Post date: 30-05-2023

On June 12, 2023, the application process for investment projects to be included in the "Support for Tourism Investments" aid scheme of the Development Law (4887/2022) will begin. Under this aid scheme, investments mainly related to the creation, expansion and modernization of integrated tourist accommodation projects will be financed. Depending on the size of the investing entity, the minimum eligible investment budget starts from €50,000.

The percentage of the budget that will be given as state aid depends not only on size of the business, but also on the location where the accommodation will be installed, according to EU’s Regional Aid Map for Greece. This begins at 15% and goes up to even 75% for certain islands of the North Aegean. However, in most cases, state aid ranges from 40% to 70%, depending on the size of the business. That aid is given either as tax exemption, or as a capital grant, or as a lease grant, or even as a cost grant for employment created. The maximum amount of state aid is €3,000,000, increasing to €5,000,000 for cases where the aid is given as tax exemption.

Expenditures eligible for the investment projects include, among others, the construction, extension or modernization of buildings and other facilities, the purchase or leasing of machinery and other equipment, as well as the adoption of quality assurance systems or consulting services.

The deadline for applications is 13 October 2023. However, we would advise all interested parties to submit their application as early as possible, considering the many holidays coming in the summer months which will affect the approval process. 

Tap into the breadth of our experience in handling investment projects like this and supporting businesses with their planning and delivery. Contact us today by filling out the relevant form, or by phone on 2614 409 200.