Rich Chinese snap up Portugal property for 'golden visa'
LISBON (AFP) - A dream home in Portugal is becoming a golden ticket for wealthy Chinese, where property assets can also yield a prized residence permit allowing them to travel and do business across Europe.
Portugal is rolling out the red carpet to discriminating Chinese buyers, where they are stabilising property prices that have dropped by nearly a third during a deep recession that has accompanied the eurozone country's international bailout.
One year ago the Portugese government launched a programme to attract wealthy investors, and the results are now beginning to bear fruit.
For the purchase of a home or apartment of at least 500,000 euros (S$850,000) which is to be kept for at least five years, investors will receive a Portuguese residence permit.