Tourism Investments Scheme
The purpose of the Tourism Investments Scheme under Development Law 4887/2022 is to grant aid to a wide range of tourism investments mainly related to the creation, expansion and modernization of an integrated form of tourist accommodation throughout the country, to upgrade the quality of the tourist product.
The aid scheme "Tourism Investments" is announced through continuous annual calls valid for three (3) months for investment proposals and has an annual budget of €150,000,000, of which seventy-five million (€ 75,000,000.00) euros relate to the type of aid of the tax exemption. The remaining seventy-five million (€ 75,000,000.00) relates to the types of aid for the grant, the leasing subsidy and the subsidy for the cost of employment created. All investment proposals undergo a comparative evaluation process. Proposals must attain a minimum score of 70 points to progress to the ranking stage. Based on the results of the assessment, the relevant assessment results are drawn up.
The "Tourism Investments" aid scheme is applicable to various investment projects within the tourism sector. These projects include:
- The establishment or expansion of hotel units with a minimum rating of four (4) stars.
- The modernization of integrated hotel units, which are either already categorized as at least three (3) stars or have been upgraded to this rating after a minimum of five years since their initial operation or completion of the previous modernization investment. This category also encompasses the modernization of non-main tourist accommodations that are upgraded to a minimum rating of three (3) stars.
- The expansion and/or modernization of integrated hotel units that have ceased operations for a minimum of two (2) years prior to the application for inclusion in the scheme. It is required that there has been no change in the building's use during the interruption period and that, through the expansion or modernization, the units are upgraded to a minimum rating of four (4) stars.
- The establishment, expansion, and/or modernization of Tourist Organized Camps (camping) that either fall under or are upgraded to a minimum rating of three (3) stars.
These investment opportunities aim to support the development and improvement of the tourism sector, enhancing the quality and range of available accommodations and facilities.