UNIVERSITY OF WALES & MANAGEMNENT DEVELOPMENT INSTITUTE OF SINGAPORE

SUBJECT: International Business LECTURER: Dr. Keith Ng COURSE: Master of Business Administration TITLE: Individual Assignment BATCH: MBWD5 1128B STUDENT NAME FIN. NO. SERIAL NO. IN MARKSHEET RAASHI BEDI G1101106W 27

Submitted on Due Date? YES (Date submitted: 27/04/2012) Word Count: 2000 words (excluding tables and graph data) SIGNATURE: ____________________

The country Montenegro is located in Southeastern Europe. This country is aesthetically bordered by Croatia, Bosnia and Herzegovina, Serbia, Kosovo, and Albania and also has a coast on the Adriatic Sea . The geography of Montenegro is varied from mountain ranges along Serbia and Albania to a narrow Adriatic coastal plain. The government system is a republic. The chief of state is the President and the head of government is the Prime Minister. Montenegro has a service based market economy in which the prices of goods and services are determined in a free price system. Montenegro is a member of the Central European Free Trade Agreement (CEFTA).The annual Population growth rate is about 0.633% (2012 est.) with the population below the poverty line being 6.6% (2010 est.).The Ethnic Groups at Montenegro include Montenegrin 43%, Serbian 32%, Bosniak 8%, Albanian 5%, other (Muslims, Croats, Roma (Gypsy)) 12% (2003 census). The Languages spoken at Montenegro are Serbian 63.6%, Montenegrin (official) 22%, Bosnian 5.5%, Albanian 5.3%, unspecified 3.7% (2003 census) and the different religions found in the country are Orthodox 74.2%, Muslim 17.7%, Catholic 3.5%, other 0.6%, unspecified 3%, atheist 1% (2003 census).. It covers an area of 13.812 km2 with a coastline length of 293.5 km. It has a coast on the Adriatic Sea and shares external borders with Bosnia and Herzegovina to the north-west, Serbia to the north-east, UN Administered Province of Kosovo to the east, Albania to the south, and Croatia to the west. The capital of Montenegro is Podgorica. Formerly a constituent part of Yugoslavia, Montenegro regained independence in May 2006. Montenegro has a solid record of transition and reform over the past period. It has successfully laid the foundations for a market based economy,strengthened democratic institutions, and gradually built capacity in public administration to cope with political and economic transformation. Montenegro's political system is a Parliamentary Democracy established by the Constitution of 22 June 2006.The political landscape is pluralistic. Integration into the European Union and North Atlantic Alliance NATO has been identified as one of the key foreign policy priorities. Application for EU membership was submitted on December 15, 2008 and on 9November 2010 Montenegro was recommended for candidate status. By the European Council decision of 17th December 2010, Montenegro was granted candidate status for the EU membership.{http://globaledge.msu.edu/Countries/Montenegro}{http://www.who.int/countryfo
cus/cooperation_strategy/ccsbrief_mne_en.pdf}

Source: http://www.lonelyplanet.com/maps/europe/montenegro/

Montenegro uses the euro. ATMs accepting Visa, MasterCard and their variants are widespread in major towns. MasterCard, Visa and Diners Club are widely accepted by businesses too. Western Union (www.westernunion.com) transfers can be made at most banks and major post offices. Most banks cash hard-currency travellers cheques and again the euro is preferable[http://www.lonelyplanet.com/montenegro/practical-information/money-costs]

Montenegro has no states, instead it is divided into the 6 counties of Andrijevica, Bar, Kolasin, Niksic, Podgorica and Cetinje. http://wiki.answers.com/Q/How_many_state_Does_Montenegro_Have#ixzz1s69GnlhH

The single currency EURO was introduced on January 1, 2002 in Montenegro. The coins in use are 1, 2, 5, 10, 20 and 50 cents and 1 and 2 euros, the banknotes are ranging from 5, 10, 20, 50, 100, 200 to 500 euros. The change of the foreign currency for example dollar, pound and others is provided by

the exchanges, banks and post offices, but also hotels and travel agencies dispose of the exchange. The Slovak money is not officially exchanged. The post offices and most of the banks are exchanging without fees, but it is useful to be informed before the exchange. The major banks in Montenegro are Atlas Mont, Crnogorska komercijalna, Euromarket, Podgorika, Hipotekarna. Central bank is called Central Bank Crne Gore. [http://www.montenegroguide.com/currency-and-prices/]

