A connection between the Golden Visa surge and a large number of real-estate and law agencies is under investigation in Greece, following allegations against entrepreneur Evangelos Papaevangelou, said to have illegally used Greek bank card terminals in China to receive payments for properties through his firm in Greece.
Independent Authority for Public Revenue and state authorities are launching a probe into the real estate market for the involvement of crime rings both local and China based, Kathimerini reports.
New, non-reputable law firms and agencies have sprung up in Greece investment rates from non-European Union citizens grow, taking advantage of buyers by extracting hefty commissions and excessively inflating prices. Properties reportedly worth 120,000-130,000 euros are being sold for 250,000 – the threshold for a Golden Visa residence permit – with sellers receiving only 180,000-200,000 and the go-between pocketing the rest.
In cooperation with Chinese travel agencies and local property owners, fraudsters have allegedly been benefiting from illegal transfer of capital from China mainly gained through illicit activities such as tax evasion or bribery.