The 2nd round of applications for investment projects to be included in the "Enhancement of Tourism Investments" regime of the new Development Law 4887/2022 has been published. The start date for submitting applications for investment projects is June 12, 2023.

The deadline for submissions is October 13, 2023.

According to the Proclamation, support of up to 75% is provided, based on the Regional Support Map, depending on the size of the business and the installation area.

The purpose of the scheme is to grant aid to a wide range of tourism investments that mainly concern the creation, expansion and modernization of an integrated form of tourist accommodation, with the aim of upgrading the quality of the tourist product.

Total Budget

The total budget of this regime for the year 2022 amounts to one hundred and fifty million (150,000,000) euros, of which seventy-five million (75,000,000) euros concern the type of tax exemption support.

The other seventy-five million (75,000,000) euros concern the types of support for the grant, the leasing subsidy and the subsidy for the cost of the employment created and come from the Public Investment Budget of the Ministry of Development and Investments.

Beneficiaries

  • Commercial firm
  • Partnership
  • Co.S.Ep, AS, OP, AES
  • Joint ventures engaged in commercial activity,
  • Public and municipal enterprises and their subsidiaries subject to conditions

Eligible investment plans

The investment projects covered by the "Enhancement of Tourism Investments" regime concern:

α) establishment or expansion of hotel units of at least four (4) stars,

β) modernization of the integrated form of hotel units that belong to or are upgraded to a category of at least three (3) stars, after five years from the start of operation of the unit or from the date of completion of the previous investment of modernization of the integrated form of the unit, as well as modernization of non-main tourist accommodation, as long as they are upgraded to a category of at least three (3) stars,

γ) expansion and modernization of the integrated form of hotel units that have stopped their operation, provided that during the period of interruption the use of the building has not changed and that, through the extension or modernization of the integrated form, they are upgraded to a category of at least four (4) stars ,

δ) establishment, expansion and modernization of an integrated form of organized tourist camps (camping), which belong to or are upgraded to a category of at least three (3) stars,

ε) establishment and modernization of an integrated form of hotel units within designated traditional or preserved buildings, which belong to or are upgraded to a category of at least three (3) stars,

στ) establishment, expansion and modernization of complex tourist accommodation, as defined in Law 4276/2014 (Α΄ 155), which are submitted as single plans, not including buildings and facilities to be transferred or leased for a long time,

ζ) establishment and modernization of non-main tourist accommodation, provided,

ζα) bear the distinctive title "hospitality hostel",

ζβ) are implemented within traditional settlements in one of the following areas: i) mountainous areas, according to the classification of EL.STAT., apart from the municipal units that are part of the urban complex of Athens, ii) areas located at a distance of up to thirty (30) kilometers from the border, iii) islands with a population of less than three thousand one hundred (3,100) inhabitants,

ζγ) are classified in a category of five (5) keys, according to the decision of the Minister of Tourism No. 12868/2018 (Β΄ 3119) and

ζδ) maintain a minimum number of twenty (20) rooms for rent,

η) establishment, expansion and modernization of jointly owned hotels (condo hotels), as defined in Law 4276/2014, provided that the transfer or long-term lease of these enhanced parts takes place after the end of the long-term obligations of the operator investment, subject to paragraph (g) of paragraph 3 of article 25 of Law 4887/2022.

Minimum Budget for Investment Plans

The minimum eligible amount of investment for investment projects to be included in the Tourism Investment Promotion regime is defined based on the size of the organization:

a. an amount of one million (1,000,000) euros for large companies,

b. an amount of five hundred thousand (500,000) euros for medium-sized enterprises,

c. an amount of two hundred and fifty thousand (250,000) euros for small businesses,

d. an amount of one hundred thousand (100,000) euros for very small businesses,

e. an amount of fifty thousand (50,000) euros for Social Cooperative Enterprises (SOEs), as well as Agricultural Cooperatives (AS), Urban Cooperatives, Producer Groups (OP) and the Agricultural Corporate Partnerships (A.E.S.).

Eligible expenses

 Investment costs in tangible assets:

    • construction, extension, modernization of building facilities, special and auxiliary facilities of the buildings,
    • purchase of all or part of the existing fixed assets, such as buildings, machinery and other equipment, of a business establishment
    • purchase and installation of new modern machinery and other equipment, including technical installations and means of transport that move within the area of the incorporated unit.
    • lease payments of new modern machinery and other equipment, the use of which is acquired, provided that the leasing contract stipulates that the equipment becomes the property of the lessee at the end of the contract.
    • modernization of special facilities (not related to buildings) and mechanical facilities

Investment costs in intangible assets:

    • technology transfer, through the purchase of intellectual property rights, licenses, patents, know-how and unproprietary know-how;
    • quality assurance and control systems, certifications, supply and installation of software and business organization systems.

Expenditures other than Regional Aid

    • Consulting fees for SMEs. They are supported only for new small and medium enterprises and for an amount up to 50,000 euros (up to 5% of the total supported cost). A new business is considered a newly established business that has not been closed at the time of submission of the application for inclusion in the administrative use status.
    • Expenses for professional training
    • Participation of SMEs in trade fairs

Financial scheme of investment projects

Each institution participates in the cost of the investment plan either with own funds or with external financing (or with a combination of these).

Twenty-five percent (25%) of the aided cost of the investment project must not include state aid, public support or provision.

Submission of Investment Plans

Η ημερομηνία έναρξης της υποβολής αιτήσεων υπαγωγής επενδυτικών σχεδίων στο παρόν καθεστώς είναι η 12η Ιουνίου 2023. Ημερομηνία λήξης του κύκλου υποβολών μετά από την ανακοίνωση για παράταση ορίζεται η 29η Δεκεμβρίου 2023.

For the overall conditions for the participation of the beneficiaries and for the evaluation of your business, fill out the evaluation form below and a representative from the relevant department will contact you immediately!

Business evaluation questionnaire for inclusion in funding and subsidy programs