North Macedonia is now accepting applications for its newly amended CIP

One of the most beautiful countries in Europe is now accepting applications from a limited number of qualified investors, for a limited time, for its newly amended Citizenship Investment Program.

Under the law of Ministry of Internal Affairs, a foreign investor who meets the requirements referred to in Article 11, may obtain citizenship of the Republic of North Macedonia by naturalization.

By doing so, North Macedonia is following the successful path of other similar European Citizenship Investment programs.

About a year ago, the government of North Macedonia effectively took the first steps towards setting up its own CIP by issuing a decision “defining the criteria for special scientific, economic, cultural, sports, or other national interest to acquire citizenship” in the country.

It laid out the tangible financial requirements the government would consider “special economic interest”:

• A special economic interest, in the sense of this decree, exists if a foreigner who submitted the application for acquiring citizenship of the Republic of Northern Macedonia invested capital in the amount of at least 400,000 euros per person as a direct investment in new facilities, excluding catering establishments and trade facilities, with at least ten full-time employees for a period of at least one year.
• Special economic interest, in terms of this decree, exists even if a foreigner who submitted an application for acquiring citizenship of the Republic of Northern Macedonia, invested capital in the amount of at least 200,000 euros per person, for a period of at least two years, in a private investment fund, which meets the following conditions:
  • the investment fund has a minimum of 5,000,000 euros of initial capital before submission of the investment program to the Fund for Innovation and Technological Development;
  • the investment fund invests in supporting the economy, innovation or innovative activities, but does not invest in real estate of any kind except in business premises for the needs of the private investment fund or the Innovation Fund and technological development and in infrastructure development projects;
  • the investment fund should not have more than 500 foreigners as investors who have submitted applications for the acquisition of citizenship of the Republic of Northern Macedonia on the grounds of this ordinance.

The planning for the subsequent steps in launching a North Macedonian CIP had progressed rapidly since but were delayed by the advent of the pandemic. Recently a fresh development appears to indicate the program has moved a great deal closer to a formal launch with the appointment of an official Global agent company and a list of authroized agents.