Montenegro (/ˌmɒntɪˈneɪɡroʊ, -ˈniːɡroʊ, -ˈnɛɡroʊ/ ; Montenegrin: Црна Гора / Crna Gora [tsr̩̂ːnaː ɡǒra]) is a country in Southeast Europe on the Adriatic Sea. It borders Bosnia and Herzegovina to the northwest; Serbia and Kosovo to the east, Albania to the south and Croatia to the west. Montenegro has an area of 13,812 square kilometres and a population of 620,079 (2011 census). Its capital Podgorica is one of the twenty-three municipalities in the country. Cetinje is designated as the Old Royal Capital.
Montenegro is classified by the World Bank as an upper middle-income country, Montenegro is a member of the UN, NATO, the World Trade Organization, the Organization for Security and Co-operation in Europe, the Council of Europe, and the Central European Free Trade Agreement. It is a founding member of the Union for the Mediterranean.
Montenegro’s economy is transitioning to a market system. Around 90% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution. Tourism, which accounts for more than 20% of Montenegro’s GDP, brings in three times as many visitors as Montenegro’s total population every year. Several new luxury tourism complexes are in various stages of development along the coast, and a number are being offered in connection with nearby boating and yachting facilities. In addition to tourism, energy and agriculture are considered two distinct pillars of the economy. Only 20% of Montenegro’s hydropower potential is utilized. Montenegro plans to become a net energy exporter, and the construction of an underwater cable to Italy, which will be completed by the end of 2018, will help meet its goal. Montenegro uses the euro as its domestic currency, though it is not an official member of the euro zone. In January 2007, Montenegro joined the World Bank and IMF, and in December 2011, the WTO. Montenegro began negotiations to join the EU in 2012.
The government recognizes the need to remove impediments in order to remain competitive and open the economy to foreign investors. Net foreign direct investment in 2017 reached $848 million and investment per capita is one of the highest in Europe, due to a low corporate tax rate. The biggest foreign investors in Montenegro in 2017 were Norway, Russia, Italy, Azerbaijan and Hungary.
An income Tax rate of 9% is applied for monthly personal gross income below EUR 751 per month, and tax rate of 11% for income above EUR 751, in 2013 it was a 15% rate. Additional income reported in the annual tax return is also subject to 9% tax rate. Choosing this small Balkan country doesn’t mean a total holiday from taxes but it does usually mean a reduced tax load compared to the rest of Europe.
Montenegrin Embassy in Berlin, Germany
Charlottenstraße 35-36, 10117 Berlin, Germany
(+49) 30 51 65 107 0
(+49) 30 51 65 107 12
(+49) 30 51 65 107 19
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Visa-free / 90 days.
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Non stop flights
Stockholm Skavsta Airport (NYO)
Podgorica Airport (TGD)