KanZaman, producer of “Goya’s Ghosts” and co-producer of “Kingdom of Heaven” and “Sahara,” has set up a production company in the eastern Spanish region of Valencia in order to attract international shoots.
KanZaman Prods. will be run by Denis Pedregosa. It is 100% owned by KanZaman.
From February, pics shooting at Alicante’s macro Ciudad de la Luz studios, or other parts of the Valencia region, can draw down a rebate calculated at 12%-18% of local spend, capped at around $7 million per film.
A 12% rebate is automatic. The further 6% depends on a film’s economic and media impact.
To qualify for the rebate, foreign shoots must employ a Valencia-based service company, which channels the rebate into the shoot.
KanZaman Productions aims to offer not just services but also come in as a real co-producer on shoots, said partner Mark Albela.
“We have to regain productions which have stopped coming to Spain because of new British film tax breaks regs which demand that productions shoot in the U.K. to qualify for tax coin,” he said.