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Canary Islands Lure Shoots With a New Whopping 40% Rebate

Spain’s Canary Islands, located in the Atlantic 100 miles west of Morocco are home to some of the planet’s most eerie and beautiful landscapes – which is why the archipelago has been attracting filmmakers for many years. But the industry also travels there to take advantage of a super-generous 40% rebate on qualified spend.

The incentive for international productions was increased from an already ample 35% earlier this summer. The territory now ranks among the most financially attractive locations for shooting movies. The benefits extend to feature films, documentaries, animation projects and TV series.

To qualify, a film’s minimum spend should be 1 million euros, or about $1.2 million, and the minimum budget must be 2 million euros, or approximately $2.3 million.

The project cap is 4.5 million euros, or about $5.3 million, and there’s a compensation cap of 100,000 euros, which is about $120,000.

To take advantage of the incentives, producers need to employ the services of a Spanish production company with tax domicile in the Canary Islands and registered with Spain’s Instituto de la cinematografía y de las artes audiovisuales (ICAA).

In addition to the incentives and the landscapes, the Canary Islands offer an ideal climate for filmmaking and a well-developed production infrastructure.

Recent productions shot in the territory include “Allied” (2016), “Jason Bourne” (2016), “In the Heart of the Sea” (2015), “Exodus: Gods and Kings” (2014) and “Fast & Furious 6” (2013).

Incenitves
40% Rebate on qualified spending
$1.2m Minimum spend
$2.3m Minimum budget
Information courtesy of EP Financial Solutions, a production incentive consulting and financial services company.

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