Chinese pour into Cyprus

MORE than 1,000 Chinese investors have bought houses in Cyprus in the past year, taking advantage of a visa deal that grants the right to roam the European Union.The struggling island nation has overhauled its visa process for wealthy immigrants in an attempt to encourage investment, pledging to turn around applications in two to three months.Anyone buying a house worth €300,000 (£260,000) or more can gain a “Permanent Residency Permit” in Cyprus if they can prove they have no criminal record and deposit €30,000 for a minimum of three years in a local bank.About 80% of the Chinese immigrants have clustered in Paphos, a tourist town on the southwest coast, where last month China Glory National Investment, based in Hong Kong, committed itself to investing €290m in a €1.5bn golf resort. The business has set up offices in Nicosia, the capital.