Greece’s New Investment Incentives Law to Spur Tourism
Aiming to stimulate tourism initiatives, the Greek government’s new development law paves the way for the creation, expansion and upgrade of three-star-plus hotel units as well as the re-operation of accommodation facilities that have been out of business.
Presented by the government on Monday, the said legislation also facilitates the subsidy of special interest tourist infrastructure such as conference facilities, thalassotherapy centers, theme parks, tourist marinas, golf courses, health tourism facilities, thermal springs infrastructure, ski centers, sports tourism training centers as well as motorways.
Under the latest law, camping enterprises as well as traditional accommodation facilities and rooms to rent will be able to tap into resources for the upgrade of facilities or for their conversion to the next quality category.
A major highlight of the investment incentives law is the fixed taxation policy for investments exceeding 20 million euros for a period of seven years as well as a speedy licensing procedure.
Specifically, the law provides for: tax exemptions, state grants to cover select costs within an operation’s investment plan, subsidies for up to seven years for finance leases, allocation for interest charges, offsetting tax debts, financial backing for new jobs, a fixed taxation policy, rapid licensing procedures and venture financing.
The development ministry says it aims with the new law to reverse the economic conditions of the country by facilitating fresh investments in the private sector which will in turn lead to new jobs and growth.