Mexican Film Institute IMCINE held a brunch at Cannes’ Palm Square restaurant to promote the country’s three-pronged effort to make Mexico a more competitive film producing destination.
“Around the world there is this huge discussion about incentives going on right now,” said PROMEXICO’s Innovation Coordinator Ricardo Alvarez Felix.
“We’ve come up with a package that we believe will make Mexico much more competitive by today’s standards, and make it a viable destination for a lot of productions,” he vowed.
That package comprises: a streamlined specialized service platform that will cut red tape for all types of productions; Value Added Tax (VAT) rebates; direct financial reimbursements of up to 7.5% of Mexican spend for projects with a minimum $5.5 million budget, or roughly $1.5 million in post-production.
But ultimately even Mexico’s new incentives should not be seen as its main attraction for producers.
“The main message here is: ‘It’s not just about the incentives; it’s about the bottom line. It’s about how much your movie is going to cost you at the end of the day,” said Alvarez Felix.