Forget US GreenCard, If you buy a house in Greece you will automatically get permanent residency visas for you, your parents and children

Greek realtors have launched an Africa-wide charm offensive targeting affluent investor-families keen on moving to the European Union (EU) member country through purchase of at least Sh30 million property.

Enterprise Greece board member George Zissimatos said the campaign officially launched in Nairobi last week is aimed at exciting the Greece real-estate sector, which lost up to 50 per cent of its value during the six-year economic meltdown.

“Each buyer of a luxury home, commercial property or parcel of land worth above Sh30 million will automatically get permanent residency visas for themselves, their parents and children,” he said.

Affluent families planning to shift to Greece are also at liberty to invest a minimum of Sh50 million in any business, but must employ locals with themselves as the bosses.

“We are not inviting employees but job creators keen on giving their children access to free public education and healthcare. But for any investor starting a project worth Sh115 million is allowed to employ up to 10 family members or employees from any nationality,” he said.

Mr Zissimatos spoke when Athens-based realtor V2 Development president Vaggelis Kteniadis launched the firm’s weeklong luxury houses and commercial property sale.

He said this was the best time to buy properties in Greece as prices were still low with investors enjoying access to Greece education on the same terms as locals as well as automatic entry to the US.

“We have a lot of English-only universities linked to US and UK universities where one can study and transfer to sister universities to advance their education,” he said.

Mr Zissimatos said all properties on sale will be subjected to due diligence checks by government agencies adding that the Greece government was actively involved in the exercise.

“All monies have to come through bank transfers which ensures State financial controls are actively engaged during the property payments,” he said.

A recent survey by a global realtor found that affluent families bought houses in Dubai, UK and US cities to accommodate their children studying in foreign universities.

The houses, mostly apartments in posh locations, also serve as family holiday homes with some leasing the same during their absence.

This article first appeared on BD Africa

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