On Friday, August 5, 2022, the call for the "Tourism Investments" aid scheme was signed, with its publication following on August 9. Consequently, following the sectors of manufacturing and logistics, the new Development Law also starts for the tourism sector.

The aim of this specific aid scheme is to upgrade the tourism product by providing support to a wide range of tourism investments, primarily concerning the creation, expansion, and modernization of fully integrated tourism accommodations across the entire country.

The investment projects eligible under this scheme include:

  • The establishment or expansion of hotel units with a minimum rating of 4 stars.
  • The modernization of fully integrated hotel units that belong to or are upgraded to a 3-star category, as well as the modernization of non-primary tourist accommodations, provided they are upgraded to at least a 3-star category.
  • The expansion and modernization of fully integrated hotel units that have ceased operation, provided that no change of building use has occurred during the shutdown period and that they are upgraded to at least a 4-star category.
  • The establishment, expansion, and modernization of fully integrated organized camping facilities, which belong to or are upgraded to at least a 3-star category.
  • The establishment and modernization of fully integrated hotel units within designated traditional or preserved buildings, which belong to or are upgraded to at least a 3-star category.
  • The establishment, expansion, and modernization of complex tourist accommodations, as defined by Law 4276/2014 (Government Gazette A' 155), submitted as unified projects (excluding buildings and facilities intended for transfer or long-term leasing).
  • The establishment and modernization of non-primary tourist accommodations, provided that:
    •           a. They hold the title "hospitality guesthouse."
    •           b. They are located within traditional settlements in one of the following areas: i. Mountainous areas, according to the Hellenic Statistical Authority (ELSTAT). ii. Border areas (within 30 km from the borders). iii. Island regions (islands with a population of fewer than 3,100 residents).
    •           c. They are classified in the 5-key category.
    •           d. They maintain a minimum of 20 rental rooms.
  • The establishment, expansion, and modernization of condominium hotels, as defined by Law 4276/2014, provided that the transfer or long-term lease of supported parts of these properties occurs after the expiration of the long-term obligations of the investment entity.

The minimum eligible investment cost for inclusion in the "Tourism Investments" aid scheme is:

a. €1,000,000 for large enterprises

b. €500,000 for medium enterprises

c. €250,000 for small enterprises

d. €100,000 for very small enterprises

e. €50,000 for Social Cooperative Enterprises (Koin.S.Ep.), Agricultural Cooperatives (A.S.), Urban Cooperatives, Producer Groups (O.P.), and Agricultural Corporate Partnerships (A.E.S.)

The level of support varies depending on the region. Specifically, for the region of Eastern Macedonia and Thrace, the aid level is set at 50% for large enterprises, 60% for medium enterprises, and 70% for small enterprises.

For more information, request a telephone appointment by clicking the button below, and a specialized economist from our company will contact you. 

Telephone appointment

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First Call for Applications for the "Tourism Investments" Aid Scheme under the New Development Law

30 August 2022

ΙΩΝΙΚΗ Finance

On Friday, August 5, 2022, the call for the "Tourism Investments" aid scheme was signed, with its publication following on August 9. Consequently, following the sectors of manufacturing and logistics, the new Development Law also starts for the tourism sector.

The aim of this specific aid scheme is to upgrade the tourism product by providing support to a wide range of tourism investments, primarily concerning the creation, expansion, and modernization of fully integrated tourism accommodations across the entire country.

The investment projects eligible under this scheme include:

  • The establishment or expansion of hotel units with a minimum rating of 4 stars.
  • The modernization of fully integrated hotel units that belong to or are upgraded to a 3-star category, as well as the modernization of non-primary tourist accommodations, provided they are upgraded to at least a 3-star category.
  • The expansion and modernization of fully integrated hotel units that have ceased operation, provided that no change of building use has occurred during the shutdown period and that they are upgraded to at least a 4-star category.
  • The establishment, expansion, and modernization of fully integrated organized camping facilities, which belong to or are upgraded to at least a 3-star category.
  • The establishment and modernization of fully integrated hotel units within designated traditional or preserved buildings, which belong to or are upgraded to at least a 3-star category.
  • The establishment, expansion, and modernization of complex tourist accommodations, as defined by Law 4276/2014 (Government Gazette A' 155), submitted as unified projects (excluding buildings and facilities intended for transfer or long-term leasing).
  • The establishment and modernization of non-primary tourist accommodations, provided that:
    •           a. They hold the title "hospitality guesthouse."
    •           b. They are located within traditional settlements in one of the following areas: i. Mountainous areas, according to the Hellenic Statistical Authority (ELSTAT). ii. Border areas (within 30 km from the borders). iii. Island regions (islands with a population of fewer than 3,100 residents).
    •           c. They are classified in the 5-key category.
    •           d. They maintain a minimum of 20 rental rooms.
  • The establishment, expansion, and modernization of condominium hotels, as defined by Law 4276/2014, provided that the transfer or long-term lease of supported parts of these properties occurs after the expiration of the long-term obligations of the investment entity.

To qualify for the "Tourism Investments" support scheme, the minimum eligible cost of the investment plan is:

a. €1,000,000 for large enterprises

b. €500,000 for medium enterprises

c. €250,000 for small enterprises

d. €100,000 for very small enterprises

e. €50,000 for Social Cooperative Enterprises (Koin.S.Ep.), Agricultural Cooperatives (A.S.), Urban Cooperatives, Producer Groups (O.P.), and Agricultural Corporate Partnerships (A.E.S.)

The level of support varies depending on the region. Specifically, for the region of Eastern Macedonia and Thrace, the aid level is set at 50% for large enterprises, 60% for medium enterprises, and 70% for small enterprises.

For more information, request a telephone appointment by clicking the button below, and a specialized economist from our company will contact you. 

Telephone appointment

Read more