Recently the Government of the Republic of Cyprus has approved a scheme for the promotion of the film industry and the promotion of the Republic of Cyprus as an Island Filming. The Scheme constitutes the framework which is based on development, financial and tax incentives. The companies producing a film in Cyprus, will be able to choose between cash rebate or tax credit and can also benefit from tax discounts on investments made on equipment and infrastructure and VAT returns.
Qualifying production categories includes between others, feature Films (including animation), television Series or mini-series, documentaries, animation (digital or analogue) television research programs and natural history.
Persons entitled to apply under the Cyprus Film Scheme are the applicantswho:
- are persons in the private sector
- shall carry the special purpose recognition initials AVC (Audiovisual Cyprus)
- is registered in Cyprus or any other European Union Member State, provided that they carry on business in the Republic of Cyprus through a branch or office in the Republic at least after the approval of the application
- shall be strictly restricted to one and only audiovisual production. More than one production under the same applicant is prohibited with an exception for a group production of a documentary for television or cinema under one single general title with a single budget, or a television series of no more than 15 episodes per annum with a single budget.
The maximum aid under the cash rebate shall be 35% of eligible expenditure made in the Republic of Cyprus.
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