Driving around Cyprus, we noticed a large number of billboards in Chinese. Now, in China, one expects the billboards to be Chinese, but Cyprus?
Jeff, the Ever Curious (as opposed to moi, the Ever Napping) did a bit of research.
The real estate sector on the recession-hit Mediterranean holiday island of Cyprus, an EU member, is turning to Chinese investors seeking easier access to Europe.
Hundreds of Chinese nationals have purchased second homes on the island thanks to a Cypriot law revised last year granting permanent resident status to foreign buyers of homes costing at least 300,000 euros ($390,000).
"The Chinese are not interested in houses as such in Cyprus. They are interested only in the permanent residency. They buy houses through visa firms," said leading real estate agent Antonis Loizou. Global Post
The reasons given for Chinese for buying seem to relate to clean air and better, cheaper international private schools. And, maybe you can have a second child and circumvent the fines that would be levied in China.
But, let's be clear, it's totally not a money laundering scheme. Not at all.
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