Sunny Greece offers three-generation visa for HK$2.4m

Tired of your shoebox in Tin Shui Wai? Here is a chance to upgrade to a plush home in Athens.

Under a new initiative by the Greek government to attract foreign capital and kick-start the beleaguered economy, starting from January next year a property investment of just €250,000 (HK$2.4 million) in the European country will come with residence visas for the applicant, children (aged 25 or below), parents and even in-laws.

According to Greek property listings, HK$2.4 million can buy more than 900 square feet of apartment space in Athens, compared with a 400 sq ft cage somewhere in the New Territories.

To sweeten the deal, Greece has more than 300 days a year of glorious sunshine, bucolic landscapes, and world-class coffee for €1& a cup, down from €4.50 before its economy collapsed.

Athens even has three decent Chinese restaurants, says Stephanos Issaias, the chief executive of Enterprise Greece, a government bureau tasked with promoting the country.

Called the three-generation visa, the programme is the latest sales tool from a Mediterranean government desperate for overseas capital and talent to support a struggling economy. Under the current emigration law, parents are excluded.

In Greece’s case, 29 per cent of its gross domestic product has been wiped out over 27 quarters of economic shrinkage that has driven national unemployment levels up to 28 per cent.