Strengthening Tourism Investments
The new Development Law (L.4887/2022) was published , which replaces the current development law (L.4399/2016).
The aim of the Ministry of Development and Investments with the approval of the new Development Law is to strengthen the economic development of our country by providing incentives to specific activities and sectors.
To achieve this goal, the new Development Law 2022 provides for the acceleration and simplification of the evaluation, approval and control procedures of the submitted investment plans, as well as the provision of higher aid rates.
Funding Key Points
Day start/end
- CYCLE B: June 12, 2023 – December 29, 2023
Content of Investment Plan
- Create a new unit.
- Expansion of the capacity of an existing unit.
- Differentiation of a unit's output.
- Fundamental change of the entire production process of an existing unit.
Beneficiaries
- Commercial company
- Partnership
- Co.S.Ep, AS, OP, AES
- Joint ventures engaged in commercial activity
- Public and municipal enterprises and their subsidiaries subject to conditions.
Budget
- 1,000,000 euros for large companies
- 500,000 euros for medium-sized enterprises
- 250,000 euros for small businesses
- 100,000 euros for very small businesses
- 50,000 euros for Social Cooperative Enterprises (SOEs), as well as Agricultural Cooperatives (A.S.), Urban Cooperatives, Producer Groups (O.P.) and Agricultural Partnerships (A.E. .S.).
Derived Investment Plans
Eligible branches of economic activity are
- The tourism industry
In more detail:
- Establishment or expansion of hotel units of at least four (4) stars,
- 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 have passed from the start of operation of the unit or from the date of completion of the previous investment in the modernization of the integrated form of the unit, as well as the modernization of non-main tourist accommodation, provided are upgraded to a category of at least three (3) stars,
- expansion and/or modernization of an integrated form of hotel units that have ceased operation, for at least two (2) years before the date of submission of the affiliation application, provided that during the period of interruption the use of the building has not changed and that, through the expansion or modernization of a complete form, are upgraded to a category of at least four (4) stars
- establishment, expansion and/or modernization of an integrated form of Tourist Organized Camps (camping), which belong to or are upgraded to a category of at least three (3) stars,
- establishment and/or 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,
- establishment, expansion and/or modernization of complex tourist accommodation, as defined in Law 4276/2014 (Α΄ 155), which belong to or are upgraded to a category of at least four (4) stars, which are submitted as a single investment project excluding those to be transferred or long-term lease of buildings and facilities,
- establishment, or modernization of non-main tourist accommodation (subject to conditions)
- establishment, expansion and/or modernization of condo hotels, as defined in Law 4276/2014, which belong to or are upgraded to a category of at least four (4) stars and provided that the transfer or long-term lease of enhanced parts thereof receives country after the end of the long-term obligations of the investment body,
Eligible Expenses
Eligible costs within regional aid
Other Information
Financial scheme of investment projects
Types of Reinforcements
Intensities and Amounts of regional aid
Maximum amounts of aid granted
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).
The pre-approval of the loan should be submitted electronically through P.S.AN. at the latest within 45 days of the application deadline.
The pre-approval of the loan should be submitted electronically through P.S.AN. at the latest within 45 days of the application deadline.
Types of Reinforcements
- Subsidy.
- Lease subsidy.
- Subsidizing the cost of the employment created.
- Tax exemption.
Intensities and Amounts of regional aid
For very small and small businesses , the aid rates for all types of incentives, except for the grant, are granted at the maximum rate of the Regional Aid Charter. The incentive of the grant is granted at eighty percent (80%) of the upper limit of the Regional Aid Map, unless the place of implementation of the investment falls under the Table of Special Areas posted by the Ministry (100%) or the property of the investment is maintainable (90%).
For medium and large enterprises, the aid rates for all types of incentives, except for the grant, are granted at eighty percent (80%) of the upper limit of the Regional Aid Map, unless the location of the investment falls under the Table of Special Areas that has posted by the Ministry (100%) or the investment property is maintainable (90%). The incentive of the grant is granted only to medium-sized enterprises and only to the Regional Units of Thrace.
For medium and large enterprises, the aid rates for all types of incentives, except for the grant, are granted at eighty percent (80%) of the upper limit of the Regional Aid Map, unless the location of the investment falls under the Table of Special Areas that has posted by the Ministry (100%) or the investment property is maintainable (90%). The incentive of the grant is granted only to medium-sized enterprises and only to the Regional Units of Thrace.
Maximum amounts of aid granted
The total amount of aid per submitted investment plan submitted by very small and small businesses cannot exceed the amount of €3,000,000 for all types of aid.
For medium and large enterprises, the aid amount cannot exceed:
It is possible to combine the aids.
The aid provided to each body, which also includes the aid to partner or affiliated companies, cannot cumulatively exceed €20,000,000 for an individual company and €30,000,000 for all partners according to their participation percentage or affiliated companies.
For medium and large enterprises, the aid amount cannot exceed:
- the three million euros (€3,000,000) for the subsidies for the leasing subsidy or the subsidy for the cost of the created employment, as well as the subsidy in the case of par. 4 of article 9 (subsidies for medium-sized enterprises in the Regional Units of Thrace) and
- the five million euros (€5,000,000) to enhance the tax exemption.
It is possible to combine the aids.
The aid provided to each body, which also includes the aid to partner or affiliated companies, cannot cumulatively exceed €20,000,000 for an individual company and €30,000,000 for all partners according to their participation percentage or affiliated companies.