Shares in Montenegrin companies exist only as an electronic entry in the register of the Central Clearing Depository Company (CKDD), which previously worked as the Central Depository Agency (CDA). You check your securities account for free, in person at CKDD or through its portal with an eight-digit PIN code, which you get free of charge the first time. You sell or buy shares on the Montenegro Stock Exchange (Montenegroberza) through a broker, meaning an investment firm or bank that is a member of the exchange, or on CKDD's OTC platform. On dividends the payer withholds 15% tax, and on profit from selling shares you pay 15% through the annual tax return. Heirs transfer shares to themselves with the inheritance decision, for a fee of 15 euros.
This guide explains where shares are recorded, how you check your account, how you get a PIN code and a statement, how you sell or buy shares, what heirs do and how much tax is due.
Where are shares recorded and how do you know you own them?
- CKDD keeps the securities register, records issuers, issues and owners and carries out clearing and settlement of trades on the exchange and the OTC market.
- Securities in Montenegro do not exist on paper; the rights attached to them arise when they are entered in the register.
- You check your account in person at CKDD at Svetlane Kane Radević 1 in Podgorica with a valid ID, or through the CKDD portal with a PIN code.
- Viewing your account is free.
- CKDD records a change of name, address, personal number or bank account free of charge, at your request or the issuer's.
How do you get a PIN code and an ownership statement?
| CKDD service | Fee under the price list |
| viewing your account, in person or with a PIN code | free |
| first PIN code | free |
| reissuing a PIN code | 5 euros |
| ownership statement | 6 euros |
| transfer of shares under an inheritance decision | 15 euros per decision |
| transfer of shares as a gift | 1% of the higher of nominal and market value, at least 25 euros |
- The PIN code is an eight-digit number which, together with your registration number, confirms orders you give a broker or custody bank and gives access to CKDD's e-services.
- You collect the PIN in person at CKDD with a valid ID, or for another person with a certified power of attorney, and issuing a new PIN cancels the old one.
- You give your PIN to no one, not even a broker, because whoever has it can see your account and dispose of your shares unlawfully.
- You get an ownership statement in person, through a proxy, by post with a certified request and a certified copy of your ID, or electronically at info@ckdd.me with an electronic signature.
How do you sell or buy shares?
- You sell or buy shares on the Montenegro Stock Exchange through authorised participants, meaning investment firms and banks, or on CKDD's OTC platform through OTC members.
- The members of the Montenegro Stock Exchange are Bull&Bear, Erste Bank, Universal Capital Bank, Hipotekarna banka, VIP Broker Montenegro and the investment firm TF Capital.
- The broker charges a commission for its services, and you confirm the order you give it with your PIN code and registration number.
- You open a securities account at CKDD in person, through a proxy or through an exchange member, for a fee under the price list.
- If you change broker, you tell the old one to return the shares to a free position in the register and then transfer them with your PIN code to the new broker or custody bank.
What do heirs do and how are shares given as a gift?
- For probate, an heir gets a statement of the deceased's shares at CKDD with the death certificate, and a notary or court gets it ex officio free of charge.
- After a final inheritance decision the heir files a transfer request in person or by post, with the decision and an ID.
- You give shares with a gift contract certified under the law, which you submit to CKDD or sign on its premises.
- A gift to first-order heirs and a transfer between spouses due to marriage, divorce or inheritance are not taxed as a capital gain.
How much tax is paid on dividends and on selling shares?
- A dividend is income from capital, on which the payer calculates, withholds and pays 15% tax when paying it out.
- A capital gain is the difference between the sale and purchase price of the shares, and you pay 15% tax on it with the annual tax return, by the end of April for the previous year.
- For shares traded on the exchange the purchase price is the documented price you actually paid, and for others, without proof of price, the nominal value applies.
- If you bought shares of the same issuer at different prices, the purchase price is calculated in the order of acquisition.
- You can deduct a capital loss from a sale from capital gains made in the same year.
How probate works is covered in our guide to inheritance, and tax on selling a flat in our guide to capital gains tax. The deadline and form for the return are covered in our guide to the annual tax return, and a safer way to keep money in our guide to bank savings.
Frequently asked questions
How do I check whether I own shares? In person at CKDD with a valid ID or through the CKDD portal with a PIN code, and viewing your account is free.
Where do I get a PIN code for shares? In person at CKDD in Podgorica with a valid ID, and the first PIN is free.
How do I sell shares? Through a broker, meaning a member of the Montenegro Stock Exchange, and you confirm the sell order with your PIN code and registration number.
Do I pay tax when I sell shares? Yes, you pay 15% on the difference between the sale and purchase price with the annual tax return.
How much is the tax on dividends? The tax on dividends is 15%, and the payer withholds it when paying out.
How does an heir take over shares? With a final inheritance decision the heir files a request with CKDD, and the fee is 15 euros per decision.
Sources
The register, account checks, the PIN code, statements, inheritance, gifts, changing broker and buying and selling are described in CKDD's frequently asked questions, and the fees in CKDD's price list (items 4.1, 4.3, 4.4 and 7.1). The list of exchange members is published by the Montenegro Stock Exchange. Tax on dividends and capital gains is set by the Personal Income Tax Law (Arts. 37, 37a, 37f, 37g, 37h, 43, 50 and 50a). The information was checked on 28 September 2026. Fijaka is a classifieds platform; this text is not investment or tax advice.