POLITICAL STRUCTURE
The Republic of Montenegro is a democratic, social and ecological state. Its power is vested in its citizens, who exercise their sovereignty directly and through their freely elected representatives. The state is founded on the rule of law and is governed in conformity with its Constitution and Law. It follows the principle of the division of powers in: iudicial, legislative and executive branches.The Parliament, executing the legislative power; consists of deputies elected by the citizens during multiparty parliamentary elections.Presently, there are seven political parties in the Parliament.The Government formulates and conducts foreign and domestic policies, implements laws, adopts decrees and other regulations, concludes international treaties and is responsible to the Parliament for its work. The iudiciary is autonomous and independent. It is represented by the Constitutional Court of Montenegro,which has the legalpower to make decisions concerning the conformity of laws and other regulations, based on the Constitution of Montenegro. In the Republic of Montenegro the citizens are guaranteed the right to a local government through which they can decide on certain public affairs or other affairs of direct interest for the local population. This may happen directly through the decision of the citizens, orthrough their freelyelected representatives. All religions in the Republics of Montenegro are given equal status and freedom in the performance of their religious affairs They independently arrange their interior organisation and religious affairs within the legalset-up. Every citizen of Montenegro is guaranteed an equal right to protect his freedom and rights in the procedure prescribed by law. Freedom of belief and conviction,protection of physical and psychic integrity ofa man, his privacy and dignity, freedom of thought and public expression of opinion, freedom to express national affiliation, freedom of culture and the freedom to use one's own language and alphabet,freedom of press and all other public information are guaranteed. (http://www.discover-montenegro.com/Political%20System.htm)

The real GDP growth rate in the last few years at Montenegro are as follows 2000 2001 2002 2011 N/A 2% 1.1% 1.9% 2003 2004 2005 2006 2007 2008 2009 2010

2.5%

4.4%

4.2%

8.6%

10.7%

6.9%

-5.7%

1.1%

http://www.gfmag.com/gdp-data-country-reports/217-montenegro-gdp-countryreport.html#axzz1s6SBXvd6 GDP per capita PPP is around $11,090 International Dollars as per the 2009 estimate

ECONOMIC STRUCTURE AT MONTEGNEGRO Until several years ago, Montenegro was the country whose economy was based on the public (socially-owned) property. Since such a concept of ownership has proved to be inefficient, the process of privatization of economy was initiated. Despite the very difficult and in many instances specific conditions in which the process was taking place, the results gained fully justify the efforts. The necessary legislation was adopted and The Privatization Council founded as the Government's body responsible for managing the process of privatization. The intention is to carry out the process in two ways: 1. The sale of shares to strategic investors- Selling shares by means of international tenders is one of the strategic moves to accelerate the entire process of privatization. It is planned to offer the shares of some thirty Montenegrin companies for sale through the international tendering procedure. 2. Mass voucherisation (MVP) as a privatization model, which, besides accelerating the process of privatizing economy, stimulates the development of the capital market and financial institutions. The Act Of Modifications Of And Supplements To The Act Of Privatization Of Economy provides that all the citizens of age of the Republic of Montenegro be entitled to vouchers. For the MVP process, around 2.3 billion DEM was apportioned from the Development Fund and from the shares of the state capital. Potentials by sector 1. Industry Over the last 50 years, industry has been the chief carrier of the economic development of Montenegro. In that period, the growth of the power industry, metallurgy (steel and aluminum), and transport infrastructure were making the basis for the overall development. The industrial facilities had been sized to the needs of the previous Yugoslavia so that 90% of the produce of Montenegro was marketed outside the Republic. Thus, Montenegro presently has at its disposal the facilities for producing 400,000 tons of crude steel; 1,000,000 tons of bauxite; 280,000 tones of alumna; 100,000 tons of aluminum; 75,000 tons of sea salt; 2,700,000 tons of coal; while the power plants (hydro-electric power plants of Perucica and Piva, and the thermoelectric power plant of Pljevlja) produce around 3 bn KWh per year. Such a basic economic structure is supplemented with a variety of industries - metalprocessing, engineering, wood-processing, textile, chemical, leather and footwear, ready-made clothes, household appliances, construction and forestry machines - as well as with significant capacities of the building trade. Moreover, there are considerable capacities of industrial processing and finishing of agricultural products: abattoirs; fish-processing plants; flour mills with grain silos; dairies; bakeries; breweries and juice factories; fruit processing factories; grape

