This Policy Axis aims to improve the competitiveness and resilience of the Cypriot economy. In addition to the other axes, it includes measures that contribute to the promotion of a new model of development and international competitiveness of the Cypriot economy, based on the results of the relevant study of the Cyprus Economy and Competitiveness Council.
Includes investments and reforms to expand the productive base by strengthening the primary and secondary sectors of the economy, improving competitiveness and the business environment, mainly by supporting small and medium-sized enterprises (SMEs), diversifying and strengthening the tourism product, modernizing public administration and local authorities, reform and improve the efficiency of the judiciary, fight corruption and enhance transparency, enhance research and innovation, and the resilience of the financial sector and the financial situation.
Support investments in licensed hotel and tourist accommodation businesses for the creation of special facilities aimed at attracting health, wellness, rehabilitation, accessibility and independent assisted living tourism.
Through them, the improvement of the competitiveness of the hotel sector is sought, with the ultimate goal of lengthening the tourist season and the inclusion of Cyprus in new market segments.
The Scheme is based on Commission Regulation (EU) 1407/2013 of 18 December 2013 on the application of Articles 107 and 108 of the Treaty to de minimis aid and the General Block Exemption Regulation (GBER): Regulation (EU) no. 651/2014 of the Commission of 17 June 2014 on the declaration of certain categories of aid as compatible with the internal market pursuant to Articles 107 and 108 of the Treaty, Article 17, “Investment aid to SMEs” and Article 18, “Aid for Consulting Services in SMEs”.
The Grant Scheme will be implemented under the C3.1I8 Measure “Enhancing the added value of the tourism sector with a focus on the countryside, as well as in the mountainous and remote areas” of the Cyprus Recovery and Resilience Plan (RRP) and will be funded by the European Union’s Recovery and Resilience Facility (RRF).
The aim of the Grant Scheme to upgrade the existing licensed hotels and tourist accommodations regulated by the Law on the Establishment and Operation of Hotels and Tourist Accommodations to modernize and improve the competitiveness of the tourist product through the development and promotion of specialized forms of tourism and specifically the attraction of health tourism, wellness, rehabilitation, accessibility and independent assisted living.
From 50% to 75% of eligible costs for the “De Minimis” Regulation / From 10% to 20% of eligible costs with a maximum of €1.0m in the General Block Exemption Regulation (GBER).
All Hotels and Tourist Accommodations (Individuals and Legal Entities) that: