Cyprus was officially launched since 10 October 2018 as a film location to promote itself internationally to investors, dubbing the incentive plan “Olivewood”.
The first film summit coordinated by Invest Cyprus, the Cyprus Tourism Organization, and the Cyprus Government’s Press and Information Office welcomed the participation of over 120 delegates including producers and directors from Hollywood, Pinewood, and Bollywood.
Cyprus’ Minister of Finance, Mr. Harris Georgiades described Cyprus as “a natural studio” in itself in addition to the financial advantages and incentives that are being offered to investors.
Additionally, the Minister stated in press that said efforts are ongoing at all levels and sectors and that both the public and private sectors had been mobilized for this aim. He explained that the audiovisual industry can be a new opportunity for Cyprus.
Cyprus Government had designed a targeted incentive scheme with sponsorships but also tax exemptions to attract foreign investments. The new scheme aims to a dynamic entrance to the audiovisual market which will establish our island as a top filming destination, opening up to a new world of opportunities.
The advantages of Cyprus’ climate, sea, sandy beaches, forests and mountains all within short reach of each other, plus the picturesque villages and modern cities are considered to be ideal for film producers.
The scheme is created in accordance with Regulation 651/2014 of the European Commission on declaring certain categories of aid, consisting of combination of grants and tax incentives as follows:
- Cash rebate
- Tax credit
- Tax Allowance for investment in infrastructure and equipment
- Return of VAT on expenditure
Proposed forms of Audiovisual Films compliant within the framework of the Scheme include:
- Feature Films-Long Films
- Television film or Television series or mini-series
For more information please visit official website created for this purpose from Government of the Republic of Cyprus: http://filmincyprus.org.cy/incentives/