The Cyprus Investment Promotion Industry (Invest Cyprus) launched on Tuesday the Scheme for the promotion of the filming industry, presenting the online platform (film.investcyprus.org.cy) through which interested parties can be informed and apply for a cash rebates and other incentives for qualifying productions.
The Scheme provides Cypriots and foreign film industry professionals with incentives, cash rebates and or tax credits up to 35% on qualifying production expenditures, while providing tax allowances up to 20% for investments on infrastructure and equipment.
Addressing an even for the presentation of the scheme and the online platform, CIPA Chairman Michalis Michael said Cyprus with its wonderful locations could not be absent from the global filming industry and drafted a set of incentives for to attract filming professionals
Visiting the platform, professionals could gather information concerning competitive advantages of Cyprus in the sector, learn more on the locations of the island that can be used in audiovisual productions while accessing a list of local professionals with which they could cooperate.
The applications will be evaluated by a competent committee chaired by CIPA including representatives from Cyprus Tourism Organisation, Ministry of Finance and Ministry of Education and Culture.
The Scheme provides for specific cultural criteria that will serve as a basis for the evaluation of the proposed productions.
Lefteris Eleftheriou, CIPA official and acting chairman of the evaluation committee said initial approvals will be evaluated in two months, while cash rebates are envisaged to be granted in a period of three months following the film’s completion.