Greece speeds up 'Golden Visa' scheme for Chinese investors

ATHENS: Chinese investor Jiang Rungong, who moved to Greece three years ago, says he and his family could not be happier in their new home on the Athens coast.

Under the arrangement, non-EU citizens are given a five-year residence permit in return for investing at least 250,000 euros in Greek real estate.Other crisis-hit EU members such as Portugal, Cyprus and Spain have been offering similar incentives for years. Greek Prime Minister Kyriakos Mitsotakis has just returned from a four-day visit to Shanghai, and Chinese President Xi Jinping arrives in Athens for a reciprocal three-day trip on Sunday.

Applications are also being held up because they are processed in the same department that handles the asylum requests of tens of thousands of migrants.To cut red tape and make investment easier, the newly elected conservative government approved a bill in late October that would allow would-be investors to get round China's strict capital controls.

According to the Bank of Greece, the scheme appears to be stimulating the country's previously sluggish housing market.

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