Chinese buyer receives first greek residency permit

The permit was made possible thanks to the recent introduction of a scheme that awards buyers from outside of the EU residency in exchange for buying €250,000. The regulation Change was designed to stimulate interest in the country’s real estate in the wake of its banking crisis. Now, it has its first success story.

The Chinese businessman signed for his home at the beginning of August 2013. His two-storey maisonette, located in East Attica in a suburb close to the Eleftherios Venizelos Airport, cost €252,000, making him just eligible for the scheme, announced real estate firm BuildUp.

The buyer is called Jin Hong and comes from Beijing. Hong operates his own real estate company and with his latest housing deal secure himself three residence permits for himself and his family.

Renewable residency permits will also be available to those who cannot meet the minimum exist, notes Greek Reporter. Those without the funds to splash out on €250,000 worth of property will face “more rigorous procedures” to garner a residency permit. Foreign investors who can afford to buy a Greek home will always take priority.