The deadline for submitting applications for citizenship by investment has been extended to 31 December, 2022. This date is approaching fast! Do not miss your chance. Ask our experts for advice and learn how to take advantage of their professional help as soon as possible.
This article is a follow-up to our recent posts on benefits of obtaining Montenegro citizenship by investments in real estate or business. To make an informed decision, the would-be expats need to consider the cost of living in this handsome Balkan country in 2022. Let us explore the current Montenegro prices of food, consumer goods, property, utilities, clothing, transport, sport. Let us compare the local purchasing power to randomly selected countries. This will help you picture your possible lifestyle in Montenegro and update your strategy.
- Currency, salaries, cost of living in Montenegro
- Montenegro prices: meals
- Montenegro prices: food
- Montenegro prices: rent / month
- Montenegro prices: property
- Montenegro prices: utilities
- Montenegro prices: transport
- Montenegro prices: sport and leisure
- Montenegro prices: childcare
- Montenegro prices: clothing & shoes
- Montenegro prices: healthcare
- In conclusion
Montenegro is the land of picturesque medieval towns, majestic mountains, and the rustic romance of the Adriatic coastline. This jurisdiction features the fast-developing economy, quality education, benign taxation system, citizens’ right to travel without visas across the world, and other strengths. It is highly likely that Montenegro is a country where you would really like to live in.
Moreover, it has recently become much easier to move to Montenegro. This is because the citizenship by investment program was extended to 31 December, 2022. Please note, however, that this deadline will approach fast. If you would like to buy a pretty house or register your company to apply for a second passport, and receive the Montenegrin tax residency yet this year, you should hurry up!
No matter how straightforward and fast the application procedure for residence/citizenship by investment may be, there is no time to waste.
Currency, salaries, cost of living in Montenegro
The official currency of Montenegro is the Euro. Since 1996, the German mark has been used de facto as the currency in all private, commercial and banking transactions. It was officially recognized as Montenegro’s currency in November 1999. In 2002, it was replaced by the Euro without any objections from the European Central Bank.
An essential element of a decent lifestyle in Montenegro is one’s business bank account and credit and debit bank cards. The rates of opening a bank account are very low, and the monthly maintenance fee is usually €1.
According to Numbeo.com, the world’s largest Cost Of Living database (as of March 2022), Montenegro’s COL index is very low (38.05). The monthly cost of living of a family of four is €1,606.02 (without rent). A single person’s cost of living is €462.83 (without rent).
The Local Purchasing Power in Montenegro is +254.58% higher than in Turkmenistan, +54.91% higher than in Uzbekistan, +51.82% higher than in Egypt, -41.86% lower than in Poland, -37.55% lower than in Italy, +29.87% higher than in Albania, +28.80% higher than in Azerbaijan, +27.25% higher than in Armenia, +26.06% higher than in Turkey, +9.84% higher than in Belarus, +9.09% higher than in Kazakhstan, +1.82% higher than in Russia.
Let us see how the Average Monthly Net Salary After Tax in Montenegro compares to salaries abroad. Is it above (+%) or below (-%) salaries in some randomly selected countries?
| in Montenegro | Italy | Poland | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Average Monthly Net Salary (After Tax) | 527.87 € | -63.64 % | -44.62 % | +47.15 % | +146.31 % | +20.82 % | +66.79 % | +81.58 % |
Source: numbeo.com (March, 2022)
Montenegro prices: meals
The average bill at any restaurant depends on the category and popularity of the establishment, as well as the gastronomic preferences of the target guests. A couple of drinks and the main dish at a fancy restaurant in the center of the Montenegrin city will cost you about €15-20 per person. As for such popular tourism destinations as Kotor and Budva, a lunch may cost at least €30 per person. You can also find restaurants where you will spend less than €10 per person for food and a beer.
