Most coverage of the Greece Development Law confuses two different things: the aid schemes (the sector or policy programmes a project applies under) and the aid types (the instruments, such as a cash grant or a tax exemption, that the aid is paid in). Law 4887/2022 (GG A’ 16/04.02.2022), as amended by Law 5203/2025 (GG A’ 87/02.06.2025) and Law 5297/2026 (GG A’ 64/28.04.2026), establishes twelve active aid schemes in Article 2(1), and a separate menu of aid types in Article 9(1). This guide sets out both, and explains why no honest ranking of the schemes by return on investment is possible without the project’s own numbers.
How the Greece Development Law Structures Investment Aid
The Development Law operates within the EU State aid framework, principally the General Block Exemption Regulation (GBER), Regulation (EU) No 651/2014 (EUR-Lex). Its architecture has three layers. First, the scheme determines which projects are eligible, which costs count and who may apply; each scheme has its own block of articles in Part B of the law and is activated through a ministerial call. Second, the aid type determines how the support is delivered. Third, the aid intensity (the share of eligible cost that can be covered) is set mainly by the project’s region and the beneficiary’s size under Article 10, not by the scheme’s name.
Article 2(1) of the ministry’s consolidated text, updated to Law 5203/2025, lists thirteen items, one of which has been repealed. That leaves twelve active schemes. The consolidated text is an aid for investors and has no legal force; the authentic text is the one published in the Government Gazette, and any changes introduced by Law 5297/2026 should be checked against the Gazette before an application is prepared.
The 12 Aid Schemes of the Greece Development Law
The schemes below are listed in the order of Article 2(1), not in order of value. The article ranges refer to Law 4887/2022 as amended.
1. Modern Technologies
Legal basis: Arts 31–37, Law 4887/2022.
What it targets: Technological upgrading of existing units, research, development and application of new ideas and technologies, new technologically upgraded processes, and the combination of production with information and communication technology.
2. Green Transition – Environmental Upgrading of Businesses
Legal basis: Arts 38–44, Law 4887/2022.
What it targets: Investment in circular-economy activities, technologies that protect the environment, and improvements in the energy efficiency of businesses.
3. Social Entrepreneurship and Handicraft
Legal basis: Arts 45–50A, Law 4887/2022.
What it targets: Businesses set up by vulnerable social groups (for example, people with disabilities or the long-term unemployed) and handicraft activity. One of only two schemes open to sole proprietorships, and then only for eligible cost up to €200,000 (Art. 13).
4. Special Aid Areas
Legal basis: Arts 51–57, Law 4887/2022.
What it targets: Projects in areas with significant economic and demographic problems, such as northern border regional units, areas of population decline and Lignite Phase-Out Zones. The eligible areas themselves are fixed in each call, not in the law.
5. Agri-food – Primary Production and Processing of Agricultural Products – Fisheries and Aquaculture
Legal basis: Arts 65–71, Law 4887/2022.
What it targets: Primary agricultural production, processing of agricultural products, fisheries and aquaculture. Also open to sole proprietorships under the same €200,000 limit (Art. 13).
6. Manufacturing – Supply Chain
Legal basis: Arts 72–77, Law 4887/2022.
What it targets: Manufacturing (other than agricultural processing) and supply-chain investment aimed at technological, productive and organisational upgrading and export-oriented growth.
7. Business Extroversion
Legal basis: Arts 78–83, Law 4887/2022.
What it targets: Investment by businesses seeking to enter new markets abroad by exporting their products or services.
8. Tourism Investment
Legal basis: Arts 84–90, Law 4887/2022.
What it targets: A wide range of tourism investment, centred on building, extending and upgrading integrated tourist accommodation across the country.
9. Alternative Forms of Tourism
Legal basis: Arts 91–97, Law 4887/2022.
What it targets: Tourism investment outside the mainstream model that draws on a region’s distinctive geographic, social, cultural or religious features.
10. Large Investments
Legal basis: Arts 98–104, Law 4887/2022.
What it targets: Projects with total eligible expenditure above €15 million (Art. 99), excluding agri-food, tourism and alternative-tourism projects, which have their own schemes. Includes a fast-track licensing procedure (Art. 102).
11. European Value Chains
Legal basis: Arts 105–110, Law 4887/2022.