processing plants and wine cellars; medicinal herbs processing plants; tobacco/cigarettes industry; confectioners, etc. Due to isolation of FRY and the war waged in its neighborhood, the state in this sector of economy is poorer than before, but with adequate investments and modernization of the production programs the outputs can within a relatively short period of time again become competitive in the world market. 2. Agriculture Agricultural lands and water resources are well preserved from the industrial pollution and thus provide for the production of healthy (organic) foods, particularly meat (poultry, lamb, goat, veal/beef); then milk and dairy produce; honey; fish; vegetables (tomato, pepper, cucumber, and other); fruits (plum, apple, grapes, citrus fruits, olive); high quality wines (Vranac, Krstac, and others); as well as naturally pure potable water of superior quality (tested to the highest world's standards). Growing on the Montenegrin soil are some specific herbs such as "forest fruits" (blueberries, edible mushrooms) and wild medicinal herbs, especially sage (Salvia officinalis), whose exceptional properties are known throughout the world. Forests and woodlands cover the area of 720,000 ha, thus making 54% of the total surface area of the Republic; of these, the major part (572,000 ha) is in the north-east. 3. Maritime economy and transport Montenegro has a fleet of more than 40 ships, with the total carrying capacity of 1,000,000 tons. The Port of Bar, at the entrance to the Adriatic, is equipped for handling the cargo of around 5 million tons annually. In the immediate hinterland of the Port is the Free Trade Zone, offering broad possibilities for the development of manufacturing and service activities and for the construction of warehouses, from which the goods can be easily transported by sea or by Bar-Belgrade railroad and further to the Central Europe. The road network of Montenegro is 5,227 km, of which 1,729 km are modern arterial and regional roads while the rest are local. The total length of the normal-gauge railroads is 250 km, electrified on their most part. The railway junction in Podgorica connects the inland with the Adriatic sea via (the Port of) Bar, whereas the railroad Podgorica-Bozaj connects Montenegro with the neighboring Albania. Montenegro has two airports, in Podgorica and Tivat

Main Industry Sectors Agriculture and food-processing represent 15% of the GDP (60% livestock breeding and 40% cultivation). The main products exported are wine and beer. The aluminum industry represents 40% of the GDP with 120,000 tons produced each year. This sole industry represents 80% of the country's total exports. Tourism represents 15% of the GDP. It is a sector in full expansion, especially on the Adriatic Coast which employs 15% of the active population. The country wants to improve its tourism infrastructure and to develop an eco-tourism (green tourism). However, the hotel infrastructures of the country remain too plain and Montenegro aims to attract large foreign hotel chains that will provide hospitality standards similar to those in Europe.

Economic Overview Since its independence, Montenegro has experienced a very strong growth, which can be explained notably by the development of tourism, household consumption supported by the increase in salaries and the use of bank credits. In a parallel direction, the rate of unemployment went from 20% in 2005 to less than 12% today. Montenegro was strongly affected by the crisis and the country entered into recession in 2010. Its main industries were affected, in particular the aluminum sector, and the price of real estate dropped, which led to the dismissal of the workforce in the building and public works sector. The income associated to tourism was also reduced due to a decline in foreign visitors. The International Monetary Fund estimates that the country will revive with a growth in 2011 but will remain in a fragile economic situation. FDI in Figures Montenegro is fast becoming an attractive investment center because of its business oriented economic system. It enjoys a high level of economic freedom and a stable currency. During the first ten months of 2007, the country registered an increase of 140% in FDI inflows into its territory, which means an increase of 600% in relation to 2004. The sectors attracting most of the FDI are finance, tourism, energy, health care and real estate. The main investing countries are Switzerland, Norway, Austria and Russia. The economic crisis provoked a slight decrease in investments in the country in 2009 and this situation continued in 2010. If the country recovers with a growth in 2011 and establishes measures to improve its economy, the foreign investors will regain confidence and will support the country's development. FDI Government Measures The government's privatization policy has attracted many foreign investors. In addition, there is a real equal treatment between Montenegrin and foreign investors in the country. The government has established customs and fiscal incentive measures: - the amount of tax can be reduced up to 25% of the amount invested in shares and bonds for the fiscal period concerned. - legal entities newly established in a municipality and who are active in the field of production can be be exempted from tax on profits during their first three years of activity. Country Strong Points Montenegro attracts a lot of foreign investors for the following reasons: - foreign companies have the same rights as national companies; - the tax system is one of the most competitive in Europe (rate of 9%); - the workforce is qualified and wages are relatively low; - the Euro is the national currency; - formalities for creating a company are simple and quick (four days are enough to create a company); - it is a stable democratic country. Country Weak Points Montenegro's weak points are - Deficit of the balance of current transactions; - Considerable foreign debt; - Problems in corruption; - Regulations in the subject of intellectual property are almost non-existent Foreign Trade Overview The country is open to foreign trade. With the support of the World's Bank and the IMF, the country's policy aims to integrate itself into the world's economy. The country has lowered its customs duties and it is trying to remove all the existing trade barriers. In order to become a WTO member, Montenegro has established major trade policy reforms which include the elimination of import quotas, the reduction of import licensing and prohibitions, the streamlining of customs procedures and the elimination of tariff and non-tariff barriers. Montenegro and the EU have signed a Stabilization and Association Agreement (SAA) on October 15, 2007, which will ultimately lead Montenegro to become in the future a member of the EU. As a fact, at the end of 2010, Montenegro became an official candidate country to the European Union, which opens the way to a future accession. The level of exports has decreased due to the economic crisis and it will need to wait until 2012 to confirm if this trend can be reversed