| in Montenegro | Italy | Poland | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Meal, Inexpensive Restaurant | 6.00 € | -60.00 % | -6.38 % | +23.05 % | +74.71 % | -76.87 % | +8.60 % | +40.05 % |
| Meal for 2 People, Mid-range Restaurant, Three-course | 25.00 € | -58.33 % | -21.98 % | -10.28 % | +69.86 % | -72.46 % | +35.76 % | +16.71 % |
| McMeal at McDonalds (or Equivalent Combo Meal) | 4.00 € | -50.00 % | -14.89 % | -13.86 % | +1.92 % | -52.55 % | +8.60 % | -17.01 % |
| Domestic Beer (0.5 liter draught) | 2.00 € | -60.00 % | -6.38 % | +79.45 % | +35.89 % | -48.59 % | +117.21 % | +91.52 % |
| Imported Beer (0.33 liter bottle) | 2.00 € | -50.00 % | -6.38 % | +19.63 % | -18.47 % | -77.97 % | +35.76 % | +24.49 % |
| Cappuccino (regular) | 1.41 € | -0.24 % | -37.83 % | -28.47 % | -8.96 % | -70.51 % | +4.95 % | -38.11 % |
| Coke/Pepsi (0.33 liter bottle) | 1.66 € | -22.65 % | +42.53 % | +159.93 % | +495.79 % | -60.74 % | +270.17 % | +321.46 % |
| Water (0.33 liter bottle) | 1.15 € | +9.29 % | +40.42 % | +221.79 % | +553.46 % | +116.20 % | +293.58 % | +404.85 % |
Source: numbeo.com (March, 2022)
Montenegro prices: food
Food prices in Montenegro are quite attractive. A family of two spends at least about €20-25 a week on food commodities.
| in Montenegro | Italy | Poland | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Milk (regular), (1 liter) | 0.83 € | -27.88 % | +41.33 % | -2.05 % | +9.79 % | -70.48 % | +32.98 % | -13.18 % |
| Loaf of Fresh White Bread (500g) | 0.58 € | -63.40 % | -21.58 % | +34.22 % | +8.27 % | -13.54 % | +116.19 % | +81.22 % |
| Rice (white), (1kg) | 1.40 € | -27.12 % | +66.68 % | +10.24 % | +145.89 % | -74.44 % | +121.21 % | -3.66 % |
| Eggs (regular) (12) | 1.70 € | -39.57 % | -12.26 % | +3.08 % | +46.97 % | -62.89 % | +82.81 % | +36.81 % |
| Local Cheese (1kg) | 5.50 € | -55.20 % | +2.64 % | +22.31 % | +82.18 % | -58.02 % | +12.98 % | +64.21 % |
| Chicken Fillets (1kg) | 4.76 € | -43.47 % | +27.91 % | +13.41 % | +25.14 % | -58.31 % | +74.80 % | +44.07 % |
| Beef Round (1kg) | 6.85 € | -53.55 % | -10.18 % | +3.51 % | -13.58 % | -53.12 % | +47.04 % | +3.57 % |
| Apples (1kg) | 0.95 € | -48.26 % | +21.25 % | +13.51 % | -24.13 % | -25.23 % | -4.13 % | +11.05 % |
| Banana (1kg) | 1.12 € | -31.01 % | +8.43 % | -5.32 % | +80.18 % | -72.54 % | +3.57 % | -12.42 % |
| Oranges (1kg) | 1.06 € | -40.88 % | -9.63 % | -16.93 % | +127.11 % | -89.20 % | -19.11 % | -15.49 % |
| Tomato (1kg) | 1.29 € | -43.71 % | -30.32 % | +10.07 % | +247.12 % | -58.57 % | -5.32 % | +17.16 % |
| Potato (1kg) | 0.57 €) | -53.95 % | +2.64 % | +27.27 % | +54.35 % | -75.79 % | +65.91 % | +13.30 % |
| Onion (1kg) | 0.77 €) | -41.02 % | +16.88 % | +56.06 % | +146.93 % | -42.46 % | +195.64 % | +110.67 % |
| Lettuce (1 head) | 0.79 €) | -24.02 % | +3.47 % | +99.04 % | +222.11 % | -38.96 % | +18.26 % | +83.68 % |
| Water (1.5 liter bottle) | 0.59 €) | +44.06 % | +36.91 % | +30.38 % | +136.06 % | -43.09 % | +49.85 % | +34.11 % |
| Bottle of Wine (Mid-Range) | 5.00 €) | 0.00 % | +6.38 % | -10.28 % | -32.06 % | -51.81 % | +8.60 % | -5.59 % |
| Domestic Beer (0.5 liter bottle) | 0.79 €) | -42.16 % | +10.14 % | -5.00 % | -40.99 % | -78.01 % | +31.24 % | -22.75 % |
| Imported Beer (0.33 liter bottle) | 1.21 €) | -35.11 % | +16.63 % | -0.46 % | -35.07 % | -82.02 % | +7.18 % | -30.48 % |
| Cigarettes 20 Pack (Marlboro) | 3.50 €) | -38.60 % | -8.98 % | +147.92 % | +58.54 % | -91.00 % | +265.49 % | +30.72 % |
Source: numbeo.com (March, 2022)
As Montenegro is located on the coast of the Adriatic Sea, you could expect that seafood should be cheaper than meat there. However, the locals prefer meat dishes, and meat is much more affordable.
