A scheme to promote the film industry entered into force with the creation of the Online Platform ‘Film in Cyprus’ (film.investcyprus.org.cy), providing information and enabling interested parties to submit an application to participate.
The Platform was presented by the Cyprus Investment Promotion Agency (Invest Cyprus), which chairs the committee on the scheme.
The platform features information for foreign and Cypriot film industry professionals regarding the competitive advantages of Cyprus in the sector.
Visitors can also learn more on locations that can be used in audio-visual productions, and at the same time access a list of local professionals with which they can collaborate. For this purpose, local professionals of the film industry will have the opportunity to register on the Platform and create their own profile.
The Scheme provides Cypriot and foreign producers, with incentives, cash rebates and/or tax credits of up to 35%, on qualifying production expenditures. The Scheme also predicts tax allowances of 20% for investments on infrastructure and equipment.
For a more effective use of the Scheme, specific cultural criteria have been established to serve as a basis for the evaluation of the proposed productions. It should be underlined that tax allowances and tax credits are still pending for approval by the Parliament.
In the provided framework, there will also be continuous support to investors by Invest Cyprus, concerning permits, importing and exporting equipment and providing information and instructions, always in cooperation with the responsible ministries and departments.
The Scheme aims to allow inflows of capital from international productions to Cyprus and to support the local industry. In fact, the Scheme is addressed to Cypriot as well as foreign producers under the same terms and is conditioned on the employment of Cypriot professionals.
The development of the film sector will also contribute to creating expertise and new job positions, while it is expected that it will give the necessary impetus for collaborations between local and international professionals of the industry.
A very important aspect is also the development of buildings and equipment that will support the industry. Another important aspect is the indirect push for the development of complementary sectors such as Tourism, Professional Services, Investment Funds that are related to productions (film funds) as well as the Land Development sector.