Greece’s New Development Bill Backs Tourism, Hotel Investments

A new bill tabled in parliament by the Greek development and investments ministry on Friday focuses on supporting tourism investments in the modernization and extension of accommodation facilities that will contribute to the upgrade of the overall tourism product.

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. 

Additionally the bill covers a number of eligible costs including spending on consulting services for SMEs, energy efficiency, cogeneration of high efficiency energy from RES, production of energy from renewable sources, installation of efficient heating and cooling systems, restoration of contaminated areas, recycling and reuse of waste, vocational training, SME participation in trade fairs, employment of disadvantaged employees and staff with disabilities.