A total of six incentive plans for the development of sports tourism are being implemented by the CTO. Of these, five are funded by national resources and one is co-financed by EU funds. The five nationally funded incentive plans are the coaching plan, the event plan, the visit-sales plan, the acquaintance plan, and the sports facility plan.
The project co-financed by the EU concerns investment sponsorships for the enrichment and modernization of the tourism product to extend the tourist season.
In detail, as mentioned in an official note-presentation of the CTO, the five incentive projects financed from national resources are as follows:
A) Providing hospitality to sports teams for training in Cyprus.
This is based on the EU de minimis aid regulation. Beneficiaries are foreign sports teams, clubs, academies, tour operators, travel agencies and companies that distribute sports teams. The selected descent period is between October 1st and May 15th.
B) Support for the organization of sporting events.
This is based on the EU de minimis aid regulation. Beneficiaries are natural and legal persons. The event period, also from October 1st to May 15th. Minimum number of athletes from abroad is 30. It is subsidized by the CTO up to 30% of the total cost of the event and with a maximum amount of € 65.000.
C) Making trips for sales purposes (sales calls).
The aim of this project is to attract customers through meetings with potential partners abroad to claim sporting events, training camps, etc. in Cyprus. Beneficiaries are travel agencies, sports federations, hotel accommodation with sports facilities, etc. 80% of the expenses are covered for each trip.
D) Improvement of existing infrastructure and creation of new ones.
This plan is also being promoted under the EU de minimis aid regulation. The maximum grant amount per beneficiary is € 200.000 per three years. Beneficiaries of the project are natural or legal persons interested in investing in specific infrastructure.
E) Plan for familiarization trips.
The aim of this project is to host in Cyprus sports and other players to get acquainted with the product offered, with the aim of attracting teams for training, sports events, etc.
Revenues from sports tourism only in terms of hosting athletes and teams visiting Cyprus for training, are estimated at more than € 40 million per year, without taking into account the revenue from tourists who engage in recreational activities.
Source: Liberal