Foreign-owned companies, including those incorporated in Montenegro and in which foreign shareholding exceeds 10%, are not allowed to acquire agricultural/forestry land but are allowed to lease it on a long-term basis, while domestic companies are allowed to acquire it. EU/EEA investors are not subject to such restrictions as per the Stabilisation and Association Agreement of May 2010. However, as per the OECD FDIRRI methodology, the preferential treatment accorded to EU/EEA invesrtors or any other investor as per commitments under international agreements is not taken into account. Per the FDIRRI methodology, which draws on the OECD's Code of Liberalisation on Capital Movements rules, only preferential treatment arising from EU/EEA membership is admitted to be reflected in the FDIRRI.
"Chapter XII - Rights of Foreign Persons [...]
Art. 415: Limitations of Foreign Persons' Rights
A foreign person cannot have an ownership right on:
1. natural resource;
2. goods in general use;
3. agricultural land;
4. forest and forest land;
5. cultural monument of special importance;
6. immovable property located in the area that is, for the purpose of protection of interests and safety of the country, proclaimed by law as the area that a foreign person cannot have the ownership right on.
7. immovable things that is in the area of which is to protect the interests and security of the land law declared area in which a foreign person can not have the right to property.
Special law in the sense of paragraph 1 point 7 of this Article, the way and the procedure prescribed for the adoption of this law.
Exceptionally, a foreign physical person may acquire the ownership right on agricultural land, forests and forest land of a surface up to 5,000 m2, only if a residential building located on this land is subject to the contract of divestiture (sale, gift, exchange, etc.).
A foreign person can be entitled to a long-term lease, concession and BOT on the immovable property referred to in items 1 to 6, paragraph 1 of this Article, as well as local people. [...]" (Law on Property Relations (Zakon o svojinsko-pravnim odnosima), OG MNE No. 19/09 of 13/03/2009)
-----------------------------
"I. General provisions [...]
Article 2
For the purpose of this Law, a foreign investor shall be:
- Foreign legal entity or individual;
- Legal entity having at least 10% share of foreign capital into the total entity's capital;
- Legal entity established in Montenegro by a foreign individual;
- Citizen of Montenegro having place of residence abroad.
For the purpose of this Law, a foreign investor shall also be considered a person who has been granted Montenegrin citizenship in accordance with the Law, based on the executed investments. [...]" (Law on Foreign Investment, OG MNE, No. 18/11 dated 01 April 2011 [google translation])
-----------------------------
"TITLE V - MOVEMENT OF WORKERS, ESTABLISHMENT, SUPPLY OF SERVICES, CAPITAL [...]
CHAPTER II - Establishment [...]
Article 53
1.   Montenegro shall facilitate the setting-up of operations on its territory by Community companies and nationals. To that end, Montenegro shall grant, upon entry into force of this Agreement:
(a) as regards the establishment of Community companies on the territory of Montenegro, treatment no less favourable than that accorded to its own companies or to any third country company, whichever is the better;
(b) as regards the operation of subsidiaries and branches of Community companies on the territory of Montenegro once established, treatment no less favourable than that accorded to its own companies and branches or to any subsidiary and branch of any third country company, whichever is the better. [...]
5.   Notwithstanding the provisions of this Article:
(a) Subsidiaries and branches of Community companies shall have, from the entry into force of this Agreement, the right to use and rent real property in Montenegro;
(b) Subsidiaries and branches of Community companies shall from the entry into force of this Agreement have the right to acquire and enjoy ownership rights over real property as Montenegrin companies and as regards public goods/goods of common interest, the same rights as enjoyed by Montenegrin companies respectively where these rights are necessary for the conduct of the economic activities for which they are established.[...]" (Consolidated text: Stabilisation and Association Agreement between the European Communities and their Member States, of the one part, and the Republic of Montenegro, of the other part, Document 02010A0429(01)-20220209)
-----------------------------
"Title XII - [...] LEASE
SUBTITLE 6 - TERMINATION OF LEASE
Expiration of Designated Time
Article 623
A lease contract entered into for a definite period shall be terminated by the expiration of the time covered by the contract, or specified by law.
Implicit Renewal of Lease
Article 624
(1) Should after the expiration of time covered by contract of lease, the lessee continue to use the object without the lessor's objection, a new lease contract shall be considered to have been concluded for an indefinite period, and under the same terms and conditions as the previous one.
(2) Performance pledges of third persons for the first lease shall be terminated after the expiration of that lease period.
Termination by Notice
Article 625
(1) A lease contract whose duration period is not determined or which can not be determined on the ground of circumstances of the case or of local trade practice, shall be terminated by notice, which may be given by each party, while honoring an agreed period of notice. 
[...]
Title XIV - LEASE OF BUSINESS PREMISSES [...]
SUBTITLE 4 - TERMINATION OF LEASE CONCLUDED FOR AN UNDEFINITE PERIOD OF TIME
Termination by Notice
Article 651
Contract on lease of business premises concluded for an indefinite period of time shall not terminate by notice prior to expiry of six months from the date of concluding of the contract, unless otherwise stipulated. [...]" (Law on Obligations (Zakon o Obligacionim Odnosima), OG  MNE No. 47/08 of 7 August 2008)
Law on Property Relations (Zakon o svojinsko-pravnim odnosima), OG MNE No. 19/09 of 13/03/2009.
Law on Foreign Investment, OG MNE, No. 18/11 dated 01 April 2011 [google translation]
Consolidated text: Stabilisation and Association Agreement between the European Communities and their Member States, of the one part, and the Republic of Montenegro, of the other part, Document 02010A0429(01)-20220209
Law on Obligations (Zakon o Obligacionim Odnosima), OG  MNE No. 47/08 of 7 August 2008
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