Bayat Legal Services appointed as authorised agent for North Macedonia’s citizenship by investment programme

The Balkans have many hidden gems and one of them is truly North Macedonia. Located at the crossroads of the East and the West, North Macedonians can boast rich cultural diversity and rapid state-building, with international recognition and appreciation.

Recently with the Establishment of two designated funds, North Macedonia Economic Development Fund (MKED) and North Macedonia Industrial Innovation Fund (MKII) and their authorization by the Security Exchange Commission (SEC) has created opportunities for a limited number of qualified investors to obtain North Macedonia citizenship and passport in just a few months. So far, each fund is authorized to grant citizenship to 500 investors, thus, capping the program only to 1000 main applicants.

BAYAT Legal Services (BLS) welcomes these steps made by North Macedonian Government for making available this new Citizenship by Investment program and is honored to be appointed as an official agent. This entitles BLS to promote the North Macedonian Economic Citizenship Program and accept applications for this program.

North Macedonia is becoming an alluring investment destination for foreign capital, especially after the EU gave the green light to start an accession negotiation to the 27-member European bloc in March 2020. This Southeastern European country is already member of NATO and one of the first candidates to join the European Union.

The minimum ‘contribution of investment’ of at least EUR 200,000 to any of these funds makes eligible investor to apply for the North Macedonian citizenship. Investors’ spouses and children under 18 can be also included in the citizenship application. Applicants for the Economic Citizenship program are not required to visit or stay in the country during the application process. There is no need learn the language or have any kind of managerial experience as well. Application process will last 3-4 months from the time the government receives a positive due diligence report on the applicants.

North Macedonia was ranked 17th on the World Banks Ease of Doing Business rating 2020, but it will, presumably, return to top ten positions after reforms are further implemented. With its picturesque landscape and rich historical landmarks and architectural sights of the capital city Skopje, North Macedonia has a great potential of tourism development. The Economist has recognized North Macedonia as one of the five countries, which improved the most in 2019. Flexible taxation system and reliable banking, infrastructure, along with legislation allowing foreign ownership of property or corporates, create favorable grounds for international business and investments.

North Macedonian passport gives right to travel visa-free to over 124 destinations worldwide, including but not limited to countries of the Schengen Zone, Russia, Turkey, Hong Kong, Singapore, and Japan. Notably, citizens of North Macedonia are eligible to apply for the E-2 investor visa in the USA, by obtaining five years, renewable, residency visa.

About BAYAT Legal Services

BAYAT Legal Services (BLS) is an immigration law firm established in 1993 by our founder, Canadian lawyer Sam Bayat. Continuing his 28 years legacy of excellence, we remain dedicated to maintaining the quality of the BLS brand in everything we do. Bayat Legal Services applies industry leading knowledge and business expertise to ensure clients receive personal, prompt, and high-quality legal solutions. Returning and prospect clients may take confidence knowing that they will receive the upmost professional legal service, as a matter of tradition.

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