The Subsidized Budget of the investment project requires the existence of a minimum amount of eligible cost of an investment project, which is determined on the basis of the size of the entity:

• Micro enterprises: €100,000
• Small businesses: €250,000
• Medium-sized enterprises: €500,000
• Large enterprises: €1,000,000
• Social Cooperative Enterprises, Agricultural Cooperatives, Civil Cooperatives, Organizations of Producers, Agricultural Partnerships: €50,000

For the maximum amounts, terms and conditions apply.

Aid beneficiaries are Enterprises that take the following forms:

• Commercial company (Legal entities) - excluding sole proprietorships
• Cooperative
• Social cooperative enterprises (SCEs), Agricultural cooperatives (APs), Groups of Producers (GoPs), Organizations of Producers (OoPs), Urban cooperatives, Agricultural Partnerships (APs)
• Companies under establishment or under merger on condition that they will have completed the disclosure procedures before the commencement of works of the investment project
• Joint ventures engaged in commercial activity

Investment projects located in the Regional Unit of Mykonos and from the Regional Unit of Thira, in the Municipality of Thira, except for the Municipal District of Thirassia, cannot be financed under this scheme.

Eligible expenses under this scheme include:

• Establishment of a new unit
• Expansion of the capacity of an existing unit
• Diversification of a unit's output in products or services that have never been produced there
• Fundamental change in the entire production process of an existing unit

Commencement of works on the investment project before the submission of the application results in rejection of inclusion (with the exception of the purchase of land and preparatory works e.g. obtaining permits)

More specifically, all Investment Projects that involve the following can be included in the Scheme:

• Establishment or expansion of hotel units of at least four (4) stars
• Modernization of an integrated form of hotel units that fall under or are upgraded to a category of at least three (3) stars, after five years have elapsed since the start of operation of the unit or from the date of completion of the previous investment for the modernization of an integrated form of the unit, as well as the modernization of alternative tourist accommodation, if they are upgraded to a category of at least three (3) stars
• Expansion and/or modernization of an integrated form of hotel units that have ceased their operation, provided that during the interruption period there has been no change of use of the building and that, through the expansion or modernization of an integrated form, they are upgraded to a category of at least four (4) stars
• Establishment, expansion and/or modernization of an integrated form of Tourist Organized Camping sites which belong or are upgraded to a category of at least three (3) stars • Establishment and/or modernization of integrated hotel units within designated traditional or listed buildings, which belong or are upgraded to a category of at least three (3) stars
• Establishment, expansion and/or modernization of complex tourist accommodation, as defined in Law 4276/2014 (A 155), which are submitted as single investment projects, not including buildings and facilities to be transferred or under long-term lease
• Establishment or modernization of alternative tourist accommodation, provided that the following conditions cumulatively apply:
  • They bear the distinctive title "guest house"
  • They are situated within traditional settlements in one of the following areas:
    • mountainous areas, according to the classification of the Hellenic Statistical Authority, except the municipal units that are part of the Athenian urban fabric
    • areas up to thirty (30) km from the Greek border
    • islands with a population of less than three thousand one hundred (3,100) inhabitants
  • They are classified in a category of five (5) keys as per Decision No 12868/2018 of the Minister of Tourism
  • They maintain a minimum number of twenty (20) rented rooms, as listed in the relevant licensing documents
• Establishment, expansion and/or modernization of condo hotels as defined in Law 4276/2014 and provided that the transfer or long-term lease of aided parts thereof takes place after the termination of compliance with the long-term obligations of the investment entity.

The Aid rate for eligible expenses is up to 70% of the budget of the Investment Project. The Aid may be in the form of:

• Tax exemption
• Grant
• Leasing Subsidy
• Employment subsidy covering the cost of new job creation

of which the first 3 forms of aid can be provided individually and/or in combination, while the incentive to subsidise the wage costs of new jobs cannot be combined with other incentives.

The application submission period began on Thursday12/06/2023 and will run through to 13/10/2023 or until the budget per Region is exhausted.

The maximum duration of implementation of investment projects is set at 3 years with the possibility of extension for another two years.

Funding applications are submitted through the Development Law Information System.