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Cyprus film industry scheme now in force

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:
1. Provision of production company services
2. Labour costs (including of foreigner employees)
3. Wages for cast, extras and crew
4. Accommodation in the Republic of Cyprus
5. Per diems of staff
6. Audio equipment rental
7. Catering and food expenses
8. Scenery construction
9. Artistic construction costs
10. Diving services
11. Electricity and other common services
12. Generators
13. Transport and vehicle rental services
14. Laundry and cleaning services
15. Licenses for use of locations and archeological monuments
16. Post-production (sound and image)
17. Professional services (such as insurance, legal and accounting services)
18. Camera and lighting rental
19. Rental of marine vehicles
20. Rental of mobile toilets
21. Rental of office furniture and office set-up costs
22. Rental of airplanes /helicopters
23. Rental of production offices, warehouse space, workshop facilities, storage space and stages.
24. Rental or purchase of props
25. Rental of water tanks and related marine services
26. Repairs & restorations
27. External production crew rental with or without staff
28. Security services (police, fire brigade, army, ambulances and medical services)
29. Pyrotechnic services
30. Scenery
31. Special effects services
32. Shipping
33. Stunt services
34. Telecommunications
35. Air travel to and from the Republic of Cyprus (flights and sea travel)
36. Visual Effects services
37. Costume Rental
38. 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.
39. 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.

List of current Cyprus filming locations and Cyprus filming professionals that can now be accessed can be found at http://film.investcyprus.org.cy/film-cyprus/locations/ and at http://film.investcyprus.org.cy/film-cyprus/find-a-professional/ respectively

Contact details
Tel. +357 22 462727
Email: [email protected]

(Published: Sept. 2018)

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.
Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.
PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

 

 

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