Business owners active in tourism can now apply for funding and grants provided projects meet requirements under the government’s development law.
The Greek Development & Investments Ministry announced this week the second round of funding totaling 150 million euros for 2023 for tourism investments. The application period opens on June 12, 2023 and submissions will be accepted through to October 13, 2023.
The aim of the program is to support a wide range of tourism investments which concern the creation, expansion and modernization of integrated forms of tourist accommodation across Greece, thus contributing to the upgrade of the Greek tourist product.
Of the total sum, 75 million euros will be offered as tax exemptions with the remaining 75 million euros as grants, leasing subsidies and incentives for the creation of new jobs.
More specifically, minimum investment requirements 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 (KoinSep), Agricultural Cooperatives, Urban Cooperatives, Producer Groups and Agricultural Partnerships.
Funding can cover up to 75 percent of the approved budget, depending on the size of the business and the location of the investment.
Investment plans for projects submitted for support under the Development Law must meet one of the following requirements:
– creation of a new unit
– expand the capacity of an existing unit
– diversify into new products that have never been produced or services that have not been provided before
– change the production process of an existing unit.
Eligible for funding are investment projects that concern the creation or expansion of hotel units (at least 4 stars); modernization or upgrades in category; expansion and/or modernization of closed units; the establishment, expansion and/or modernization of organized tourist camp ground facilities; the establishment and/or modernization of hotel units within designated traditional or preserved buildings; the establishment, expansion and/or modernization of complex tourist accommodation facilities; the establishment or modernization of guesthouses implemented within traditional settlements in mountainous areas, at a distance of up to 30 kilometers from the border, or on islands with a population of less than 3,100 inhabitants.
Interested parties can apply here starting on June 12, 2023.
Passed in parliament last year, the “Development Law: Greece – Powerful Growth” foresees aid in the form of tax breaks, subsidies, leasing subsidies, job creation subsidies, and business risk financing for startups in several tourism-related areas.