Montenegro offers several customs and duty exemptions designed to attract foreign investment and support economic development. Here’s a summary of the key aspects of these exemptions:
Key Customs and Duty Exemptions in Montenegro
- Customs duty exemptions on capital equipment
- Waivers on equipment: Foreign investors can import capital equipment and machinery without paying customs duties. To qualify, specific documentation is required, including proof of company establishment and contracts related to the investment.
- Duty-free import of goods for strategic investments
- Duty-free status: Goods imported for strategic projects—such as renewable energy, infrastructure, and technology—can be imported duty-free. This aims to lower initial costs for investors and encourage large-scale investments.
- Exemptions for reinvestment and expansion projects
- Additional duty exemptions: Companies reinvesting profits into new equipment or expansion projects in Montenegro may qualify for further duty exemptions, supporting local economic growth.
- Customs quotas and tariff preferences
- Tariff preferences: Montenegro offers customs quotas and tariff preferences through its agreements with the EU and other trading partners. These benefits allow for reduced or zero customs rates on various imported goods, depending on the product type and origin.
These customs and duty exemptions create a favorable environment for foreign investors, helping to stimulate economic activity and development in Montenegro.