The country of Montenegro, located in the Balkans, is a stunning blend of rugged mountains, medieval villages, and a long, narrow strip of Adriatic coastline. The bay of Kotor is reminiscent of a fjord and is dotted with medieval forts and coastal churches. The rugged, limestone peaks of the Durmitor National Park are home to bears. The Tara River Canyon is 1,300m deep and includes many lakes.
Tourism
The tourism market in Montenegro is largely centered on hotels and resorts along the coast. However, it also has a burgeoning ecotourism and water sports industry, as well as marinas and fishing opportunities. Tourism representatives are hopeful that these changes will help shift the reliance on low-revenue package tours to more environmentally sound and sustainable practices. There are still many unanswered questions regarding the future of tourism in Montenegro.
As Montenegro is relatively small and only gained independence in 2006, it is still a relative newcomer to the tourism industry. Because it is so small, Montenegro has fragile bones. The country has tried to jump into tourism before it was ready to walk, which has made it vulnerable to exploitation. Therefore, it needs to take the time to allow tourism to grow without causing damage to the environment. For now, the government is working to attract tourists to Montenegro, and there are a number of ways to do this.
Karst region
The karst region of Montenegro covers approximately two-thirds of the country’s landmass. The region is unique in its geology, varying in its sedimentation conditions from that of the Adriatic sea and non-karstic terrain. The karstification process is unique, as this terrain is deeper than the seafloor. The Dinaric geosyncline’s evolution in space is also unique.
Montenegro’s karst landscape is comprised of two mountain ranges: the Dinaric Mountains and the Maganik. Both are composed largely of limestone and are of the Cretaceous, Triassic, and Jurassic ages. Several hotspots for fossil preservation exist in the region. The Porphyrin-Hornstein and Wengener Schichten formations contain remains of Triassic bivalves. The Budos limestone in Niksic is a source of paleontological plant material.
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Politics
Politics in Montenegro is a multi-party, parliamentary representative democracy. The head of government is the Prime Minister. The government has executive power. The government is the top decision-making body in the country. There are three major political parties: the Democratic Party, the Liberal Democratic Party, and the Conservative Party. All of the parties are equally represented in parliament. However, in Montenegro, the government is also the top decision-making body.
Despite Montenegro’s small size, the country’s political system is remarkably complicated. In Montenegro, the crisis stems from the need to break a parliamentary deadlock and form a minority government, which in turn can restart the reform process. The power struggles are complex, and often involve identity politics and foreign policy. The crisis is likely to continue, but there are ways to manage it.
Economy
The economy of Montenegro relies on tourism to fuel economic growth. Its beautiful natural surroundings include rocky mountains, medieval villages, and a narrow strip of coastline along the Adriatic Sea. The Bay of Kotor resembles a fjord, with fortified towns and coastal churches. The country is also home to bears, limestone peaks, glacial lakes, and the 1,300-meter-deep Tara River Canyon.
Economic policy is regulated by the Central Bank of Montenegro. The Bank of Montenegro has limited monetary policy powers. It maintains the country’s payment system and controls banking and financial services. As the fiscal agent, the Central Bank monitors monetary policy and regulates the establishment of banks. Banks are established as joint-stock companies, and they must submit registration documents within 60 days of licensing. As of 2008, the government aims to promote foreign investment by reducing taxes.
Taxes
There are several types of taxes in Montenegro. Real estate and land plots are subject to a property transfer tax that is 3% of the value of the property. In addition, newly built properties are subject to a 21% VAT. Real estate taxes are paid by individuals and can range from 0.25% to 1% of the cadastral value of the property. Tax rates for specific types of property are based on location, amenities and proximity to the sea.
Individual taxpayers pay income tax on all of their profits, while non-residents pay the Montenegrin PE tax on royalties, interest and rental income from immovable property. Employment income is taxed proportionally on the basis of gross income. Non-taxable income is income derived from self-employment or independent activities. Income from self-employment and independent business activities is taxed proportionally on the basis of the tax base realised in that time period.
