Cyprus to attract filmmakers with a 35% cash rebate
Cyprus will soon offer a dedicated film incentive programme after the national Government okayed plans for a 35% cash rebate on production expenses. The scheme will be managed by the Cyprus Investment Promotion Agency (CIPA), who will also serve as a point of contact for international producers hoping to film in Cyprus.
While there are no specifications yet on the required minimum spend to access the incentive, there will be a per-project cap of EUR650,000. Productions will also be given the chance to opt for a tax credit instead, with more details to follow.
Finance Minister, Harris Georgiades explains: “it is an investment scheme that combines very satisfactory and important tax incentives, tax redemptions and subsidies to encourage this very important and promising industry. We believe that Cyprus can benefit and claim a stake in this large and important industry by utilising this scheme, but also with all the other competitive advantages our country offers as an investment destination.”
Without a tax incentive in the past, Cyprus has struggled to attract international productions to shoot on location. Due to the unpredictability of the global box office, producers are far more likely to choose a location based on its financial feasibility.
With an incentive in tow however, Cyprus could become a major production hub with particular appeal to the nearby European market. “Island paradise” locations are still in high demand and can be used to great effect, just as the Maldives was used as the backdrop for a large-scale battle in Rogue One.