Investments in the Tourism Sector in Greece – Funding of 40% under the “Alternative Tourism” Program
Update note: the “Alternative Tourism” funding program originally described here (the “Competitiveness and Entrepreneurship 2007-2013” operational program, with a filing deadline of 15 February 2012) expired long ago. Investments in the field of alternative tourism – such as sports, marine, rural, gastronomic, and health and wellness tourism – are today essentially funded through two current instruments.
1. Tourism Investments under Development Law 4887/2022
Development Law 4887/2022 provides for its own funding regime for tourism investments as well as a separate regime for alternative forms of tourism. Funding covers, among other things, the construction, expansion, and modernization of tourist accommodation, as well as investments to diversify the tourism offering (sports, wellness, agro-, and gastronomic tourism, etc.). Forms of funding are grants, tax exemptions, leasing subsidies, and subsidies for the wage costs of newly created jobs; the maximum funding intensity depends on the region and the size of the company (see our overview article “Funding – Subsidy Law”).
2. ESPA Tourism Funding
In addition, the regional operational programs of ESPA 2021-2027 fund tourism investments by small and medium-sized enterprises, for example under regional lines of action for tourism, culture, and the processing of agricultural products (e.g. corresponding measures in the “North Aegean 2021-2027” program, with funding rates of up to 70% for smaller investment projects).
Since the specific eligible activities (KAD codes), budgets, and filing deadlines for both instruments change with each new round of calls, we recommend specifically reviewing the currently open program for the relevant project.
FAQ
To make Greek tourism more sustainable and reduce dependence on the classic summer season (“sun and beach”), the Greek state and the EU are placing heavy emphasis on promoting alternative tourism.
Through current funding frameworks such as the ESPA 2021-2027 program and Greek Development Law 4887/2022, investments in this sector are supported on particularly attractive terms. The aim is to diversify the tourism offering, strengthen rural regions, and appeal to a quality-conscious audience.
Alternative tourism is geared to visitors' specific needs and preferences, follows the principles of sustainability, and helps ease seasonal demand. Funding focuses on investment projects in the following categories:
• Sports and active tourism: offerings that encourage visitors toward active recreation and sporting activity (e.g. hiking, climbing, cycling).
• Marine tourism (nautical tourism): experiences in the maritime and coastal environment, such as diving centers, sailing offerings, or marinas.
• Nature and rural tourism (ecotourism): nature experiences away from urban centers, often combined with protecting local flora and fauna.
• Agrotourism: holidays on a farm or in rural businesses, often combined with the production of traditional products.
• Gastronomic tourism: experiences that highlight local cuisine, wine tasting (wine tourism), and a region's distinctive culinary identity.
• Health and wellness tourism: combining a holiday with preventive health services, thermal baths, or spa offerings.
In principle, there are no strict restrictions as to legal form. Applications can be submitted by both natural persons (sole proprietors) and legal entities (limited liability companies, public limited companies, etc.).
The most important requirements for successful funding are:
• Eligible activity (KAD): the company must hold the appropriate tax activity codes (KAD/NACE codes), which are explicitly listed as “eligible” in the relevant funding call.
• Project readiness: the land or property for the investment must be secured, and necessary licenses should (depending on the program) at least have been applied for.
• Proof of equity: the investor must be able to demonstrate the financial capacity to fund their own share of the investment.
The exact figures depend on which program the application is made under:
• ESPA programs (for small and medium budgets): these programs are often aimed at existing or newly formed SMEs. Eligible budgets here typically range up to €400,000. Grants are often between 40% and 50%, with surcharges granted for investments on small islands or in remote mountain regions. Many of these forms of assistance fall under the current EU de minimis regulation.
• Development Law 4887/2022 (for larger projects): for more extensive projects (e.g. from €100,000 for small companies), the Development Law applies. Here, depending on the EU Regional Aid Map, funding rates in structurally weak areas such as Epirus or the North Aegean can reach up to 70%, funded through direct grants, tax exemptions, or leasing subsidies.
Applications are no longer submitted on paper. The entire process – from submitting the business plan to disbursement – today takes place transparently and entirely digitally via the central state information system (OPSKE/e-ependyseis). The competent ministry regularly publishes time-limited calls for this purpose.
As of June 2026. All information on these pages is provided without guarantee or liability.