(http://www.globaltrade.net/m/c/Montenegro.html)

FORCES OF GLOBALIZATION IN MONTENEGRO

In the course of the 2003,socio-economic trends in Republic of Serbia and Montenegro had been characterized by active role of Goverment to implement reforms,neccessary to step up transition approach. Based on the report of the European Bank for Reconstruction and Development (EBRD),Serbia and Montenegro recorded higher progress in implementation of reforms than the other 27 East European countries.In its report on transition,EBRD graded Serbia and Montenegro 3+ (scale 1-4)for its foreign trade policy,for the method of privatization of tiny enterprises and for cost liberalization. The present state of global economy,especialy EU is that a stronger growth rate in global economy could not be expected till the end 2004. Based on the Republic development Bureau,economic trends in Serbia inside the initially 4 months of 2003,are characterized by a slowdown in economic activity,on the other hand together with stabilization of cost actual boost in salaries and growth in foreign trade.Exports of goods in period January-April 2003 elevated by 28,6% in relation to exactly the same period of 2002.The coverage of imports with exports in April 2003 is 41,9%. Costs in May well 2003 elevated by 0,5% in relation on to April and expenses of living by 0,4%. The total number of employed persons in the end of March 2003 amounted to 1,782.841 (source:Republican Labour Marketplace Bureau).Making use of exactly the same source we can notice that in Serbia had been 947,426 unemployed persons.Mentioned number was elevated by 17,7% in 2003 in relation to 2002. In 2003,336 enterprises had been privatized at tenders and auctions,which pulled in EUR 159,five milion( source:republic Development Bureau).According exactly the same source,the approach of restructuring was began in 73 massive economic systems.Also,the Serbian goverment adopted the Method for development of Entrepreneurship in Serbia from 2003-2008. The analysis of economic development in Serbia shows that essentially the most created city in serbia is Apatin using the degree of development 85% above typical in Serbia and on the other side,probably the most undeveloped city is Tutin using the development 76% below the typical of Serbia. Lastly,we can conclude that Serbia and Montenegro will attempt to be integrated into the global economy as soon as probable.In spite of our excellent wishes,it appears that our expectations are incredibly unrealistic to be achieved fastly. Namely,soon after a lengthy period of stagnation,wars,low economic rate of growth,high rate of inflation

(in 1993.it was the highest rate within the Globe),high rate of unemployment and low national income per capita,path of integration might be lengthy and hard procedure.Understanding that,our goverment will attempt to create this procedure shorther with structural alterations in national economy and generating major actions in transition toward the structure and performance of advanced economies.As quick as our regular of living rise it becomes achievable to create progress.The very first outcomes have been but evident
http://finance.ian3.net/method-of-globalization-in-serbia-and-montenegrochecking-account-online/

