Cyprus government has introduced a package of incentives to encourage film producers from all over the world to consider filmmaking in the country.
Cyprus government’s recent efforts to boost the economy, and promote the country’s natural beauties and culture out to the world, has published a Film industry scheme giving incentives to international producers and studios to use the island for their production.
The island combines great natural beauties of sea and mountains and its characteristics are purely Mediterranean. The sea shores look very similar to a traditional Greek island and at the same time the pine mountains hosting the traditional wine villages give the essence of the Italian landscape. Cyprus has a long history, because of its position, the island has always been a strategic spot for empires and conquerors. Persians,Franks, Muslims, English have all left their mark on the island.
Old cities – Medieval Walls and Gates – Castles – Old Churches and Monasteries – Palaces – Ancient ruins - Picturesque Villages
Olive trees, Agriculture, Wheat fields, Beautiful sandy beaches, Snowy Mountains, Small lakes, Fish Villages, Wine routes and wineries, Wild rocky beaches, Pine mountains
What the program offers.
- Cash rebate
- Tax credit
- Tax allowance for investment in infrastructure and equipment
- Return of VAT on expenditure
Cyprus government has introduced a package of incentives to encourage film producers from all over the world to consider filmmaking in the country. Production companies that opt to film in Cyprus will be able to choose between Cash rebate or Tax credit and can also benefit from tax discounts on investments made on equipment and infrastructure, and VAT returns on expenditure in scope.
Qualifying categories include Long Films for cinemas of at least 60 minutes duration. Television films, TV series or mini series, Animations, Documentaries, Transmedia and Crossmedia productions and finally reality programs which directly or indirectly promote Cyprus and its culture.
Who is entitled for the Cyprus Film Scheme.
The applicant can be a person from a private sector
-who carries the special purpose recognition initials AVC (Audio Visual Cyprus)
-who is registered in the Cyprus republic or any other European Union state member, provided that he carries on business in the Republic of Cyprus through a branch or office in the Republic at least after the approval of the application
-shall be strictly restricted to one and only audiovisual production. More than one production under the same applicant is prohibited with an exception for a group production of a documentary for television or cinema under one single general title with a single budget, or a television series of no more than 15 episodes per annum with a single budget.
Please note that there are no restrictions on the percentage of foreign ownership participation in the applicant.
You an visit the official website of the scheme here.
Dowload the free guide provided and feel free to contact our advisors for any enquires.