What it targets: Investment in sectors that form part of European value chains, aimed at scale economies, quality, supply-chain coordination and exports.
12. Entrepreneurship 360°
Legal basis: Arts 111–116, Law 4887/2022.
What it targets: The residual, cross-sector scheme: it supports investment plans of any category that is not covered by a dedicated scheme. Art. 112 expressly excludes projects falling under the agri-food (Arts 65–71), manufacturing–supply chain (Arts 72–77), tourism (Arts 84–90) and alternative-tourism (Arts 91–97) schemes. Projects must have the character of an integrated initial investment.
The detail that matters most for eligibility (permitted activity codes, minimum budgets, per-project aid caps, application windows and evaluation deadlines) is fixed in each call, not in the law. The first Entrepreneurship 360° call, for example, was issued by Ministerial Decision 126997/28.12.2022 (GG B’ 6872/29.12.2022), and the Ministry’s evaluation guide for Entrepreneurship 360° sets out the comparative evaluation procedure for that call.
| Aid scheme (Art. 2(1)) | Articles in Law 4887/2022 |
|---|---|
| 1. Modern Technologies | Arts 31–37 |
| 2. Green Transition – Environmental Upgrading of Businesses | Arts 38–44 |
| 3. Social Entrepreneurship and Handicraft | Arts 45–50A |
| 4. Special Aid Areas | Arts 51–57 |
| 5. Agri-food – Primary Production and Processing of Agricultural Products – Fisheries and Aquaculture | Arts 65–71 |
| 6. Manufacturing – Supply Chain | Arts 72–77 |
| 7. Business Extroversion | Arts 78–83 |
| 8. Tourism Investment | Arts 84–90 |
| 9. Alternative Forms of Tourism | Arts 91–97 |
| 10. Large Investments | Arts 98–104 |
| 11. European Value Chains | Arts 105–110 |
| 12. Entrepreneurship 360° | Arts 111–116 |
Aid Types Under the Greece Development Law
Cash grants, tax exemptions, leasing subsidies and wage subsidies are not schemes. They are the aid types listed in Article 9(1), and each call specifies which of them a given scheme offers. Investors new to the Greece Development Law who compare “the cash grant scheme” with “the tax exemption scheme” are comparing instruments, and the instrument mix available to them depends on the scheme and call they qualify for.
Tax exemption (Art. 9(1)(a))
Exemption from income tax on pre-tax profits, calculated as a percentage of the eligible investment cost, with an equal amount held in a special reserve. It is capped aid, not a tax holiday: under Article 24 the approved amount must be used within fifteen tax years from the year the right arises, and in any single year no more than half of the approved total may be used (unused amounts from loss-making or low-profit years can be carried forward). Its value therefore depends entirely on the project generating taxable profit in time.
Grant (Art. 9(1)(b))
A non-repayable payment covering part of the eligible cost. Under Article 24 a first tranche of 25%, 50% or 65% of the approved grant may be requested once corresponding progress is certified, with the balance paid only after the decision certifying completion and the start of production. Investors must bridge-finance the gap.
Leasing subsidy (Art. 9(1)(c))
Coverage of part of the instalments on leasing contracts for new equipment, for no more than seven years from completion of the investment. Payments are made every six months and are limited to 60% of the approved amount until the completion decision is issued (Art. 24).
Employment cost subsidy (Art. 9(1)(d))
Coverage of part of the payroll cost of new jobs created by the investment, provided those jobs receive no other State aid. It is paid every six months under the same 60% limit before completion (Art. 24).
Risk financing (Art. 9(1)(e))
Available only within specific schemes (Modern Technologies and Social Entrepreneurship and Handicraft) under the terms of the relevant call.
Article 9 also provides non-cash incentives: faster licensing for approved projects (Art. 9(3)) and access to loans backed by a Hellenic Development Bank guarantee for SMEs or to European Investment Bank lending with a Greek State guarantee for large investments (Art. 9(4)). These guarantees also count as State aid and use up part of the available intensity.
