, and no relevant security or criminal barriers) and provide proof of ownership from the cadastre.

Decisions on temporary residence applications are subject to a statutory decision period, and temporary residence permits are issued for up to one year and are renewable if conditions continue to be met. Over time, this can support a longer-term status: Montenegro's government guidance indicates permanent residence is generally available after five years of legal residence, and citizenship by naturalization is a longer pathway under separate rules.

Practically, this is not a regulated "golden visa" with published minimum investment thresholds. The legal basis is property ownership plus meeting the standard residence-permit criteria, so costs depend mainly on the real estate chosen and the applicant's ability to document the required supporting conditions.