Expat financial advisors in Montenegro

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Expat Financial Advisors in Montenegro – that will be the topic of today’s article.

I will compare some of the options available locally, alongside more portable, online, and international options like what we offer.

It makes sense to have a portable option as an expat, as opposed to a localized one, and that is something we specialize in. 

If you want to invest as an expat or high-net-worth individual, which is what i specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).


Many people dream of living abroad. The ideal option is to move to Montenegro, which attracts attention with its mild climate, well-maintained beaches, unique natural areas, developed economy, and excellent infrastructure. The small Balkan country, according to statistics, ranks fifth in Europe in terms of favorable conditions for immigrants. You will find up-to-date information on how to move to Montenegro on the migration marketplace.

Prices in Montenegro for food, groceries and utility bills are cheaper than in many European countries, which is one of the main reasons why this amazing country attracts people. However, the salaries here are small compared to European countries. Despite this, Montenegro attracts foreign citizens, with its nature, climate, and the excellent attitude of Montenegrins. In 2022, a visa for a tourist visit to Montenegro is not needed.

Excellent ecology, access to the sea, excellent food, a decent level of medicine, more or less affordable housing – all this attracts foreigners to move to Montenegro for permanent residence.

Prices in Montenegro for various goods and services are much lower than in Italy or Spain, and this captivates the foreigners. Therefore, every year the number of emigrants to this country is growing, and this is not surprising, since the Montenegrin authorities are trying in every possible way to meet their citizens and improve their quality of life.

Benefits of living in Montenegro

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The standard of living of any country consists of the following components:

Salaries. The salaries of Montenegrins can be lower than in a few European countries, however, the country’s authorities are trying their best and their efforts are not in vain. Since every year the wages of citizens are growing;
Crime level. There are no robberies, thefts and other negative phenomena in this country;
Renting apartments in residential areas is small;
The level of ecology. The country is environmentally friendly;
Price level. Prices for food and goods are much lower;
Real estate (meaning purchase) at quite normal prices;
Food quality. In Montenegro, all products are fresh, as they are grown in their own country.

Medicine in Montenegro

Medicine is divided into paid and free. In the first case, we mean treatment in private clinics. But citizens of Montenegro, as well as those foreigners who have temporary residence permit, can count on free medicine. If it is not there, then even if they go to a state clinic, they will have to pay.

By the way, the presence of temporary residence permit gives one more advantage: when buying medicines in state pharmacies, a person purchases medicines much cheaper than in private medical institutions, and can even get certain funds for free.

Another point that allows you to undergo free treatment is the availability of a special health book. With this book you need to go to every appointment with the doctor so that you can be treated in public clinics.

And once every 3 months, you need to go with her to the Zdravlya Foundation, where they put a seal that a person can use the services of medical institutions in Montenegro.

If such a book is on hand, then a person can receive free medical care, perform various examinations, be registered during pregnancy, and even be serviced after childbirth.

Education in Montenegro

The system of education in Montenegro is the most democratic of all existing in Europe. The latest training programs, improved teaching methods, a system of assessment that entices children – all this makes children interested in learning. School education in Montenegro is divided into 2 stages here: basic education and secondary education. Obtaining knowledge in basic school is 9 years, and in secondary school – 3-4 years. After 9 years of education, children can go to secondary school (however, this is not required).

Most often, students go to study at tourist educational institutions, since it is tourism in Montenegro that is popular and brings a good profit.

Higher education in Montenegro is represented by only 3 universities. Applicants are enrolled in the university based on the results of passing school exams. A prerequisite for admission is knowledge of the state language.

The cost of studying at universities

The average cost of education in this republic is:

500-15000 euros per year for a bachelor’s degree;
1500-2500 euros per year for a master’s degree;
3,000 euros per year for a doctorate degree.

Having received education in Montenegro, foreigners can find a job in their specialty or emigrate to other European countries in search of a better paid job.

Why Montenegro attracts expats?

A steady increase in the number of people wishing to settle in Montenegro began in the early 2000s. The country has become more popular in recent years for a very big number of foreigners from all over the world. Several factors contributed to this:

the introduction by the Czech government of beneficial changes for many foreigners;
availability of paperwork;
opportunity to save money.

Montenegro is preparing to join the European Union. For 6 years now, a law has been successfully operating in the country that allows foreigners to obtain a residence permit on the basis of purchased real estate. A state with unique traditions attracts the attention of immigrants with its historical and cultural proximity. It has a fairly high economic potential, which is important for people to live comfortably.

