From September 5 to December 5, 2022, interested companies will be able to apply to have their investment plan included in the first cycle of the regime. “Strengthening investment in tourism” development law 4887/2022. This is the second scheme of the new development law that was launched a few weeks ago with the “Processing – Supply Chain” scheme. The total budget of the Tourism Investment Scheme for 2022 is 150 million euros, of which 75 million euros will be provided in the form of a tax exemption and the remaining 75 million euros in the form of a grant, a leasing subsidy and a subsidy for the value of jobs created. Recall that investment projects related to Mykonos and Santorini.

The following categories of investment projects can be included in this scheme:

a) Creation or expansion of hotel units of at least 4 stars.

b) Complex form upgrades of accommodation units that are rated or upgraded to at least 3-star category after five years from the start of operation of the unit or from the date of completion of previous investment in the modernization of the complex form of the block, as well as the modernization of non-essential tourist accommodation facilities when they are upgraded up to 3 stars.

c) Extension and/or modernization of the integrated form of accommodation units that ceased operation at least two years before the date of application for accession, provided that the purpose of the building has not changed and that they have been upgraded to a category of at least 4 stars.

d) creation, expansion and / or modernization of a complex form of organized tourist bases (camping sites), belonging to or raising the category of at least 3 stars.

e) Creation and/or upgrading of an integrated form of hotel units in designated traditional or preserved buildings that are rated or upgraded to at least 3 stars.

f) Establish, expand and/or upgrade complex tourist accommodation facilities rated or upgraded to at least 4 stars.

g) Establishment or upgrading of non-essential tourism facilities, if collectively they bear the distinctive name of “hospitality hostel”, they are implemented in traditional settlements in mountainous areas, areas close to the borders and on islands with a population of less than 3100 people, they are classified in category 5 keys , they maintain a minimum of 20 rooms for rent.

h) Creation, expansion and/or modernization of condo hotels owned or upgraded to at least 4 stars.

The minimum investment plans must be €1 million for large companies, €500,000 for medium-sized companies, €250,000 for small companies, €100,000 for very small companies and €50,000 for social cooperative enterprises (SOEs). agricultural cooperatives (AS), urban cooperatives, producer groups (OP) and agricultural corporate partnerships (AES).

The affiliation application and required supporting documents must be submitted through the Development Laws Information System and the investor is informed electronically of their receipt and registration.