Fruit and vegetables prices in Montenegro markets are more expensive than prices in supermarkets. You will be surprised to learn that about 90 percent of market vendors buy low-priced goods from supermarkets or suburban wholesalers. However, you can bargain and negotiate discounts with them.
Montenegro prices: rent / month
If you need to rent a studio or a one-bedroom apartment, it will cost you about €150-250 per month. Naturally, the final cost will depend on the design and conveniences. A real estate by the sea will be more expensive than in the mountains.
| in Montenegro | Italy | Poland | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Apartment (1 bedroom) in City Centre | 349.17 €) | -47.37 % | -27.56 % | -4.09 % | +123.81 % | -31.55 % | +38.52 % | +50.26 % |
| Apartment (1 bedroom) Outside of Centre | 244.43 €) | -50.91 % | -39.99 % | +14.71 % | +174.89 % | -23.07 % | +49.61 % | +96.94 % |
| Apartment (3 bedrooms) in City Centre | 814.29 €) | -39.06 % | +7.63 % | +13.42 % | +124.50 % | -42.39 % | +72.91 % | +75.18 % |
| Apartment (3 bedrooms) Outside of Centre | 619.43 €) | -34.12 % | +1.09 % | +57.05 % | +191.95 % | -24.58 % | +97.03 % | +154.28 % |
Source: numbeo.com (March, 2022)
Please note that most transactions between tenants and hosts involve intermediaries. Their fees may make up to 1/3 of the rent. If you can do without a real estate agent, you may be lucky to sign a very moderately priced lease.
Cheaper options are not always worse. For example, rates for very attractive apartments in quite pretty neighborhoods located just 5-10 minutes by cab (30-40 minute walk) from the Old Town in Kotor can be very affordable, while leaseholders in downtown have to pay much more expensive rent.
Montenegro prices: property
Property prices in Montenegro are quite reasonable. However, you will discover a great difference between the coastal cities and the central or northern parts of the country. The seaside area is very popular with the local and inbound tourists in summer. Therefore the coastal real estate is more expensive.
| in Montenegro | Italy | Poland | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Price per Square Meter to Buy Apartment in City Centre | 1,875.00 €) | -51.00 % | -39.06 % | +16.00 % | +243.72 % | -27.47 % | +149.12 % | +46.97 % |
| Price per Square Meter to Buy Apartment Outside of Centre | 1,270.00 € | -41.18 % | -42.13 % | +54.79 % | +315.06 % | -32.31 % | +141.15 % | +115.01 % |
| Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate | 5.40 | +233.22 % | +35.07 % | -52.93 % | -56.13 % | -32.50 % | -61.41 % | -41.98 % |
Source: numbeo.com (March, 2022)
Please note that you can invest only in properties approved by Montenegro authorities if you are planning this as a way to obtaining a second passport and citizenship. Please find the details in our topical article.
When applying for a residence permit or citizenship by investment in Montenegro, you do not have to buy real estate. Instead, you can invest in business. However, the purchase of some property is a more winning strategy, given the fact that prices in Montenegro are steadily growing.
