Citizenship Investment Program

ABOUT THE

Program

The Citizenship by Investment program of Republic of North Macedonia by which FITD (Fund for Innovation and Technology Development) determines the economic interest for citizenship, was launched by the Government of North Macedonia on the 13th December 2019.

The Program allows foreigners that have invested capital in the amount of at least 200,000 € per person, in a private investment fund established in accordance with the laws of the Republic of North Macedonia, to be eligible to apply for citizenship of the Republic of North Macedonia.

THE PROGRAM

Roadmap

Click here to read the official Guidelines describing the implementation of the procedure by the FITD for determining particular economic interest of the Investment Fund, interested in participating in the “Citizenship by Investment Program.”

The following steps are essential for the approval of the Citizen by Investment Program

Step 1: (If applicable) Register a Private Fund Management Company (PFMC) in the form of a Limited Liability Company (LLC) or Joint Stock Company (JSC).

The PFMC can be a newly created entity or an existing company on the Macedonian market. To be eligible for the program, the PFMC has to fulfil the following conditions:

  • Registered capital in the minimum amount of 50.000,00 € if the PFMC plans to operate only one fund. Additional 25.000,00 € are required for the registration of each subsequent fund, and
  • Register the company with a main activity code of 66.30 (Activities related to fund management).

Step 2: Create a Private Investment Fund (PIF) that will be operated by the PFMC.

  • The PIF has to be registered with the Securities and Exchange Commission (SEC) for which it will need to prepare a Statute and Prospectus, as well as a list of supporting documents. To be eligible for the program, the PIF has to fulfill the following conditions:
  • Proof of available capital for investments of minimum 5.000.000,00 €,
  • Minimum of 200.000 € per investor, and
  • Maximum number of 20 investors, whether individuals or legal entities.

Step 3: Prepare a Programme of the PIF intended for support of the economy, innovations and investment development of the Republic of North Macedonia and submit it to the Fund for Innovation and Technology Development (FITD) along with the Statute and Prospect for consent.

Upon receiving consent from the FITD, the fund can start with the implementation of the Programme. Over the course of realization of the Programme, the PIF will have to send updates on the status of the projects plans and reports to the FITD.

Step 4: Individuals who have invested in the fund apply for granting citizenship in the Ministry of Interior (MoI) with documentation defined by the Ministry.

There will be a team within the Ministry dedicated to processing this type of applications to ensure speedy processing. 

Step 5: The Ministry of Interior will ask the FITD for to determine the special economic interest of the applicants.

The determination of the existence of the special economic interest referred to the Decree shall be assessed by the Fund on the basis of the:
  • Programme of the Private Investment Fund intended for support of the economy, innovations and investment development of the Republic of North Macedonia;
  • Report for realization of the Programme and investment of the Private Investment Fund intended to support the economy, innovations and investment development of the Republic of North Macedonia, in which Fund, the Investor has investment, issued by the Private Fund Management Company;
  • Certificate for registration of the Private Fund Management Company issued by the Central Registry of the Republic of North Macedonia;
  • Certificate for registration of the private investment fund into the Fund Registry maintained by the Securities and Exchange Commission;
  • Confirmation for share ownership issued by the Private Fund Management Company;
  • Confirmation from the commercial bank, by which a registration and investment of the Investor is being proofed.

Click here to view the full roadmap for the program.

APPROVED PRIVATE

Investment Funds

The following two funds have been currently approved to participate in the program.

North Macedonia Economic Development

Registered Symbol: MKED

SEC No: RPIF 2225022020NOMAEKDE7385200

Fund Management by: Economic Development dooel Skopje

Fund Management Registration No: 7385200

 

North Macedonia Industrial Innovation Fund

Registered Symbol: MKII

SEC No: RPIF 2325022020NOMAININ7385404

Fund Management by: Industrial Innovation dooel Skopje

Fund Management Registration No: 7385404

If your Fund is interest in applying for the Citizenship by Investment Program click here.

ABOUT

North Macedonia

  • Strategic geographical position at the crossroads of 2 main European
    transport corridors
  • Member of NATO and EU candidate country
  • Highly liberalized foreign trade policy and has signed various bilateral agreements that give local producers free access to the European Union and other markets, making North Macedonia a highly competitive production and export platform
  • Stable monetary environment with one of the lowest inflation rates (2.3% in 2020) in the region and stable currency (1€=61.5MKD)
  • Very favorable tax environment (10% personal and corporate income tax and 18% general VAT rates)
  • Several investment zones with 10 years tax holidays for corporate profits, employment income, VAT, customs duties and others
  • Fast company registration – one stop-shop system for company registration within 4 hours
  • Highly – qualified workforce and one of the most competitive labor costs in EU

ABOUT

North Macedonia

Government

Government type: parliamentary republic

Economy

Real GDP growth rate: 0% (2017 est.); 2.9% (2016 est.);

3.9% (2015 est.)

Inflation rate (consumer prices): 0.7% (2019 est.); 1.4% (2018 est.); 1.3% (2017 est.), country comparison to the world: 78

Credit ratings: Fitch rating: BB+ (2019);

Standard & Poors rating: BB- (2013)

Real GDP (purchasing power parity): $34.333 billion (2019 est.); $33.268 billion (2018 est.); $32.331 billion (2017 est.)
GDP (official exchange rate): $12.696 billion (2019 est.)

Currency: Macedonian denar (MKD)

Key industries

  • Machine and automotive components
  • Information and Communication Technology
  • Agribusiness and Food Processing
  • Textile and clothing
  • Energy
  • Pharmaceuticals and Medical devices
  • Wine industry

ABOUT

North Macedonia

Travel free visas for Macedonian passport

Europe: Albania, Andorra, Austria, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Moldova, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, Vatican City.

 

America: Argentina, Bahamas, Brazil, Chile, Colombia, Cuba, Dominica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Panama, Peru, Saint Kristofer and Nevis.

 

Africa: Seychelles, Tunisia.

 

Asia: Indonesia, Israel, Japan, Malaysia, Singapore, Turkey.

 

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Contact us

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