Cyprus offers increased tax incentives to international film and television producers
Cypriot investment promotion agency INVEST CYPRUS announced a new incentive package for international producers at the 29th Rain dance London Film Festival where Cyprus was the guest country.
Lefteris Eleftheriou, head of filming at INVEST CYPRUS announced an increase in the discount from 35% to 40% for international film and television productions, noting that it was one of the “most generous” in Europe.
Other European countries such as Estonia offer production companies a tax rebate of up to 30% and, similarly, Spain increased its tax rebate from 25% to 30% in May 2020, offering producers production companies an additional 10% tax benefit when choosing Cyprus as their filming location.
Mr Eleftheriou said: “The Cyprus Film Scheme offers cash back on spending above the limit, which is unique in Europe, as a number of European film commissions only cover spending below the line.”
He added: “Cyprus offers unique and favorable filming locations with good weather all year round. The island offers a prime location that connects Europe, Africa and Asia with great local talent and a wide range of incentives.
In addition to the incentives of the Cypriot filming program, the island enjoys a wide variety of benefits, ranging from superb on-site locations to well-connected transport networks that provide easy access to the rest of Europe and reduce costs. logistical problems for production teams.
The increased tax incentive is expected to be a huge boost for the country as it recovers from restrictions during the Covid-19 pandemic. Cyprus has taken important steps to ensure that the spread of Covid-19 is minimized on film sets, including mandating the use of face masks on set, a controlled number of people on set and distancing measures social.
Although relatively new, a number of film and TV productions have been shot on the island, most notably SOS Survive or Sacrifice with William Baldwin, released last year. During a press conference, Mr Eleftheriou said that the production of this film was supported by 143 Cypriot professionals, highlighting the talent pool available on the island.
Ghost of Monday, directed by Francesco Cinquemani and starring British actress Julia Sands, was also shot entirely on the island and is currently in post-production. Michale Boganim’s historical drama Tel Aviv Beirut was also filmed in Cyprus this summer and is slated for release in 2022.
The Farpoint TV series was also filmed on the island and marks the first high-end international drama adventure for Cyprus. The series is produced by Three River Fiction in the UK and by Caretta Films and Splash Screen Entertainment, based in Cyprus.
George Campanellas, CEO of Invest Cyprus, said: “Cyprus is an ideal location for future film and television productions. We support all facets of the film industry and have a wealth of local talent who can support production teams. “
“Cyprus is committed to supporting filmmaking on the island and we are constantly improving policies to encourage investment in this sector. Our success is reflected in the productions that have been hosted on the island and we hope to further stimulate investment in the Cypriot film industry ”, continued Mr Campanellas.
The Cypriot program of Raindance 2021 includes four feature films by Cypriot directors: The Man with The Answers (dir: Stelios Kammitsis), Smuggling Hendrix (dir: Marios Piperides), Pause (dir: Tonia Mishiali) and Patchwork (dir: Petros Charalambous) , and a program of Cypriot short films, showcasing the best of contemporary Cypriot cinema.
The Cyprus Guest Country Program in Raindance, an initiative of the Culture Section of the High Commission of Cyprus, is supported by the Cultural Services of the Ministry of Education, Culture, Sports and Youth of Cyprus, and Invest Cyprus (Cyprus Investment Promotion Agency), and is organized in collaboration with the Cyprus Film Days International Film Festival.