NICOSIA: Cyprus is offering a whole range of new incentives to attract international productions to the island and to boost its own small film industry.
The incentives package was rolled out at the first Cyprus Film Summit which was held in Nicosia 9 – 12 October 2018. The event attracted over 100 producers, investors and other film professionals who turned up to hear about what the island can offer as a shooting location.
Incentives for local and international productions include a cash rebate and tax credits of up to 35%, tax discounts on investments made on equipment and infrastructure and other incentives. Feature films, television series, documentaries, animation and natural history programmes can all qualify for the incentives.
Speaking at the summit, Michalis P. Michael, the Chairman of Invest Cyprus said, “The island is a unique natural film studio in itself. Apart from the natural beauty aspect, Cyprus also represents an attractive investment for any producer looking for a filming destination that also has the right formula of incentives in place. The Republic of Cyprus has recently introduced an attractive incentives scheme offering incentives of up to 35%, the highest percentage in the EU.”
Cypriot film director Tonia Mishiali told FNE, “ We have great locations, great weather and film professionals who can be part of these productions. Foreign productions have been coming to Cyprus for years now but the tax incentives are another great reason for more productions to come.”
Mishiali, who is also the artistic director for Cyprus Film Days, added, "I work as a freelance producer/line producer as well and have worked on productions from Egypt, Lebanon and Dubai. As far as I know productions from Belgium, France, Greece, Russia, Egypt, Lebanon, Israel, the UK, Sweden and many more countries have come here."
The summit also promoted the Film in Cyprus website, where local film industry professionals can register on the platform and create their own profile. The site is intended to bring together international filmmakers with local Cyprus film professionals.