Greece has recently been getting a huge economic boost from investments coming from China, mostly thanks to its so-called "Golden Visa" scheme that is attracting wealthy individuals and their families.
The program essentially makes it relatively easy for Chinese people that can afford it to acquire residence visas, giving them the opportunity to live in one of the most beautiful places in Europe.
Under Greece's visa program, non-EU citizens may be granted a five-year residence permit if they are able to invest at least $275,000 through the acquisition of properties and real estate. This will include condominiums and other similar properties. Apart from Greece, other European countries that are offering the same scheme include Cyprus, Spain, and Portugal.
Greece's program was established to help it recover from its decade-long recession through the attraction of outside capital. Throughout the last decade, real estate prices in the country have rapidly declined as more of its citizens had exited the country. Now that Greece is on the road to recovery, prices have risen once again.
The country's Golden Visa program has so far proven to be very effective as the number of permits that have been issued has steadily risen. In 2018, Greece saw a sharp 46 percent increase in the number of residence permits it had issued to non-EU citizens. Since 2013, around 3,400 permits have been issued to Chinese individuals.
To facilitate the increasing number of applications, Greece had implemented several measures to further cut red tape and to make it easier for Chinese investors to get their money into the country. This included a way for investors to get around China's strict capital controls through the use of multiple bank terminal transactions.
Immigration experts have stated that China no longer sees Greece as a mere "foot in the door" location to Europe. Most apparently sees Greece as a viable second home and a place to actually live. Over the past years, several little "Chinatowns" have sprung up as more Chinese individuals purchase blocks of properties in Athens and its suburbs.
The rise in Chinese residents in the country also coincides with Greece's rapidly strengthening economic ties with China. Both countries have gradually built progressively close economic ties with each other in aspects such as trade, commerce, infrastructure, and investments.
In 2008, Chinese shipping giant Cosco acquired two of the country's largest container terminals in the port of Piraeus. This further expanded the trade relations between both nations, whose bilateral trade volumes have gradually increased over the past years.
Greek Prime Minister Kyriakos Mitsotakis recently concluded his four-day visit to China, which will then be followed by a reciprocal three-day trip by Chinese President Xi Jinping this week. Xi is expected to arrive in Athens on Sunday this week.
