Macedonia offers ‘cash’ citizenship to foreigners

SKOPJE - Agence France-Presse

In a bid to boost its ailing economy, Macedonia is offering citizenship to foreigners ready to invest at least 400,000 euros in the former Yugoslav republic and who hire at least 10 people, a government spokesman said on Dec. 10.

Aleksandar Gjorgjiev said the measure aims to ease residency restrictions currently imposed on foreigners who invest in the country. He said the new rules also apply to EU citizens who would get a year-long residency permit, instead of the current three months, if they purchase property worth more than 40,000 euros. It was unclear whether the new measures would require approval by Macedonia’s Parliament. Similar measures to attract foreign investments have been proposed in Montenegro and Bulgaria, but both countries have either revoked or suspended the moves.