i. Name of country


ii. Region

Southeastern Europe, north of Greece

iii. Population

2,128,262 (July 2021 est.)

iv. General Introduction

The Republic of North Macedonia, located in Southeast Europe, is surrounded by picturesque rivers and lush mountainous areas. Investors and businesspeople are drawn to its expanding economy and excellent agricultural and trade opportunities. North Macedonians live in a culturally rich environment influenced by the arts and local tradition, as well as a civil law system.

2019 was not a memorable year for deal-making in Macedonia. Against the decline in M&A volume in South-Eastern Europe, Macedonia saw a handful of significant transactions.

The outlook for M&A in 2020 was favourable, however, due to the 2019 novel coronavirus disease (COVID-19) pandemic, several ongoing deals were either postponed or cancelled altogether. In March 2020, Macedonia became the 30th member of NATO and the country is expected to start accession negotiations with the EU in the fall of 2020.

The regulatory harmonisation of Macedonian legislation with that of the EU is ongoing and should provide a friendlier investment climate. In particular, in 2019 the government prepared a draft Payment Systems Act which seeks to implement several EU legislative instruments, including the:

  • Payment Services Directive ((EU) 2015/2366) (PSD2).
  • Second E-money Directive (2009/110/EC).
  • Directive 98/26/EC on settlement finality in payment and securities settlement systems as amended by Directive 2009/44/EC on settlement finality and financial collateral arrangements (Settlement Finality and Collateral Arrangements Directive).
  • Payment Accounts Directive (2014/92/EU).
  • The draft Payments Systems Act proposes to open up the payments market and facilitate the development of the FinTech sector in Macedonia.

The most significant deal in 2019 was the acquisition of 74.53% of the ordinary shares of Ohridska Banka Société Générale AD Skopje by Austrian Steiermärkische Bank und Sparkassen AG for EUR39.4 million.

v. Wifi Speed

As of December 2020, the average download speed of mobile internet connections in North Macedonia was at approximately 59.72 Megabits per second (Mbps). Fixed internet connections were much slower, at around 32.57 Mbps.

vi. Electrical outlet

In Macedonia the power plugs and sockets are of type F. The standard voltage is 230 V and the standard frequency is 50 Hz

vii. Per Capita GDP

Real GDP per capita
$15,800 note: data are in 2017 dollars (2020 est.)
$16,600 note: data are in 2017 dollars (2019 est.)
$16,100 note: data are in 2017 dollars (2018 est.)

note: data are in 2017 dollars

viii. Climate

warm, dry summers and autumns; relatively cold winters with heavy snowfall

ix. Citizenship-by-Investment

The North Macedonia Citizenship by Investment Program enables foreign nationals to invest in the country and apply for alternative citizenship. The country has a dynamic, emerging economic climate as well as a thriving agriculture and manufacturing industry, making it ideal for business investment and growth.

The North Macedonia Citizenship by Investment Program allows foreign Investment


On top of the €200,000 government donation, applicants will be required to pay due diligence fees, application, and processing fees. Investors should budget for the following depending on the number of applicants.

  • Single applicant €250,000, inclusive of fees;
  • Couples application €280,000, inclusive of fees;
  • Family of three €300,000, inclusive of fees;
  • Family of four €310,000, inclusive of fees.

Processing Time


Key Benefits

  • Visa-free or visa-on-arrival travel to 125 countries
  • Citizenship is granted to all dependents over the age of 18 (including the main applicant’s spouse). Dependent children under the age of 18 can apply once the primary applicant has been granted citizenship.
  • Citizenship is something that can be passed down to future generations.
  • Gaining access to a strategically located trade market
  • Citizenship in a European upper-middle-income country with a welcoming culture and a favorable tax environment
  • There is no minimum period of residence or language requirement for obtaining citizenship.
  • Citizenship of a country that has recently joined NATO and is an EU candidate
  • Fast company registration system and access to a highly qualified workforce


The North Macedonian Citizenship by Investment Program requires a foreign individual to invest EUR 200,000 or EUR 400,000 in one of the two investment options listed below:

Option number one:

  • To be eligible to apply for citizenship, a person must invest EUR 200,000 for at least two years in a private investment fund established in accordance with the laws of the Republic of North Macedonia.