During the 2003,socio-economic trends in Republic of Serbia and Montenegro were characterized by active role of Goverment to implement reforms,necessary to step up transition process. According to the report of the European Bank for Reconstruction and Development (EBRD),Serbia and Montenegro recorded greater progress in implementation of reforms than the other 27 East European countries.In its report on transition,EBRD graded Serbia and Montenegro 3+ (scale 1-4)for its foreign trade policy,for the process of privatization of small enterprises and for price liberalization. The current state of global economy,especially EU is that a stronger growth rate in global economy could not be expected till the end 2004. According to the Republic development Bureau,economic trends in Serbia in the first four months of 2003,are characterized by a slowdown in economic activity,however together with stabilization of price real increase in salaries and growth in foreign trade.Exports of goods in period January-April 2003 increased by 28,6% in relation to the same period of 2002.The coverage of imports with exports in April 2003 is 41,9%. Prices in May 2003 increased by 0,5% in relation on to April and costs of living by 0,4%. The total number of employed persons at the end of March 2003 amounted to 1,782.841 (source:Republican Labour Market Bureau).Using the same source we can notice that in Serbia were 947,426 unemployed persons.Mentioned number was increased by 17,7% in 2003 in relation to 2002. In 2003,336 enterprises were privatized at tenders and auctions,which pulled in EUR 159,5 million( source:republic Development Bureau).According the same source,the process of restructuring was started in 73 large economic systems.Also,the Serbian government adopted the Strategy for development of Entrepreneurship in Serbia from 2003-2008. The analysis of economic development in Serbia shows that the most developed city in serbia is Apatin with the level of development 85% above average in Serbia and on the other side,the most undeveloped city is Tutin with the development 76% below the average of Serbia. Finally,we can conclude that Serbia and Montenegro will try to be integrated into the global economy as soon as possible.In spite of our good wishes,it seems that our expectations are very unrealistic to be achieved fastly. Namely,after a long period of stagnation,wars,low

economic rate of growth,high rate of inflation (in 1993.it was the highest rate in the World),high rate of unemployment and low national income per capita,path of integration will be long and difficult process.Knowing that,our government will try to make this process shorther with structural changes in national economy and making big steps in transition toward the structure and performance of advanced economies.As fast as our standard of living rise it becomes possible to make progress.The first results have been yet evident.

Article Source: http://EzineArticles.com/340

http://ezinearticles.com/?Process-of-Globalization-in-Serbia-and-Montenegro&id=340

NATURAL ADVANTAGE

Montenegro is a small country, but a country of open opportunities for investment and creation of such financial conditions as are necessary in order to make Montenegro a country which many businessmen would choose for both business and pleasure. Freedom and development of Montenegro, a state that has existed in the Balkans and Europe, are preserved by the contemporary civilization conditions and enriched by entrepreneurship and the work of it's citizens, cooperation with all the people who wish to make money, by showing respect and promoting the environment as well as by openness for the cooperation with the whole world.

Company Incorporation
According to the Act on Companies which are established and which conduct business activity on special terms, any legal entity and individual is free to establish international enterprise in the free trade zone of Montenegro. In the Republic of Montenegro the following types of companies are available:A limited liability Company, A Joint Stock Company, Anonymous entities. One or more founders can establish Limited Liability companies, and a Shareholding company must be established by at least two founders. Minimum establishing equity for the limited liability company is $1000 and for the joint stock company $10000. Companies are formed by inscription in The Company Register held by the Republican Ministry of Finance, in the term of ten days after the submission of the proper application. According to the Act on Companies every enterprise with a statutory seat abroad as well as every natural person who is a foreign resident for more than five years, may found a limited liability company or a joint stock in Montenegro. There are certain limitations concerning the title of the company. It is prohibited to name the company by the titles resembling those of the established companies. It is not allowed to use titles with indications of other states.

The Republic of Montenegro guarantees, by regulations and undertaking the corresponding measures and actions, that officers in the employment of the Ministry, banks and other departments and organizations, will keep as secret; all data on the identity, documents, reports and other information which are known to them in the process of their work with companies and qualified individuals, in accordance with the special government provisions.

