Cash-strapped governments across Europe are reeling in investment from Chinese millionaires and other big spenders by offering “golden visa” residence permits in exchange for house purchases.
Portugal is at the forefront of the trend after issuing 1,360 such visas since 2012 – 1,100, or 81 per cent, of which went to Chinese nationals. Greece, Latvia, Spain and other crisis-hit eurozone countries run similar schemes.
Hungary offers residency visas for people who make a €250,000 investment in government bonds. Buying a property for €220,000 in Malta or €300,000 in Cyprus can also secure a residence permit. By spending a minimum €500,000 on a Portuguese property non-European families can live in Portugal for five years and then apply for permanent residence. They can also travel in the 26 EU countries that make up the Schengen “open borders” area.