Cyprus film industry scheme for the promotion of the film industry in Cyprus has now been implemented and now in force.
The Cyprus film industry scheme provides Cypriot and foreign producers with incentives, cash rebates and/or tax credits of up to 35 per cent on qualifying production expenditures and also predicts tax allowances of 20 per cent for investment in infrastructure and equipment.
Eligible expenses covered by the Cyprus film industry scheme:
- Provision of production company services
- Labour costs (including of foreigner employees)
- Wages for cast, extras and crew
- Accommodation in the Republic of Cyprus
- Per diems of staff
- Audio equipment rental
- Catering and food expenses
- Scenery construction
- Artistic construction costs
- Diving services
- Electricity and other common services
- Generators
- Transport and vehicle rental services
- Laundry and cleaning services
- Licenses for use of locations and archeological monuments
- Post-production (sound and image)
- Professional services (such as insurance, legal and accounting services)
- Camera and lighting rental
- Rental of marine vehicles
- Rental of mobile toilets
- Rental of office furniture and office set-up costs
- Rental of airplanes /helicopters
- Rental of production offices, warehouse space, workshop facilities, storage space and stages.
- Rental or purchase of props
- Rental of water tanks and related marine services
- Repairs & restorations
- External production crew rental with or without staff
- Security services (police, fire brigade, army, ambulances and medical services)
- Pyrotechnic services
- Scenery
- Special effects services
- Shipping
- Stunt services
- Telecommunications
- Air travel to and from the Republic of Cyprus (flights and sea travel)
- Visual Effects services
- Costume Rental
- Cost of registration of applicant company up to 1,000 euros plus out of pocket expenses payable at the Registrar of Companies in Cyprus in relation to the registration of the applicant company.
- Animal services.
For a more effective use of the Cyprus film industry scheme, specific cultural criteria have been established that will serve as a basis for the evaluation of the proposed productions.
The development of the film sector in Cyprus will contribute to creating expertise and give the necessary impetus for collaborations between local and international professionals of the industry. It is worth noting that local professionals of the Cyprus film industry will now have the opportunity to register on an online platform and create their own profile.
www.pkf-cyprus-nicosia.com.cy/
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
