The North Macedonian citizenship by investment program has been around for a while now, but you probably haven’t heard. Due to the government’s lack of marketing and North Macedonia being a somewhat under-the-radar country that gained NATO membership since March of 2020, hasn’t gained much traction.
Recently there have been talks of the country re-introducing its citizenship by investment program.
Citizenship by investment policies have become increasingly popular, especially with countries that lack foreign direct investment and are overly reliant on a few select industries. These countries need a creative way to improve the quality of life of their citizens.
Simply put, the policy of gaining economic citizenship is a form of incentive for business investment in the country’s industries.
Our team has been working on the ground to bring you the latest updates. We spoke with government officials working on the program as well as expats who have gone through the citizenship process themselves for insight.
The details aren’t fully clear yet, but here’s what we know so far.
What is Citizenship by Investment?
The citizenship by investment program for each country differs, but the core concept remains the same: wealthy individuals from other countries invest in real estate, bonds, banks, or local businesses.
Some countries ask for investments in the form of donations to a government-approved fund with its share redemption documents. Others offer a hybrid approach that includes real estate investments and donations to a government fund to name a few investment options.
In return, they’re granted citizenship and all the additional benefits that come with it. In this case that’s a North Macedonia passport, unrestricted travel opportunities, and numerous business and investment opportunities exclusive to the country’s citizens.
This program allows North Macedonia to boost its economy by raising capital and stimulating development.
What the Old North Macedonia Citizenship by Investment Program Included
The North Macedonia citizenship by investment isn’t new. It has been around for a while, but the government has done a poor job of promoting it.
The government of the Republic of Northern Macedonia is very committed to promoting industries in the country. To encourage investors to flood direct investment in local industries and factories, the country also offered fantastic incentives.
Under the former program, you could have become a citizen if you:
- • Employ at least ten local people indefinitely in at least one year.
- • Made a direct investment of at least €400,000 in new facilities. The investment amount needed to be put into the bank account of a local business.
• Had an on-ground presence in an office space, factory, or store.
It was a hybrid form of an exceptional program.
Why Was The Previous CBI Reviewed?
The main issue with the former North Macedonia citizenship by investment program was its process. The government didn’t streamline it at all.
Northern Macedonia is often overlooked. So in reality, only a handful of people have ever taken up the country on its immigration offer. As a result there was no clear guide or standardized process.
We discovered this issue when we went to North Macedonia to research the citizenship opportunity. It was very confusing.
What the New Program for North Macedonia Citizenship Entails
Northern Macedonia is rolling out a new program under which you will have to spend approximately €200,000 as an investment in the country.
It’s possible that some of this amount might not be an investment and may in fact be a fee. We’ll have to wait for the official announcement to know for sure.
While this could be a good opportunity, it will be at a much higher price than Caribbean citizenship by investment program, with almost the same benefits.
We’re closely following this program and we’ll have early details for you as soon as they’re available.
Should You Obtain Citizenship from North Macedonia?
While the Republic of Macedonia has a highly favorable tax regime, with a flat 10% corporate tax, it doesn’t have much to offer. And the Macedonia immigration requirements aren’t clear either.
The idea is that maybe they’ll join the European Union. Its accession to the union is in progress. Northern Macedonia has a special EU status as it has applied to join. But is the steep price of a North Macedonia citizenship worth the hope of becoming European?
While Macedonia has not yet joined the EU, its citizens and residents have visa-free travel to 125 countries including the Schengen Area and the entirety of the EU.
It offers all the travel benefits without any drawbacks associated with being a part of the European Union.
Citizens and residents also enjoy visa-free travel to Japan, Singapore, Colombia, Malaysia, Maldives, and more.
Twenty years ago there was talk about Turkey being the next candidate to join the EU. That didn’t happen. Because over the past twenty years, the desirability of the EU has also gone down quite a bit.
North Macedonia Citizenship By Investment – FAQs
Where is North Macedonia located in Europe?
North Macedonia is in the Balkan Peninsula in Southeast Europe.
What are the required documents for the North Macedonia CBI?
An application form, passports, passports’ photos, birth certificates, marriage certificates, police certificates, a due diligence report by a reputable third-party international firm, a sworn oath to pledge allegiance to the country, the main applicant’s CV, signed prospectus, and share redemption prospectus with the government-approved fund.
Can I pass on my North Macedonian citizenship to my children?
Yes, if you are the main applicant, the program grants you lifetime citizenship that can be passed onto your dependent children and future generations.
Can my wife get visa-free access benefits if only I enroll in the North Macedonian Citizenship program?
The visa-free or visa-on-arrival access to 125 destinations is applicable to the main applicant and their spouse, all dependents aged 18 and older.
What are the processing times of the North Macedonian CBI?
The entirety of the North Macedonian CBI process takes from 3 to 4 months.
Get Your North Macedonia Citizenship Program
Stay updated on the specifics of the new Macedonian citizenship by investment program by getting in touch with our team.
Many options are available for citizenship through investment for a seven to eight-figure entrepreneur from a Western country.
It can be confusing to decide which program is the best when you’re trying to take into account your business needs, your personal lifestyle preferences, the most favorable financial outcomes, and of course all the bureaucracy involved.
Let our team of experts help you.
We bring decades of personal and professional experience to the table. Our team will work with you to develop a personalized road to citizenship for you.
Everything we do is on a legal basis to ensure that transition is as smooth as possible. Nomad Capitalist guarantees to help you go where you’re treated best. So, what are you waiting for?