Chinese man first to get Greek residence permit with property purchase

A Chinese man has become the first foreigner to profit from a new scheme granting a Greek residence permit to anyone who purchases a property worth more than 250,000 euros.

The BuildUp real estate company said on Tuesday that the contract for the purchase was signed on August 8.

The law was passed earlier this year after Prime Minister Antonis Samaras visited China and announced the government’s intention to offer non-European citizens the right to live in Greece if they invested large amounts in the property market.

BuildUp said it is working with a Chinese firm to promote Greek real estate in the Asian country.