Investing in Macedonia

Domestic shares and bonds trade through the Macedonian Stock Exchange AD Skopje (MSE), while the Central Securities Depository AD Skopje (CSD) records ownership, assigns securities identification numbers and settles transactions. The Securities and Exchange Commission, Komisija za hartii od vrednost (SEC/KХВ), licenses and supervises issuers, brokers, bank securities departments and funds, approves issues and supports market and investor protection. Government securities are issued through the Ministry of Finance and the National Bank of the Republic of North Macedonia (NBRNM), usually through auction participants such as banks. Individuals and companies generally reach these instruments through a licensed broker or a bank securities department. Open-end investment fund units can be bought directly from the fund or an authorised agent after reviewing the prospectus and investment policy. Pension saving is supervised within the second and third pillars by MAPAS; voluntary third-pillar participation generally allows one voluntary individual account and one professional account for people aged 15 to 70, with access restricted until the applicable retirement conditions, currently no earlier than ten years before old-age pension and subject to the stated age rules of 52 for women and 54 for men. The Agency for Real Estate Cadastre (AREC) records property rights, but real estate investing involves separate checks of title, valuation, maintenance, vacancy and rental income. Virtual assets mainly appear as an anti-money-laundering and counter-terrorist-financing category in the reviewed local framework; no SEC- or MSE-protected retail equivalent for crypto trading was established in the reviewed primary sources. The same absence of a direct formal retail equivalent applies to physical gold, collectibles, crowdfunding and private equity. Registration of a private fund with the SEC does not by itself mean SEC approval or supervision of the fund or an investment guarantee. A sensible allocation can combine domestic shares, corporate or government bonds, treasury bills, open-end cash, bond, equity, balanced, global or sector funds, pension assets, real estate and, where legally and operationally available, foreign securities. Foreign shares, funds and other securities can be accessed by North Macedonian residents through a licensed broker or bank, but a direct local retail exchange-traded fund channel was not established in the reviewed local primary sources. Domestic direct portfolios can become concentrated because the market is relatively small and liquidity is limited. Pooled funds and pension vehicles can provide functional diversification, while diversification by issuer, asset, currency and market reduces dependence on one investment. MSE trading uses the BEST system with continuous or fixing regimes, and the CSD settles matched transactions on a delivery-versus-payment basis, generally no later than three trading days after the trade. Citizen bonds can be traded through the MSE or over the counter when demand exists; the primary citizen-bond channel is restricted to North Macedonian nationals, while secondary trading is available to physical and legal persons. A citizen-bond issue dated 19 December 2025 amounted to MKD 2.03 billion, had 1,511 holders, paid 4.5% annually and matured on 19 December 2027. The 2025 MSE BEST turnover was MKD 5.064 billion, down 29.89%, with an average of 78 trades per day; BEST bond turnover was MKD 62.4 million, down 78.49%, while total MSE turnover including blocks and public offers was MKD 9.588 billion. These figures show why an exit may take time and why quoted value does not always equal immediately available liquidity. Costs can include broker commission, MSE trading or service fees, CSD maintenance, transfer and reporting fees, custody and corporate-action charges, fund entry, exit and management fees, pension management compensation, foreign-exchange costs and foreign venue or custody charges. Exact amounts depend on the provider and instrument, so the current tariff and client terms belong in the order review. The MSE tariff was effective from 2 December 2025, and the CSD tariff requires SEC approval. Personal income tax applies to relevant investment income under the law effective from 1 January 2023. A capital gain is generally the sale price minus the acquisition price; the tax rules provide a 10% standardised cost deduction and use 70% of the difference as the tax base for securities, fund units and capital participations, with the UJP guide stating a 10% personal income tax rate. Dividends and interest from bonds, securities and financial instruments are capital income for which the payer reports and withholds where required. Foreign capital income is reported by a resident through an electronic annual personal income tax return, and CSD reporting forms such as DLD-GI/CD can cover annual acquisitions and sales. The exact treatment depends on the current law, an applicable tax treaty and the issue prospectus; older UJP pages contain examples from 2018 and should not replace current guidance. Main risks include price movements, illiquidity, issuer default, interest-rate and reinvestment risk, MKD, euro and other currency movements, concentration, inflation, operational and settlement failures, regulatory or tax changes, fraud and unlicensed offers, wallet or platform failures for virtual assets, property title or valuation problems, maintenance and vacancy, and pension lock-up. Compare the prospectus, investment policy, audited reports, issuer disclosures on SEI-NET, MSE listing information and watchlists, maturity, duration, credit quality, spread, turnover, fees, currency and tax treatment before committing money.