Cyprus is now looking for a share in the film and TV industry following a projected plan to entice overseas productions.
The Finance and Interior Ministers have also stated that the film and TV industry is projected to have a global revenue of more than EUR €50 billion by 2020.
Moreover, the Cyprus Government has decided on plans to offer a 35% cash rebate on film production expenses. However, there is a per-project cap of EUR €650,000 and the producers will be provided with the option to decide on a tax credit instead.
The Finance Minister, Harris Georgiades, has stated that the investment scheme will offer tax incentives, tax redemptions and subsidies. The project will also focus on endorsing the benefits of Cyprus as a film location, such as exceptional climate, picturesque scenery, short distances to travel and highly professional local staff.
The scheme was put together by the Cyprus Investment Promotion Agency (CIPA) and the Unit of Administrative Reform in collaboration with the Ministry of Finance. CIPA will also act as a point of contact for international film producers seeking to film in Cyprus.