Финансово-консалтинговая компания CYWORLD WEALTH

Cyprus is the best destination for cinema

12 Jan
Cyprus is the best destination for cinema Advocate Cyprus CYWORLD WEALTH

Cyprus is the best destination for cinema

Cyprus is the best destination for cinema

Choosing Cyprus as your next filming location offers many opportunities and a comprehensive package of benefits.

For cinema, Cyprus offers grants and tax incentives in the form of cash rebates, tax credits, tax deductions for investments in infrastructure and equipment, and VAT refunds on expenses.

The main characteristics of Cyprus as a filming location include:

  • Excellent location of the island;
  • Centuries-old history, art and culture combined with a unique combination of mountain and seascapes;
  • Excellent internal infrastructure;
  • Pleasant Mediterranean climate;
  • Advanced telecommunications;
  • Direct access to local talented professionals.

Business incentives are offered to businesses wishing to relocate or open their headquarters in Cyprus.
Tax incentives are offered to legal entities and individuals.
Intellectual Property (IP) Incentives: Including the best-selling IP tax box regime.

The Cyprus cinema filming structure is part of the government’s efforts to promote the film industry and the Republic of Cyprus as a filming location.

The framework revolves around a dynamic set of financial and tax incentives supported by an annual budget of € 25 million through December 31, 2023.

The opportunities for grants and tax incentives under the Cyprus Film Industry Scheme can be divided into four main categories:

  • Cash discounts of up to 40% on eligible costs incurred in Cyprus.
  • A tax credit of up to 50% of the applicant’s taxable income for the tax year in which the production takes place.

Tax deduction for qualified investments in cinematographic infrastructure and technological equipment for small and medium-sized enterprises (SMEs) subject to taxation in Cyprus up to 20% and 10% respectively.

VAT refund on qualifying production costs.

Production qualification categories include:

  • Cinematic films: long-term campaigns;
  • Television films (dramas), TV series or miniseries: TV films, serials and miniseries, digital and analog animation, creative documentaries and reality shows promoting Cyprus and Cypriot culture.
  • This scheme excludes from the list of qualifying product categories:
  • Any public or special performance organized for filming or other purpose;
  • Any sporting event;
  • TV game shows other than reality television;
  • Current affairs programs or talk shows;
  • Educational programs introducing or explaining hobbies, projects, etc .; and
  • Reviews, magazines or lifestyle programs.

The above is for informative purposes only.  Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.