Chinese purchase more real estate in Southern Europe lured by visa offer in exchange
Cyprus, Greece and Portugal are providing resident permits to foreign buyers, while Spain is about to adopt a similar measure. The chance to purchase a home at depressed prices in southern Europe and gain what’s known as a golden visa is mostly being sold to Chinese investors, according to brokers.
Greece and Cyprus offer fast-track permit processes for purchases of at least 250,000 euros (US$335,000) and 300,000 euros, respectively. Portugal’s program has a minimum price of 500,000 euros. While some wealthier European countries also grant special resident visas for investors, most require larger outlays and may not involve real estate. The U.K., for instance, grants special visas to individuals with at least 1-million pounds (US$1.6-million) to invest in the country.
adapted from financialpost.com