Greece’s new development bill supports tourism and hotel investments
A new bill tabled in parliament on Friday by the Greek Ministry of Development and Investment aims to support tourism investments in the modernization and extension of accommodation facilities which will contribute to the upgrading of the overall tourism product.
The dubbed bill “Development Law: Greece – Powerful Growth” provides incentives and fast-track procedures primarily for investment in small remote islands and mountain destinations and in preserved buildings or settlements and covers plans that include:
– the creation 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 who ceased their activities
– the establishment, expansion and modernization of integrated organizations campgrounds (at least 3 stars)
– the creation and modernization of hotel units integrated within traditional or listed buildings (at least 3 stars)
– the creation, extension and modernization of tourist accommodation complexes submitted in one plan
– the establishment of Youth hostels (only for small and very small businesses)
– the creation, extension and modernization of condominium hotels.
In addition, the draft law covers a number of eligible costs, including expenditure on consultancy services for SMEs, energy efficiency, high-efficiency cogeneration of energy from RES, generation of energy from from renewable sources, installation of efficient heating and cooling systems, restoration of contaminated areas, recycling and reuse of waste, vocational training, participation of SMEs in trade fairs, employment of disadvantaged employees and staff in disability.
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