Troubled European Economies Like Portugal, Spain And Greece Lure Wealthy Chinese Willing To Invest Millions In Exchange For Permanent Residency

Europe’s troubled economies have found unlikely saviors in wealthy Chinese. Many European countries are hoping to turn the recession around by luring Chinese millionaires with investor visas and cheap real estate prices.

Countries like Portugal, Spain, Romania, Hungary and Greece, not traditional destinations for emigrants from China, have all passed policies aimed at attracting foreign investment from wealthy Chinese. In exchange for investing millions in local businesses, or purchasing properties, Chinese families can now gain residency permits to a number of European nations.

Portugal introduced a “golden visa” program in 2012, offering residence permit to the immediate family of anyone who could invest 1 million euros ($1.38 million), or create 30 jobs in the country, the South China Morning Post reported on Monday. Out of 542 golden visas issued so far, 433, or nearly 80 percent, are received by the Chinese.

The same consideration is given to anyone who purchases 500,000 euros in local real estate, and helped increase the number of properties sold in the country’s struggling market by 70 percent in 2013. Most of these “golden visa” property buyers, however, are not living in their Portuguese houses.

Source: ibtimes.com