North Macedonia citizenship: an investment guide to discover the wonders of the Balkans

The program implies that foreign investors can obtain citizenship in North Macedonia after investing in the country’s economy.

How to get citizenship by investment for visa-free travel and other benefits

The program was reintroduced in 2021, offering two distinct pathways:

• a €200,000 donation to a private government-approved development fund;

• a €400,000 direct investment in a new business with creating at least ten new jobs; hospitality and food and beverage businesses are not eligible.

Aside from the investment itself, the participant also pays a $50,000 application fee.

There is an important nuance to consider: even though the first option, a €200,000 contribution to a fund, was introduced two years ago, so far, no case of successful application and granted citizenship has been reported.

Only a few applications were pre-approved, meaning the participants passed Due Diligence but have yet to make the actual investments. However, there were no official messages that the €200,000 option is not valid.

Investors looking for more reliable citizenship-by-investment programs might consider the ones the Caribbean countries offer. The investment amount starts from $100,000 in St Lucia, Dominica, and Antigua and Barbuda.

Turkey citizenship by investment is another great option for foreigners seeking a second passport. Investors can purchase $ 400,000 worth of real estate or choose one of the other four options to contribute to the country’s economy.

It takes 6 to 8 months to become a citizen of Turkey by investment.

To participate in the program, applicants must meet certain fundamental requirements. To qualify, as per known rules of the program, the investor should:

• be over 18;

• have a clean criminal record;

• be able to prove the legality of the investment money;

• have no record of illegal stay in North Macedonia.

Aside from the main investor, their close family members can obtain citizenship. This includes the investor’s spouse and children under 18.

For each person added to the application, the investor pays an application fee:

• €20,000 for the souse;

• €10,000 for each child.

To apply for citizenship by investment in North Macedonia, an applicant needs to gather the following papers:

• an application form;

• a passport valid for travel;

• an ID card;

• criminal records from each country of residence of more than 6 months in the past 10 years;

• a CV;

• a medical certificate for HIV and other non-treatable and communicable diseases;

• a birth certificate;

• a marriage or divorce certificate, if applicable;

• military records;

• an asset report;

• proof of source of funds.

Note that this list might be partial, and the authorities might ask for additional documents depending on each case.

Although obtaining citizenship by investment in North Macedonia is more affordable than getting residency in other European countries with the minimal price of €250,000, before applying for the program, it is essential to weigh all the pros and cons of a North Macedonia passport.

The benefits of being a citizen of North Macedonia include the following points:

1. Visa-free travel to 120+ destinations, including the Schengen states, Japan, and Singapore.

2. A favourable tax regime: individuals pay a 10% on all their income, including income from work, royalties, and leases. Non-tax residents don’t pay taxes on income from outside of North Macedonia.

3. No minimum residency requirement. Foreigners obtaining citizenship by investment are not required to live or visit the country regularly. They have the right, however, to enter the state at any time and stay for as long as they want.

4. The country is a candidate for the EU. North Macedonia has an EU candidate member status. The potential benefits of membership in the European Union are the ability for the country’s citizens to reside and work in any EU country freely, access education and healthcare in any country of the Union, do business in one of the world’s largest markets with over 500 million consumers, and more.

5. Multiple citizenship is allowed. New citizens of North Macedonia don’t have to renounce their first citizenship unless their country of origin requests it.

6. The status is hereditary. Future generations will obtain citizenship of North Macedonia automatically.

There are some drawbacks to North Macedonia citizenship as well. It is important to consider them before applying to citizenship by investment:

1. Unclear if the citizenship-by-investment program actually works. The most affordable investment option, a €200,000 donation, was introduced over 2 years ago, but not a single case of a successful application has been reported.

2. The country is only a candidate member of the EU, meaning there is no certainty or guarantee on when or whether the country will join the Union. As for now, North Macedonia has been a candidate for 17 years.

3. Lack of infrastructure. Residents of North Macedonia complain about the underdeveloped transport system, weak labour market institutions, and poor digitalisation of governmental services.

North Macedonia hasn’t announced any changes in the program. However, no proof exists that the €200,000 option is valid.

Investors wishing to participate in a program that provides more certainty can look into alternative programs offering citizenship worldwide or residency by investment in Europe.

In the Caribbean countries, investors can obtain citizenship in 6+ months. Countries that grant passports to foreign investors include:

• Dominica, with the minimum investment of $100,000;

• Antigua and Barbuda — $100,000+;

• St Lucia — $100,000+;

• Grenada — $150,000+;

• St Kitts and Nevis — $250,000+;

A Caribbean passport arguably provides the same benefits as the North Macedonian one: visa-free access to 140+ countries, opportunities to relieve the tax burden, and the possibility to scale a business internationally.

1. There are two options to invest in North Macedonia citizenship: make a €200,000 donation to a government-approved fund or invest €400,000 in a new business to create at least 10 jobs.

2. There is no certainty on whether the €200,000 investment option actually works: during the 2 years after its introduction, there hasn’t been a single case of a fully approved application.

3. Other citizenship-by-investment programs work in the Caribbean countries and Turkey. Besides, investors can obtain residency by investment with the prospect of citizenship in 5—10 years in Greece, Italy, Portugal, Cyprus, and Spain. In Malta, foreigners can obtain citizenship by naturalisation for exceptional services by direct investment in 1 or 3 years.