Annual Taxation and Fees

Corporate income tax for offshore companies is due at the annual rate of only 2.5%. Offshore companies are liable to pay the annual registration fee as the lump sum of 80 US $ for limited liability company and 100 US $ for joint stock company. Offshore companies are exempted from real estate taxes in Montenegro, if the real estate serves for pursuance of their business activities. Exemption from sales tax and excise duties is granted for supply of goods, equipment and services, which are necessary for the performance of business activities of the offshore companies. All employees of the offshore company are liable to pay the wage tax at the rate of 5%. Yugoslav citizens who are employees of the company are due to pay social security contributions, i.e. the contribution for health insurance at the rate of 4% and the pension contribution at the rate of 6%. The company Awell, is due to pay the same contributions for its local employees. Every natural person who has a status of the "qualifying individual", i.e. - a person who has been non-Yugoslav resident for more than five years and who is employed by the off-shore company, enjoys:Duty-free import of cars, yachts, household equipment, furniture and technical goods, which will be used by the individual or close family, but may not dispose with these goods in the term of five years after their import - by transferring ownership rights over it to Yugoslav residents; Exemption from real-estate taxation in respect of family housing in Montenegro; Exemption from inheritance tax and capital gains tax for gains made in Montenegro; Exemption from administrative and residency levies, as well as all other local (municipal) duties. Off - shore businesses in Montenegro that make a gross annual income greater than 1.500.000 $, or alternatively that has profits of more than 100.000 $ per year are subject to the audit requirements.

Montenegro - New Off Shore business Centre

The ownership and management transformation, based on privatisation and foreign investments, has been a top priority and strategic guideline for the Republic of Montenegro. This process has continued since 7992 despite extreme conditions such as economic blockade and no support from foreign investors. During that period special attention has been paid towards establishing a new legislation, particularly concentrating on the opening of new strategic projects that might enable the ownership transformation of other economic structures, setting the basis for further economic development in market conditions. Parallel, the economic and financial system was brought in line with other countries with developed market economy. This way, optimal conditions were created for free marketing of goods, labour and capital, free stock exchange dealings, privatisation funds, banks, modern management and for building an entire market infrastructure.

For an extended period of time, the Government of Montenegro has been seriously elaborating a global economic project: "Montenegro- A Free Trade Zone". The purpose of the project is to offer Montenegro to prospective foreign investors presenting it .as a complex and attractive economic structure and to promote a new business image of the Republic. Special emphasis is being put on the international" off -shore centre" as a place where companies for special purposes will be founded. The off -shore centre will also develop a financial environment that will make Montenegro a desirable location for the foreign business community. A foreign consultant and expert firms are developing this project. The concept of a free trade zone envisages Montenegro as a new centre for international business ventures and for providing foreign companies with top quality services that would match the world standards in the area of business and tourism. "Montenegro-A Free Trade Zone " will create an attractive system of specific regime business operations which will develop an environment that is attractive for prospective foreign investors, by granting them considerable tax reductions, exemptions of customs duties, free transfer of profits, and other advantages. These special regimes have been designed so as to enhance the natural resources and the comparative advantages of Montenegro. In Montenegro, all foreign legal entities and individuals are guaranteed by the law the freedom to start companies, perform business activities and undertake international business transactions. Incentives in regard of the foreign citizen's accommodation, staying and working have been determined as well. A guaranteed activity of the companies and their foundation is connected primarily with their performance in international trade, export of domestic products and services, offering financial and non - financial services, management and consulting services, offering services in trading, production of information technology and real estate agential services, services concerning film production and marketing as well as other audio- visual productions, and other activities that, adopted by the generally accepted business standards, are performed in international business centres. All companies performing their business dealings in the Republic of Montenegro may use the local management services, consulting and other non-financial services of domestic legal entities and individuals.

Montenegro Real Estates - Buying property in Montenegro

Buying a property in Montenegro means buying a property in a new and undiscovered market for foreign investors. Nevertheless it is expected that Montenegro property prices follow the property boom in neighbouring Croatia. Many centuries of association with Venice give the piazzas, bell towers and shaded walkways an Italian feel. Budva, the picturesque walled city on the stunning Adriatic coast is one of the most popular resorts. Many Germans and Italians are already beginning to snap up some of the cheap and charming properties that are available. In order for foreign purchasers to complete a sale, their country of origin must have a reciprocal agreement with Serbia & Montenegro. In the case of Britain and Ireland for

example such an agreement exists. The selling and buying of properties is without restriction in Montenegro and is regulated by law and legally secure. Ownership is guaranteed and in that respect there are no specific limitations, the only exceptions being public property i.e. streets, squares, public objects of special importance etc of which the sale and purchase is not permitted.Purchasing property in Montenegro
http://www.avproperties.me/montenegro.php?page=business-in-montenegros