Cyprus to attract filmmakers with a 35% cash rebate
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.”
With an incentive now ready Cyprus is becoming 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.