Botanika Residences at Lustica Bay
Lustica Bay Botanika, Radovici, Montenegro
Lustica Bay Botanika, Radovici, Montenegro
Lustica Bay Botanika, Radovici, Montenegro
2 - 4 Bed | 2 - 4 Bath
From EUR 859,000
Key Details
Lustica Bay Botanika, Radovici, Montenegro
Luštica Bay is an ongoing development project aims to create a whole new community offering all of the facilities and amenities of a modern development, while retaining the rustic, traditional charms of Boka Bay. The town is quickly coming into its own and is already seeing great numbers of people from a wide array of backgrounds and cultures making the decision to settle and establish their new lives. It is this incredible, diverse community that has been the driving force behind Luštica’s fantastic growth and helped to create a place to truly belong!
As a homeowner you have access to a wide range of services and facilities to ensure that your new life on the Luštica Peninsula is everything you had hoped for and more! As the project develops, this list will keep growing with it and the opportunities for residents will continue to increase.
1. Can Foreigners Buy Property in Montenegro?
Yes. Montenegro is very open to foreign investment. Foreign nationals can buy property in their own name with very few restrictions. The main exception is agricultural land (over a certain size) and property of military or strategic importance.
Good news: At Luštica Bay, all properties available for purchase are pre-approved for foreign ownership.
2. Why Buy at Luštica Bay?
Luštica Bay is a master-planned coastal community developed by Orascom Development, offering:
High-end villas, townhouses, and apartments
Two marinas, beaches, golf course (under development)
Restaurants, boutiques, wellness centers
On-site property management and rental programs
It is one of the most secure, legally sound, and well-managed developments in Montenegro.
3. The Buying Process
Step 1: Select Property
Choose from available units (e.g. Botanika Residences, Marina Village, The Peaks). A reservation agreement may be signed to hold the property.
Step 2: Due Diligence
The developer (e.g. Luštica Development AD) or your lawyer will verify title deeds and check for any encumbrances.
All Luštica Bay properties are sold with clean title and construction permits.
Step 3: Sales Agreement
Once due diligence is completed, a Preliminary Sale and Purchase Agreement (SPA) is signed.
This outlines the price, payment terms, and handover date.
Step 4: Payment
A 20% down payment is usually required.
The remaining balance is paid in installments according to a schedule or at handover (varies by property stage).
Step 5: Notarization & Registration
Final contracts are notarized in Montenegro.
The buyer is officially registered as the owner in the Montenegro Real Estate Registry (Cadastre).
Legal representation is recommended for non-resident buyers.
4. Costs and Taxes
Property Transfer Tax: 0% for new developments (like Luštica Bay). A 3% tax applies for resale properties.
Legal Fees: Approx. 1%–1.5% of the property value
Notary Fees: Around 0.01%–0.05%, capped by law
Maintenance Fees: Vary by property (monthly charges cover security, communal areas, services)
VAT: 21% VAT is included in the price for new properties (not an added cost)
5. Residency Options
Purchasing property in Montenegro does not automatically grant residency.
However, owning real estate allows you to apply for temporary residency, which can be renewed annually.
Montenegro also offers residency through company formation, and citizenship-by-investment (though the CBI program is currently suspended).
6. Financing Options
Mortgages are limited for non-residents, especially from local banks.
Most Luštica Bay buyers pay in cash or via installment plans offered by the developer.
7. Rental Income and Management
Luštica Bay offers a professional rental program, allowing owners to generate income when not using the property.
All management, guest services, and maintenance are handled on-site.
Rental income is subject to personal income tax (currently 9–15%, depending on structure).
8. Repatriation and Exit Strategy
Profits from property resale or rental income can be repatriated without restrictions.
No capital gains tax if you hold the property for more than three years.
Resale market is active, particularly in Marina Village and Botanika.
9. Legal Advice & Language
All contracts are signed in Montenegrin, but certified English translations are provided.
Hiring a local lawyer or using developer’s legal support is strongly advised.
10. Summary: Why Luštica Bay Is Ideal for Foreign Buyers
✅ 100% freehold ownership
✅ EU-aligned legal structure
✅ High-quality, secure development
✅ Transparent process with developer support
✅ Excellent lifestyle and rental income potential
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