Earlier in May Greek Prime Minister Antonis Samaras told a business conference in China’s commercial capital that Chinese investors willing to put at least Euros 250,000 into Greek real estate would get a five-year resident permit for the European Union member nation.
Now, according to Greek newspaper Kathimerini, in less than two weeks from the time of the announcement the first major transaction has been agreed to between a Greek real estate firm and a Chinese real estate broker.
Many Chinese interested in emigrating abroad have been taking advantage of investor visa programs in distressed European nations as weaker members of the economic community struggle to attract funds. Because of the common nature of the EU, a resident of Greece has full access to all member nations in the Union including more prosperous countries such as France and Germany.
Previously, other EU members such as Spain, Cyprus and Portugal had announced low-priced investment visa programs, although Cyprus’ ability to attract investors has recently been marred by the reported collapse of its banking system.