Belgian tax financier Moviestream is moving into English-language production.
The company, founded by attorney Gauthier Broze, has already co-produced four Belgian pics.
But Broze says he has now realized that Belgian investors would prefer to back international films.
“They want to dream, and Belgian films don’t allow them to do that,” he commented wryly.
Moviestream is developing the English-lingo project “Rigatoni,” adapted from a novel by Tonino Benacquista, about a Londoner who inherits a vineyard in Italy.
The company has tapped veteran Brit exec Bill Stephens as its English-lingo consultant. He will work on the co-production financing for “Rigatoni.”
Moviestream is also joining forces with two Luxembourg companies, Melusine Prods. and Studio 352, to create a new animation studio in Belgium, and to find a way of combining the tax breaks from the two countries.
Since the new Belgian tax break was introduced last year, Moviestream has raised $3.2 million, and plans to raise a total of $19 million over three years.
To date, an estimated $70 million has been raised by half a dozen financiers under the tax break, which allows Belgian companies (but not private investors) to make a 150% tax deduction on all coin invested into movies.
There are no constraints on the nationality of the films in which the money is invested, but 90% of the coin must be spent in Belgium. The tax fund cannot provide more than 50% of the budget for a movie.