The Cyprus government has recently announced important tax incentives and other benefits to attract investors in the newly re-launched Cyprus filming industry.
The campaign aims to promote the various advantages Cyprus has to offer in this area:
- mild weather with more than 300 days of sunshine, enabling film shootings without interruption.
- Natural film settings with a variety of sceneries in close proximity, which results in saving valuable time from moving between locations, thus allowing the shooting of many scenes in a short period of time.
- Convenient geographical location of Cyprus between Europe, Asia and Africa facilitating filming in neighbouring countries on 3 continents.
- English speaking personnel.
Incentives:
- Cash rebate up to 35% of eligible expenditure made in Cyprus, with a minimum expenditure of €200.000 for long films, €100.000 for tv drama series or self-contained drama films, €50.000 for documentaries and €30.000 for other tv programmes.
- Tax credit up to 35% of eligible expenditure occurred in Cyprus with minimum expenditure as per cash rebate incentive.
- Tax allowance for investment in infrastructure and equipment such as filming studios, audiovisual processing premises, filming equipment, computer generated audiovisual means etc. Maximum allowance for small enterprises is 20% and for middle sized enterprises is 10%. The investment concerning equipment must be retained to Cyprus for at least 5 years.
- Return of VAT on expenditure
Projects covered by incentives scheme:
- Feature films – Long films (cinema films)
- Television film or TV series or mini series including drama, animation, documentary, transmedia and crossmedia productions.
Contacts us now for more information!
