Are Europe’s Newest Real Estate Investors Poised to Profit?
Are you Chinese, wealthy, and looking to invest in Europe? If so, then several countries in Europe have a deal for you. Actually, the deal is for anyone seeking a visa to live in various places throughout the European Union, but as governments roll out these visa programs to attract wealth foreign investors, so far upper-income Chinese citizens have been the most interested.
Essentially, the programs work as follows — invest enough money in a country in the form of real estate, stakes in a company, or some other forms of assets. In exchange, receive a ‘golden visa’ as they are being called, or, the rights the live in that country. The locales in Europe that have been instituting these programs are not surprisingly the ones hit hardest by economic downturns and property bubbles. Spain, Portugal, Greece, and the United Kingdom all have some form of program that encourages investment in exchange for a visa.
So far, the programs have greatly appealed to Chinese elite, who move to Europe and take advantage of such freedoms as the ability to send their kids to the most elite schools on the continent. Many just enjoy living there as well. One real estate investor told Bloomberg that, “I want to move there with my wife and parents as soon as possible. I love it.”