How expats live in Montenegro?

According to statistics, Montenegro is not considered a country with a very high standard of living. The average salary here is about 500 euros. People with high professional qualifications can easily find a highly paid position. In the summer, employment opportunities increase significantly due to the intensification of the tourism sector. Immigrants are offered the positions of bartenders, waiters, maids, sellers, health workers, animators.

Buying products in Montenegro does not lead to significant cash costs. The country has strict control over the freshness of food, so expired goods have no chance of getting into store windows. The cost of fruits and vegetables will pleasantly surprise expats, who are used to seeing higher prices in their native country. Clothes are quite expensive, so it is better to buy things in Italy or Serbia, where you can significantly save financial costs and buy branded high-quality items.

A significant amount of the salary has to be spent on utility bills. Only for the use of the Internet you have to pay about 30 euros per month. An adequate standard of living in Montenegro is provided to people who have their own business. In Montenegro, migrants are more attracted not by the financial situation, but by the living conditions. The absence of a cold winter, a lot of sun, the sea, beautiful mountain landscapes – all this contributes to a comfortable life in a foreign country. In terms of the level of ecological situation, Montenegro ranks first among European countries. The natural balance is not disturbed due to the absence of a large number of industrial enterprises.

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Who is a financial advisor?

A financial advisor is a very important person. He is an investment specialist who knows how to save and increase funds. He evaluates the financial condition and resources of his client, develops an investment policy for him, a scheme for working with banks, brokerage and insurance companies, helps him make financial decisions and manage the budget. Ideally, the consultant is able to solve all the financial problems of the company or individual.

This is a specialist who advises on financial policy issues at various levels. It can operate both as an individual and as a legal entity. It does not change its function.

He advises clients on the issues of saving or increasing funds, assesses their financial condition, develops an investment policy, a scheme for working with banking institutions, and makes management decisions. And most importantly, it helps emigrants understand the financial system of the country they are moving to.

Today, we will mainly focus on three main categories of financial advisors, namely:

bank financial consultants
local financial advisors
online financial advisors

The consultant must be well versed in a particular area of ​​finance but may also be a multidisciplinary professional.

Bank financial advisors

When moving abroad, most expats start their financial career by opening a bank account. Choosing the right bank and the right account is a rather complex process that you will have to figure out on your own. Foreigners in Montenegro should consult with a bank financial adviser to ensure they have made the right choice.

This type of financial advisor is very necessary when foreigners deal with different types of banking services. One of the most important things expats will need when investing is a savings account.

A savings or investment account is a type of account that offers customers an easy way to withdraw or deposit money anytime, anywhere without restrictions. It is the best choice for both those who want to keep their money safe and those who need to use their money every day.

Local financial advisors

There are many misconceptions about the role of a financial advisor and the differences between financial market professionals. The reality is that having an expert to help you navigate the financial market and tailor your nutritional investment to suit your individual needs can be extremely rewarding in the long run. Especially local fiduciary consultants who are required by law and ethics to always put you first.

Many people prefer a local financial advisor because of the convenience, interaction, and more. Here are the main reasons and benefits of choosing a local consultant:

Personal communication

Yes, some only trust personally, especially when it comes to money. If you are not comfortable doing business online, a local financial advisor may be a good fit for you.

Many people prefer a personal, human touch, especially the older generation who grew up on bricks and mortar, rather than doing business online, which is why a local financial advisor is the advisor of choice.

In addition to managing your investment portfolio, the benefits of being a traditional local financial advisor include being able to discuss your questions and concerns as often as you wish, from anywhere.

Face-to-face meetings can help you clarify your expenses and goals by scheduling an evaluation appointment and scheduling regular reviews. All counselors are individuals, so it’s important to shop around and ask questions to find the one who fits your individual needs.

Local experience

Senegal is a foreign country and for many expats the laws may be different, investment options, savings accounts and more may require different skills.

The key solution is a local financial advisor. They are usually educated and focused on the laws and regulations they follow in the country. As such, they are an excellent resource if you are looking to invest locally to spur growth in your area, city, or state.

Keep in mind that local investments can bring you two rates of return: one directly into your portfolio and the other through your community. There is growing evidence that, compared to their non-local counterparts, local businesses have two to four times the impact on local economic development for every dollar spent on them.

So if you have an investment portfolio that includes local businesses, your dollars will continue to circulate and improve the well-being of your entire community by creating new jobs, increasing income, and ultimately supporting funding for schools, parks, police. and fire services; and safe and prosperous areas.

