From June 12, 2023, interested persons will be able to apply for membership in law of development of its investment plan for investment in tourism, since the second announcement of the corresponding regime was published. The deadline for submission of applications is October 13, 2023. It is worth noting that it is allowed to submit an already submitted investment project before the 1st announcement of the scheme in question (“Strengthening investment in tourism”) provided that the interested party has either submitted a request to the competent authority to withdraw the project from the 1st announcement, or a rejection decision has been issued for this project. And tourism investments in Mykonos and Santorini are excluded from the second announcement, meaning they cannot be included in the development law.

The total budget of this scheme for 2023 is 150 million euros, of which 75 million euros are of the type of tax exemption support. The remaining 75 million euros relate to grant support, rental subsidies and subsidies for the value of created jobs and come from the public investment budget of the Ministry of Development and Investment.

Applications are submitted through the Development Laws Information System (PS.Av) at the online address https://opsan.mindev.gov.gr.

Investment projects related to:

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

b) Modernization of the complex form of hotel units that are categorized or upgraded to a category of at least three stars.

c) Extension and/or modernization of the integrated form of hotel units that ceased operation at least 2 years before the date of application for accession, provided that during the period of interruption the use of the building has not changed and that, due to the expansion or modernization of the full form, the to a category of at least four stars.

The deadline for submitting projects is from June 12 to October 13, 2023.

d) Creation, expansion and / or modernization of an integrated form of tourist organized camps (camping sites), which are classified or upgraded to a category of at least three 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 three stars.

f) Creation, expansion and/or modernization of complex tourist facilities as defined in Law 4276/2014 (Α΄ 155), which are rated or upgraded to at least four stars, which are presented as a single investment. project, with the exception of buildings and structures subject to transfer or long-term lease.

g) Creation or upgrading of non-essential tourism facilities, if they collectively bear the distinctive name of “hotel hostel”, are implemented in traditional settlements in certain areas, are classified in a five-digit category, and maintain a minimum number of 20 rooms for rent.

h) Creation, expansion and / or modernization of hotels (condo hotels), which are jointly owned, which are rated or upgraded to a category of at least 4 stars.

Investment projects must be in the nature of initial investments and for this reason must necessarily meet one of the following conditions: the creation of a new plant, the expansion of the capacity of an existing plant, the diversification of the production of a plant by releasing products that have never been produced or services that have never been provided, a fundamental change in everything production process of an existing unit. A replacement investment is not a form of initial investment, and the acquisition of shares in another company is not considered an initial investment.