How Much Aid? Greece Development Law Intensity Depends on Region and Size
Under Article 10, the maximum regional aid intensity is taken from Greece’s Regional Aid Map and then increased by 10 percentage points for medium enterprises and 20 percentage points for small and micro enterprises. The SME uplift does not apply to projects with eligible cost above €50 million. For those projects, the first €55 million of eligible cost receives the full regional rate, the portion between €55 million and €110 million receives half of it, and anything above €110 million receives no aid. The frequently quoted “up to 70%” figure is therefore a ceiling that applies only to certain regions and enterprise sizes; most projects will qualify for less.
Where several aid types or measures are combined, total aid must stay within the applicable intensity under the cumulation rules of GBER Article 8. Choosing a richer instrument does not raise the ceiling; it changes how and when the same ceiling is paid out.
How to Choose a Greece Development Law Scheme, and Why There Is No Universal ROI Ranking
An earlier version of this guide ranked the schemes by return on investment. That ranking has been withdrawn, because it cannot be justified on verifiable criteria: the law does not attach a fixed aid rate to any scheme, the intensity is driven by region and enterprise size, and the value of each aid type depends on the project’s cash-flow profile. Instead, the choice should follow a sequence.
1. Eligibility determines the scheme, not preference. Agri-food, tourism and alternative tourism projects are channelled to their dedicated schemes and are excluded from Large Investments and Entrepreneurship 360°. A project with more than €15 million of eligible cost may fit Large Investments; a project with no dedicated scheme is likely to fall under Entrepreneurship 360°. The real question is usually which open call the project qualifies for, and when.
2. The cash-flow profile determines the aid type. Under current rules, a grant improves returns early but is paid largely after completion, so it must be bridge-financed. A tax exemption is worth nothing until the project is profitable and is limited to half the approved amount per year. A leasing subsidy suits equipment acquired under leases. This assumes the call offers a choice of instruments, which is not always the case.
3. The region and size determine the ceiling. Two identical projects can receive very different intensities depending on location and on whether the beneficiary, together with linked enterprises, counts as an SME.
What this guide cannot tell you. It cannot say which calls will open, when, with what budget, or how competitive they will be; those are ministerial decisions. Evaluation deadlines are set per call, and in practice the timetable from submission to approval and from completion to final payment depends on administrative capacity and can run well beyond the stated deadlines. Calls are often comparative, so a fully eligible project may still be rejected if the budget is exhausted. The primary risk to any business case built on the Greece Development Law is that the aid is lower, later or not granted at all: projects should be tested on that basis before capital is committed.
Greece Development Law: Frequently Asked Questions
Can a foreign investor apply under the 12 aid schemes?
Generally, yes. Article 13 makes eligibility depend on the applicant’s legal form and on its being established, or having a branch, in Greece when works begin; the nationality of shareholders is not a criterion. Each scheme and call may add its own conditions, and sole proprietorships are admitted only to two schemes.
Can multiple Greece Development Law aid types be combined for the same project?
Within the limits of the call, yes, but the combined aid cannot exceed the maximum intensity applicable to the project under the cumulation rules of GBER Article 8. Combining instruments changes the timing and form of aid, not its ceiling.
Is the cash grant always better than the tax exemption?
No. The grant is paid in tranches, mostly after completion, while the tax exemption only has value once the project generates taxable profit, and is then limited to half the approved amount per year over up to fifteen tax years. The better instrument depends on the project’s financial model and on what the call offers.
What is Entrepreneurship 360°?
It is the cross-sector scheme of Articles 111–116, which supports investment plans that do not fall under a dedicated scheme. It excludes agri-food, manufacturing–supply chain, tourism and alternative-tourism projects, and requires an integrated initial investment. It is not a planning or zoning instrument.
What happens if an aided project is sold or transferred?
Beneficiaries carry long-term obligations under Article 25, and breaches can lead to revocation of the inclusion decision and sanctions under Article 28. The specific conditions are set out in the approval decision. Exit planning must account for them from day one; this is Stage 5 of the 360° Investment Readiness Protocol™ (360° IR Protocol).
Are approval and the aid amount certain?
No. Applications are evaluated under Article 18 and the criteria of the relevant call, often comparatively against a limited budget, and can be rejected. Intensity depends on region and size, the tax exemption is capped, and payment timing depends on the administration. Investors should model the project on the assumption that aid may be lower or arrive later than planned.
For a scheme eligibility assessment specific to an investment, see the Greece Development Law pillar page or contact Aggelakakis & Associates.