An expert, local financial advisor can help you with due diligence to make sure your local investment makes sense.

Online financial advisors

This is by far the best option you can get just by applying. The concept of having an online financial advisor is a relatively new concept.

This is a model that has successfully proven itself in all developed countries. Millennials and Generation Z are used to connecting with people online. Whether you share selfies with friends and family on Facebook and Instagram, or video calls on Skype, we are open to daily online communication with those who matter to us.

Here are some of the benefits of being an online financial advisor to tell you the benefits of being a financial advisor who is using technology and wants to connect with you.

Different locations

If you’re in a relationship and your finances are combined, your financial planner should talk to both of you so we’re all on the same wavelength.

There is nothing worse when a partner tries to explain to another partner a conversation they had with their financial planner.

However, in today’s society, getting both of you in the same room in the same place can be extremely difficult.

You may both be at work, or one may be at home with the kids and the other may be at work.

Having an online financial planner solves this problem. You can join a video conference wherever you are, and your partner can also join the same conference.

You are all getting the same message and know exactly where you are with your finances and what next steps you need to take to achieve what you want.

Online documentation

Financial planning requires tons of paperwork. Those who receive basic financial planning advice will easily find hundreds of pages of documentation with advice.

There will be many documents that will also require your signature. Where do you keep all this documentation? Especially if you love to travel? As an online finance consultant, we benefit from technological advances. Therefore, we can safely send you all these documents online by e-mail.

But the most interesting thing is that you can put your electronic signature! Use a few clicks to sign documents, switch superusers, set up attachments, and implement Plan B.

All of these documents will be securely hosted on an online portal that only you and your online financial advisor can access.

Many may be skeptical about this, which also has its own explanation. It’s a relatively new concept and it’s hard for people to get used to some of the things that can also be done on an online platform, but it’s a great tool that saves you time and benefits in the first place.

This is all the information you need to know on how to find a financial advisor in Senegal to help you achieve every financial goal. The choice is yours, of course, but online financial advisors definitely win this competition.

The main benefits you get from financial advisory

Hiring an advisor offers many benefits that can help you make serious investment decisions, use the right banks, help you plan for your retirement, and more. Let’s look at some of the benefits.

You will receive professional guidance

While it’s best for you to decide how you want to manage your finances, getting advice from financial advisors can be a good idea. These specialists have undergone several trainings and are highly qualified. Moreover, with many years of experience, they can better advise you on where to invest at the moment. This is due to the fact that they have experienced various financial problems and therefore are well aware of what works and what does not, based on the individual needs and goals of each person.

You can say goodbye to tax problems

Huge amounts of taxes on investments and assets can exceed the very purpose of owning them. A good financial advisor understands this and organizes your finances in such a way that your tax expenses are kept to a minimum. High taxes mean low profits. Even seemingly promising investments can turn out to be the wrong decision due to the taxes associated with them. This is where an independent financial advisor can help you. Not only will they help you reduce your taxable income, but they will also keep you updated on the latest tax laws and amendments.

You can benefit from their research skills

The role of an independent financial advisor requires that they be active researchers. Deep research across industries, sectors and markets helps them stay competitive. They are knowledgeable about the various sectors, financial markets, risks, applicable laws, tax regulations and other areas of financial management. This way, when you approach them with your concerns, they will be well equipped to help you make an informed decision. This, in turn, will help minimize investment risks.

You can count on them to manage your finances

In a fast and progressive world, you already have a lot to do. Even if you want to, it can be difficult for you to find time in your busy schedule to manage your finances. With a financial advisor at your side, you don’t have to worry about your money. These professionals use their skills and experience to make good money. While you are at work, financial advisors can make your money work for you. They will take on a wide range of economic issues and responsibilities on your behalf and find the best ways to create wealth.

You can benefit from their experience and views

Financial advisers not only have many years of experience, but also a clear point of view. They analyze your financial decisions from a long-term perspective, which is necessary for successful investments. They also balance your decisions and help make sure emotions don’t affect your ROI.

Your attachments will be checked regularly

The importance of analyzing your investments cannot be overstated. It’s only when you track the performance of your investments that you realize how well they are meeting your goals. An independent financial advisor monitors your investments and sends you regular reports. They can also tell you better if you should keep investing or withdrawing based on their view of the market.

Pained by financial indecision? Want to invest with Adam?

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Adam is an internationally recognised author on financial matters, with over 694.5 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

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