As a Schengen member state, Greek immigrants can travel and reside freely in 26 European countries with their residence permits. However, investors who immigrate to Greece are not permitted to work in the country. How should one handle this situation? The official explanation from Greece is: although foreign immigrants with residence rights are legally prohibited from working in Greece, they can still generate profit through entrepreneurship, investment, and business operations. For example, investing in real estate or opening a restaurant are viable options.
I. Real Estate
Affected by the European financial crisis, Greece's economic development has been on a slow growth trend, and as a result, Greek property prices have been at their lowest point. With the European Union's support for the Greek economy, the economy is gradually recovering, and the purchasing power for Greek real estate is beginning to rise. The Greek government has also issued a real estate investment immigration policy to attract overseas investment. Since the launch of this policy, investors from many countries have begun to immigrate through property purchases, which has greatly promoted the development of the Greek economy. Overseas individuals who invest in Greek real estate can not only obtain Greek immigration status but also reap investment returns from the properties. In particular, Greece's tourism industry has developed into a pillar industry, and international schools are another major highlight attracting immigrants. There is a strong market for renting out school district housing near university towns and sea-view properties.
II. Other Industries
The Greek tourism industry is an important economic sector for earning foreign exchange and maintaining the balance of international payments. This is attributed to the beauty of Greece, with its picturesque islands and beautiful cities, such as the Acropolis of Athens and the Temple of Apollo in Delphi. The Greek government also attaches great importance to and encourages the development of tourism-related industries, which has allowed the tourism sector to thrive. Furthermore, the vast amount of arable land allows Greece to produce a huge quantity of agricultural products, making the Greek food and beverage industry another important avenue for immigrant investment. Chinese people, who are well aware of the charm of food culture, are among the best experts in dining. Therefore, many Chinese immigrants living in Greece generally choose to operate small businesses such as restaurants, supermarkets, or homestays.
2012 was a year of economic crisis for Greece, but now the crisis has passed, and all walks of life are gradually recovering. Moreover, the Euro-to-RMB exchange rate is at a historical low, and Greek property prices are also at a relatively historical low. From an investment perspective, this is the best time to enter the market. Now is also a relatively relaxed time for Greek immigration, with a shorter and faster processing cycle. Although immigrants who purchase property in Greece cannot work locally, they can operate businesses in Greece. After immigrating to Greece, minor children can attend Greek public schools for free, and after purchasing medical insurance, they can enjoy the same medical benefits as locals. The Greek medical system covers all individuals residing in Greece. After obtaining Greek citizenship, if one is employed, they can enjoy local social security benefits.
The "Belt and Road" summit forum has concluded successfully. As a fortress of the Maritime Silk Road and a gateway to Europe, Greece has become an important pivot for Chinese capital to enter Europe. In the first half of 2016, the bilateral trade volume between China and Greece reached 1.81 billion USD, a year-on-year increase of 9.7%.
In the past two years, Greek real estate investment immigration has been favored by Chinese investors because the Greek real estate market is currently a rare value depression. Experts state that the positive outlook for the Greek tourism industry in 2017 is driving real estate investment, and economic development is even more optimistic. At the same time, property prices are about 40% lower than their peak, offering great potential for future appreciation.