In a bid to boost its film business and draw production from the U.S., Portugal has joined the bandwagon of European countries offering financial incentives to filmmakers.
The country’s new program, just announced, will offers up to 4 million euros ($4.93 million) per project for film and television production.
The basic rebate for eligible expenses will be 25%. It can rise to 30% for films that showcase Portuguese culture and for projects that can potentially have a high impact on filmmaking in Portugal.
Film and TV production in low-density areas, or projects employing actors and/or technicians with disabilities, can also qualify for the 30% rebates.
The rebates take the form of upfront cash payments in installments. The program is managed by the Portuguese Film and Audiovisual Institute (ICA) and is supported by a fund under the auspices of Portugal Tourism.
In order to get the word out to the Hollywood community, Ana Mendes Godinho, Portugal’s Secretary of State for Tourism, held several meetings this month with the major studios.
“This is a very exciting time for Portugal,”Godinho said. “We’re seeing tremendous interest in Portugal as a tourist destination and feel sure that the U.S. film and TV industry will also fall in love with our sunny days, beautiful landscapes, architecture and culture.”
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Portugal has been featured in many films over the decades, including 1960s James Bond movies. The country also served as one of the locations for the upcoming Terry Gilliam film “The Man Who Killed Don Quixote,” with Adam Driver.