Montenegro prices: utilities
Basic utilities (electricity, heating, water) are cheaper in summer and more expensive in winter. The average cost of telephone, internet and TV is about €15-40, depending on the tariff plan. Heating in the winter months plus all other utilities in a studio or 1-bedroom apartment can cost up to €60-80.
| in Montenegro | Italy | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | 99.22 € | -39.98 % | +41.40 % | +217.77 % | -89.75 % | +160.03 % | +119.47 % |
| 1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) | 0.12 € | -24.51 % | +216.74 % | +1,179.35 % | +369.90 % | +474.02 % | +270.49 % |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 25.34 € | -12.05 % | +71.62 % | +89.46 % | -93.99 % | +175.81 % | +73.71 % |
The cost of centralized heat supply may be higher. Besides, households pay for garbage collection, parking facilities, and some other services. The total utility bill in the summer is usually not more than half the value of the winter expenditures.
Montenegro prices: transport
During the high season, roads are very crowded. Tourists and locals move around the country by cars, cabs, public buses. There is only one railway line – from Bar to Serbian Belgrade, going via Podgorica and Bialo Polje.
| in Montenegro | Italy | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| One-way Ticket (Local Transport) | 1.00 € | -33.33 % | +438.35 % | +307.67 % | +671.11 % | +503.36 % | +522.45 % |
| Monthly Pass (Regular Price) | 30.00 € | -14.29 % | +223.01 % | +205.75 % | +285.56 % | +171.51 % | +180.10 % |
| Taxi Start (Normal Tariff) | 1.00 € | -80.00 % | -10.28 % | +103.83 % | -22.89 % | +8.60 % | -3.99 % |
| Taxi 1km (Normal Tariff) | 0.60 € | -53.12 % | +223.01 % | +205.75 % | -22.89 % | +117.21 % | +60.06 % |
| Taxi 1hour Waiting (Normal Tariff) | 7.00 € | -74.22 % | +214.03 % | +448.78 % | -10.04 % | +153.41 % | +161.43 % |
| Gasoline (1 liter) | 1.30 € | -40.71 % | +45.65 % | +281.71 % | +234.23 % | +301.54 % | +139.76 % |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | 20,000.00 € | -13.04 % | -6.37 % | -9.41 % | +6.73 % | +55.15 % | +24.49 % |
| Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) | 19,299.00 € | -21.29 % | -6.72 % | +3.38 % | +0.31 % | +18.94 % | -4.60 % |
A monthly bus pass costs about €15-30, depending on the local tariffs. A one-way bus trip is under €1. Cab services in Montenegro are also very cheap, except for the summer period when the prices double.
The cost of renting a car depends on the class of the car and its engine power: a small car will cost about €30-40 / day, while the cost of renting an SUV or convertible will be about €50-70 / day. It’s worth remembering that during the high season, the prices of car rentals double. Gasoline prices are from €0.6 to €1.15 per liter.
A journey by car around Montenegro is fun. Roads are impeccable, pedestrians are polite, and oncoming car drivers are usually very courteous. But the driving style of some locals is quite peculiar: they may occasionally neglect traffic rules, so one has to be alert to the unforeseen scenarios.
Montenegro prices: sport and leisure
Social and cultural tastes and preferences differ. But in Montenegro, anyone can find something to one’s liking, and there is always something to suit every budget. For example, a visit to a good nightclub in Podgorica or Kotor can cost €15-20 per person. If you prefer pubs or smaller bars, you can expect to spend €10-15 per person.
| in Montenegro | Italy | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Fitness Club, Monthly Fee for 1 Adult | 32.00 € | -30.49 % | -35.88 % | +38.40 % | -35.63 % | -2.55 % | +12.04 % |
| Tennis Court Rent (1 Hour on Weekend) | 10.19 € | -47.08 % | -2.33 % | +29.61 % | -56.36 % | -20.07 % | -41.27 % |
| Cinema, International Release, 1 Seat | 5.00 € | -41.18 % | +7.67 % | +19.90 % | -51.81 % | +59.71 % | +33.38 % |
In winter, many guests and residents of the country prefer to spend time in the mountains – at ski resorts of Kolasin, Zabljak, and Lovcen.
