The Greek Development & Investments Ministry announced recently that the application process for a new round of tourism investment support would be opening on September 5.
The proposed legislation dubbed “Development Law: Greece – Powerful Growth” foresees incentives and fast-track procedures mainly for investments in remote small island and mountain destinations and in preserved buildings or settlements and covers plans that include:
– the establishment or expansion of hotel units (at least 4-stars)
– the modernization of integrated hotel units (at least 4-stars)
– the expansion and modernization of integrated hotel units which have ceased operations
– the establishment, expansion and modernization of integrated organized camp grounds (at least 3-stars)
– the establishment and modernization of integrated hotel units within designated traditional or listed buildings (at least 3-stars)
– the establishment, expansion and modernization of complex tourist accommodation facilities submitted as a single plan
– the establishment of youth hostels (only for small and very small enterprises)
– the establishment, expansion and modernization of condo hotels.
Minimum investment costs eligible for support are:
– 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, Agricultural Cooperatives, Urban Cooperatives, Producer Groups and Agricultural Partnerships.
INCENTIVES
The incentives granted are:
1. Tax exemptions
2. Cash Grants
3. Leasing subsidies
4. Subsidy for employment
State-Αid schemes primarily provide that the medium and large enterprises may receive the incentives of tax exemption, leasing subsidy and employment subsidy, while the small and very small enterprises may receive all types of state-aid incentives, including cash grants.
For more information here.