Option number two:

  • EUR 400,000 per person as a direct investment in new facilities (except those in hospitality intended for restaurants or shopping), employing at least ten people for an indefinite period of time over at least one year.

The following paperwork is required:

  • Clearance certificates from the police
  • Curriculum vitae in detail (CV)
  • Evidence of financial standing

Procedures and Time Frame

North Macedonian citizenship applications must include completed application forms, as well as the appropriate fees and supporting documents. Birth and marriage certificates, as well as a signed prospectus and share redemption documents from the government-approved fund, are required documents. The program is overseen directly and closely by the Republic of North Macedonia’s Fund for Innovations and Technology Development.

xi. Natural Resources

low-grade iron ore, copper, lead, zinc, chromite, manganese, nickel, tungsten, gold, silver, asbestos, gypsum, timber, arable land

xii. Ethnic Groups

Macedonian 64.2%, Albanian 25.2%, Turkish 3.9%, Romani 2.7%, Serb 1.8%, other 2.2% (2002 est.)

note: North Macedonia has not conducted a census since 2002; Romani populations are usually underestimated in official statistics and may represent 6.5–13% of North Macedonia’s population

xiii. Languages

Macedonian (official) 66.5%, Albanian (official) 25.1%, Turkish 3.5%, Romani 1.9%, Serbian 1.2%, other (includes Aromanian (Vlach) and Bosnian) 1.8% (2002 est.); note – minority languages are co-official with Macedonian in municipalities where they are spoken by at least 20% of the population; Albanian is co-official in Tetovo, Brvenica, Vrapciste, and other municipalities; Turkish is co-official in Centar Zupa and Plasnica; Romani is co-official in Suto Orizari; Aromanian is co-official in Krusevo; Serbian is co-official in Cucer Sandevo

xiv. Religion

Macedonian Orthodox 64.8%, Muslim 33.3%, other Christian 0.4%, other and unspecified 1.5% (2002 est.)

xv. Median Age

total: 39 years
male: 38 years
female: 40 years (2020 est.)

xvi. Urbanization

urban population: 58.8% of total population (2021)
rate of urbanization: 0.61% annual rate of change (2020-25 est.)

xvii. Physician density

2.87 physicians/1,000 population (2015)

xviii. Government type

parliamentary republic

xix. Unemployment Rate

17.29% (2019 est.)
20.7% (2018 est.)

x. Taxes

Headline Personal Income Tax Rate (highest marginal tax rate) – 18%
Headline Corporate Income Tax Rate (excluding dividend taxes) – 10%

Personal income tax rates – Taxation of individuals’ income in North Macedonia is based on their residence status.

Macedonian tax residents are taxed on their worldwide income.
Non-residents are taxed on their income derived in the Macedonian territory.

As of 1 January 2020 until 31 December 2022, a 10% flat tax rate is applicable on individual’s income from work, self-employment income, income from royalties and industrial property rights, income from sale of own agricultural products, rental income, income from capital, capital gains, and insurance income, as well as other taxable income not categorised separately in the legislation. The applicable tax rate on the gains realised from games of chance is 15%.

Taxes on corporate income

Generally, all resident and non-resident legal entities operating through a permanent establishment (PE) are liable to pay CIT in North Macedonia.

The CIT rate is 10%.
Macedonia Taxes
Corporate Tax Rate – 10.00
Personal Income Tax Rate – 10.00
Sales Tax Rate – 18.00

On 3 December 2020, the UK and North Macedonia signed a “Partnership, Trade and Cooperation Agreement” (UK-North Macedonia Agreement) to replace the existing EU-North Macedonia Stabilisation and Association Agreement (EU-North Macedonia Agreement) at the end of the UK-EU transition period. The EU-North Macedonia Agreement forms part of the EU’s “stabilisation and association” process for the Western Balkans, established with the aim of eventual EU membership.

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