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North Macedonia will soon offer citizenship by investment

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4 minutes read

Finally, North Macedonia has also decided to launch a citizenship by investment program for investors and successful businessmen from different countries. The population of this Balkan country is 2.1 million people, and it borders such countries as Greece, Bulgaria, Albania, Serbia and Kosovo.

Affordable Investment Program

Harvey Law Group in Hong Kong will oversee and review the North Macedonia Economic Citizenship Program for compliance with international legal standards. Jean-Francois Harvey, the company's managing director, commented:

"The government of North Macedonia wants to bring as many successful business people to the country as possible. The investment program, offered by the government, is one of the most affordable in Europe. Foreign investors will certainly appreciate its business and tax benefits".

Participation in the program is available to Ukraine, Turkey, citizens of EU countries and the Central European Free Trade Association. Macedonian citizenship by investment can be issued to politicians and international bankers, for whom there will be no restrictions in terms of ownership of local real estate and businesses.

A country for life and business

"Certainly, North Macedonia will be of interest to investors thanks to the low tax rate, which is currently 10 percent, and the availability of skilled labor," said Christian Polenak, who serves as manager of law agency Polenak, based in North Macedonia.

The main goal of the program is to attract investors and businessmen willing to invest in funds overseen by the SEC that channel funds into strategic infrastructure projects in the country. Money raised through the investment program will support startups, technological innovation projects and partnership projects, as well as campaigns related to waste management and environmental protection.

A distinct advantage of the program is the acquisition of a lifetime European citizenship in a short period of time (up to 4 months), dual citizenship and access to the U.S. territory under the E-2 agreement. In addition, the Macedonian investor visa opens free access to 124 countries, including Japan and Schengen countries.

Requirements for obtaining a Macedonian passport

"The program is very new, but it has already been decided that the number of accepted applications will be limited. For now, the government has set a quota of 1,000 families and is going to select only the best applicants for citizenship," said Jean-Francois Harvey.

The main requirements of the program include the following:

  • An age threshold is 18 years old or older
  • Submission of the application through an authorized representative
  • Making an investment of 200000 EUR
  • No criminal record
  • Positive visit history to North Macedonia

It is important to note, that the state fee for participation in the investment program is 20,000 EUR for the main applicant, 20,000 EUR for his/her spouse and 10,000 EUR for each minor child.

The Republic of Macedonia, formerly part of Yugoslavia, has been called North Macedonia since February 2019. The trigger for the change of the official name was the resolution of a long-standing legal dispute with Greece. The country is a member of NATO, and in 2020, according to a World Bank ranking, it was ranked 17th in the world for ease of registering and doing business. At the moment, this small Balkan state is a candidate for EU membership.

Source: UGlobal

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