In the warm season, the most active holiday-makers choose amateur and professional diving tours or rafting at such spectacular sites as the Tara River.
Montenegro prices: childcare
The prices charged by private kindergartens in Montenegro are lower than in most countries of Central and Eastern Europe. There is a system of 8-year schooling. Education is free and compulsory for children aged 6 to 15 years. Tuition is mostly in Montenegrin, which is very similar to Serbian and Croatian. Some schools teach in Albanian, as well as Russian and English.
| in Montenegro | Italy | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | 179.25 € | -59.98 % | +20.84 % | +91.75 % | +763.89 % | +44.94 % | -1.60 % |
| International Primary School, Yearly for 1 Child | 6,187.50 € | -38.40 % | +31.27 % | +138.92 % | -80.65 % | +52.91 % | +39.11 % |
International schools available in Montenegro can be an ideal option for foreign students (children of multinational CEOs, diplomats, and migrant investors). Their standards of education are similar to the global ones. Teaching is conducted in English. This ensures easy transition between schools around the world, whether in France or Vietnam.
Montenegro prices: clothing & shoes
Even though the territory of Montenegro may be smaller than the urban area of Beijing, the weather conditions in this country are incredibly diverse.
| in Montenegro | Italy | Armenia | Egypt | Turkmenistan | Kazakhstan | Azerbaijan | |
| 1 Pair of Jeans (Levis 501 Or Similar) | 52.14 € | -29.91 % | +17.43 % | +81.63 % | -56.53 % | +6.51 % | +73.33 % |
| 1 Summer Dress in a Chain Store (Zara, H&M, …) | 28.53 € | -8.45 % | -23.17 % | -23.50 % | -77.89 % | -5.00 % | -14.90 % |
| 1 Pair of Nike Running Shoes (Mid-Range) | 68.75 € | -14.10 % | -8.43 % | -27.28 % | -81.13 % | +15.31 % | -9.00 % |
| 1 Pair of Men Leather Business Shoes | 85.19 € | -20.63 % | +19.50 % | +80.24 % | -67.15 % | +24.56 % | +40.13 % |
Montenegro prices: healthcare
As an expat with a Montenegrin visa, you will not be entitled to free medical care at public health facilities. However, as soon as you get a Montenegro residence permit or citizenship by investment, you will have access to free public health care, and all medical services at state hospitals will be provided free of charge.
Be prepared to pay €10-30 to consult a doctor at a private clinic. The rule of thumb is: services of general practitioners are cheaper than those of specialist doctors or modern methods of treatment of certain disorders and diseases.
As for Montenegrin pharmacies, most antibiotics cost less than €5. Other prescription drugs for disorders and illnesses can cost €15-25. In many cases, this is about half the prices quoted in many European states.
You will discover that in this country, pharmacists maintain a special approach to customer service. Every pharmacist seems to be trying to become, if not a friend, a personal therapist. Before selling you a particular medicine, they ask a lot of questions to be able to offer customized recommendations.
In conclusion
The figures given in this article represent the cost of living in the most famous and popular Montenegrin cities, such as the capital city of Podgorica, as well as popular tourist destinations such as Kotor and Budva.
Please note, that the cost of living will be lower in smaller and less popular cities. This rule is largely applicable to all other countries in the Balkans.
Besides, the cost of living in Montenegro is season-specific. In summer, when tourists literally flood the streets of Montenegrin cities, locals almost double the prices of their goods and services.
If you have a partner or family, you can multiply the above figures by the number of people and find out how much money you need for maintaining your personal lifestyle.
As you are reading this article, the information analyzed in it in March 2022 may no longer correspond to the actual situation in Montenegro. We recommend referring to our experts for clarifications, discuss your concerns, and consider changes occurring under the influence of all-European and global political, social, economic processes.
Are you planning to apply for a second passport and citizenship of Montenegro by investment in local resorts? You are welcome to contact our experts for all the information you need on prices, procedures and other relevant aspects on your agenda. You can send your inquiries, book a free private consultation, or order services by contacting us at info@offshore-pro.info
