Chinese who have the financial means to leave their country because of housing market restrictions, limited investment opportunities, uncertainty about the future as well as the one child policy are looking far abroad for new homes and Cyprus is becoming a favorite.
According to statements in the Times of the immigration advisory service representative in Cenchen, Cyprus ranks among the most popular destinations in Europe for wealthy Chinese who want to migrate from their country.
Chinese officials say that more and more of their compatriots are searching for the opportunity to take their money out of China and get European citizenship in the future.
Cyprus, since 2011, has offered foreigners who buy property worth at least 300,000 euros ($404,000 the possibility to obtain authorization for permanent installation. According to the report, this has driven as a result thousands of Chinese to settle on the Greek island.
Although the U.S. is one of the most popular destinations for Chinese people, Europe’s lower-cost properties, both organized health and education systems and the prospects of getting a passport, is becoming increasingly attractive.