New Investment Law for 3-or more star Hotels
Ktimatoemporiki Real Estate - 2020-12-12
In the tourism sector, the following investment projects shall be included in the aid schemes:
The law is valid until the 31st of March 2021.
Greece Property News : New Investment Law for 3-or more star Hotels/em>
- establishment or extension of hotel units of at least three (3) stars;
- comprehensive modernisation of hotel units which belong or are upgraded to a class of at least three (3) stars, after five years from the start of the unit or from the date of completion of the previous investment of comprehensive modernisation of the unit;
- extension and comprehensive modernisation of hotel facilities that have ceased operations, provided that during the cessation period the use of the building has remained unchanged and that through the extension or the comprehensive modernisation they are upgraded to a class of at least three (3) stars;
- establishment, extension and comprehensive modernisation of tourism camping sites, which belong or are upgraded to a class of at least three (3) stars;
- establishment and comprehensive modernisation of hotel units in designated traditional or listed buildings, which belong or are upgraded to a category of at least two (2) stars;
- complex tourism accommodation, as defined in Law 4276/2014 (Gov. Gaz. 155, Vol. A), except the part thereof relating to buildings and facilities to be transferred or leased on a long-term and provided they are submitted as single investment projects;
- condo hotels, as defined in Law 4276/2014 (Gov. Gaz. 155, Vol. A), provided that the transfer or long-term lease of such auxiliary parts takes place after the expiration of the long-term liabilities of the investment entity;
- Special Tourism Infrastructure facilities (conference centres, golf courses, touristic ports, ski resorts, theme parks, spa tourism facilities [spa care units, spa tourism centres - thermalism, thalassotherapy centres, spas], coaching sports tourism centres, mountain refuges, car racing), as defined in Law 4276/2014 (Gov. Gaz. 155, Vol. A);
- establishment of youth hostels, provided that the beneficiaries are Cooperatives or Social Cooperative Enterprises;
The law is valid until the 31st of March 2021.
Greece Property News : New Investment Law for 3-or more star Hotels/em>
