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.
|40%||Rebate on qualified spending|
|Information courtesy of EP Financial Solutions, a production incentive consulting and financial services company.|