The Mediterranean island nation of Cyprus has stepped up its efforts to lure producers through a recently enacted film incentive program. Additionally, the country offers the advantage of the widespread use of English alongside Greek (the official language), and as a member of the E.U. uses the Euro as its national currency.
Introduced last fall, the program provides a choice between a cash rebate or a tax credit of up to 35% on qualifying local spending for feature films, TV series, animation, documentaries and other projects, provided they meet certain financial criteria and pass a cultural test.
The minimum spend per film is 200,000 euros, or about $230,000, for films, and 100,000 euros, or about $115,000, for TV projects. Qualifying spending can be a maximum of 50% of the total production budget. The program’s annual cap is 1.5 million euros, or approximately $1.6 million.
The domestic film industry on Cyprus is modest and produces just a handful of features every year. It is expected that the incentives will boost local production while also opening doors for more co-productions and spurring the development of production services on the island.
Projects recently shot in Cyprus include “Vourate Geitonoi” (2019), “Survivor: Turkey – Greece (2019), “Before and After the End of Our Time” (2018), “Bana Bir Soygun Yaz 2” (2018), “The Ghost of Peter Sellers” (2018), “Pause” (2018) and “Sunrise in Kimmeria” (2018),
Information courtesy of the Production Incentives team at Entertainment Partners.
|25%-35%||Cash rebate on eligible expenditures (or 35% tax credit)|
|$224k||Minimum spend for features|
|$112k||Minimum spend for TV|