Newsroom / CNA
The Cyprus Investment Promotion Industry (Invest Cyprus) launched on Tuesday the Scheme for the promotion of the filming industry, presenting the online platform where interested parties can apply for cash rebates and other incentives for their productions.
The Scheme provides domestic and foreign film industry professionals with incentives, cash rebates and tax credits up to 35% on qualifying production expenditures, while providing tax allowances up to 20% for investments on infrastructure and equipment.
Presenting the scheme and the online platform during an event, CIPA Chairman Michalis Michael said "Cyprus with its wonderful locations could not be absent from the global film industry" and drafted a set of incentives for attracting industry professionals.
Visiting the website at http://film.investcyprus.org.cy, professionals can gather information concerning competitive advantages in Cyprus, learn more about potential locations on the island that can be used in audiovisual productions while accessing a list of local professionals for possible collaborative projects.
The applications will be evaluated by a committee chaired by CIPA including representatives from Cyprus Tourism Organisation, Ministry of Finance and Ministry of Education and Culture.
The plan is based on specific cultural criteria that will serve as a basis for the evaluation of proposed productions.
Lefteris Eleftheriou, CIPA official and acting chairman of the evaluation committee, said initial approvals will be evaluated within two months, while cash rebates are expected to be granted in a period of three months following the film’s completion.