Montenegro Real Estate Regulations Development
Montenegro has successfully implemented and established laws and strategies, which helped to achieve such significant improvement in the fields of economics and tourism. Adopting best practices of European community Montenegro continues to implement Economic Reform Agenda, adjusts tax legislation to international standards and EU directives.
Numerous legislation activities such as development of new institutions ensure better efficiency of the system and its better adjustment to the needs of citizens, business and society in general. For example, Real Estate Administration (former Republic Institute for Geodetic and Property-legal Affairs), which is supposed to provide certainty and legal safety of real estate, i.e. formalization of property of land and buildings as elementary condition for efficient development. As regards the legislation, new Law on State Survey and Cadastre and Registration of Real Estate Rights are adopted to solve the issues occurred because of imperfections and restrictions noted in the past application of the existing regulations and aimed to establish the accordance with many changes and requirements of economy, to enable realization of future programs and projects in the field of modernization of cadastral system in the state of Montenegro.
Montenegro still continues to develop its legislation system, proposing new Drafts of existing Law and elaborates new normative regulation of relations, which have not been regulated so far in compliance with European norms and standards- “Draft Law mostly contains provisions which have been taken from the former Federal Law, offering a unique, consistent and integral text concerning property-rights relations, and regulating previously unregulated relations.”
Read more about this topic: Montenegro Real Estate Taxes
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