This project seeks to improve the competitiveness of the hotel and similar tourist of the country, by encouraging and supporting investments and interventions aimed at mitigating the limitations of tourism development, such as the seasonality tourist and the one-dimensional Tourism product. It refers to existing enterprises that are registered under the Cyprus Tourism Organization (CTO).
The strengthening of an enterprises' training infrastructure (conference rooms), designed to meet the training needs of the workforce (employees of the enterprise), in sectors, occupations or areas of priority for the enterprise. At the same time, the company may use the room for any business activities, but an important condition is for the room to be used primarily for the reason stated above.
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The objective of this Scheme is to provide incentives in the form of government funds, to legal entities (companies) who wish to operate in the sector of Agritourism.
Funding Sum: 50% on eligible costs to a maximum of €200.000, either for the original investment or not. For the use of exclusive activities relating to enrichment, the funding amount will reach 60% with the same amount limit.
The right to participate in this scheme have active, registered in Cyprus SMEs, which have, prior to the subsmission of their application, all necessary permits secured (consent, building permission, permission for premises).
Eligible uses of funding: a) Tourist Accomodation (agritourism accomodation, buildings which are classified as «Traditional» and b) small and medium-sized hotel units (up to 200 beds). Furthermore, restaurants, taverns, traditional coffee shops or other spaces of similar nature, for small-scale users, which qualify for the Scheme.
Enrichment activities which are associated with nature, culture, tradition, entertainment, etc. (i.e. Sales Displays of Traditional Products, Traditional Products Workshops/Arts/Workshops of Fine Arts/other occupations, Museum/Exhibit spaces, Cultural and Environmental Themeparks/centers and more).
Eligible Costs: Building projects, salaries for architectural services, civil engineers, and other consultants (surveyors, engineers, etc.) who are directly involved in construction works or financial advisors for the preparation of feasibility studies.
The scheme aims to improve labor productivity by moving from lower to higher productivity levels, with the provision of subsidies to companies for designing, editing, compiling and implementing their business plans.
Specifically, the scheme may provide the granting of subsidies of 75% of the market costs for advisory services, training and purchasing of new software, as well as subsidies of 50% for staff costs who will occupy positions over the various stages during the implementation of the eligible activities.
The maximum amount that can be granted for each business plan amounts to €80.000.
The following table summarizes the categories of eligible costs and the respective rates and amounts of funding:
||Subsidy level (subsidy as a percentage of eligible costs)
|Maximum amount of the subsidy
|Establishing and editing business plan
(cost of consulting services / personnel costs)
|Implementation of Business plan||70.000|