Mykonos, Santorini tourism, investments not subsidized

The new development law subsidizing investment projects will leave out Mykonos and Santorini from subsidies, according to a ministerial decision on the new subsidy cycle signed Friday.

Other major destinations were not exempted, as only the above two islands’ tourist infrastructure is considered “saturated.”

Included as a location for possible investment projects is the small, sparsely populated island of Thirasia, opposite the main port of Santorini. Thirasia was actually part of the island until the major volcanic eruption of c. 1600 BC.

To be considered for a subsidy, a minimum level of investment is defined depending on the size and the type of investor; from €100,000 to €1 million for private enterprises and €50,000 for farmers’ and urban cooperatives.

Submissions for subsidies can be made from September 5 to December 5, 2022.