FILM IN CYPRUS Scheme

Scheme for the Promotion of the Filming
Industry now in force
12 September 2018
FILM IN CYPRUS Scheme

The "Film in Cyprus" Online Platform is now live! 


Interested parties can apply for funding through the Online Platform ‘Film in Cyprus’

The Scheme for the promotion of the Filming Industry, entered into force with the creation of the Online Platform ‘Film in Cyprus’, film.investcyprus.org.cy, through which interested parties can be informed and submit an application to participate. The Platform was presented by the Cyprus Investment Promotion Agency (Invest Cyprus), which chairs the Committee for the Evaluation of the Filming Scheme, in an event that took place on the 11th of September in Nicosia. 

On the platform there is information for foreign and Cypriot film industry professionals, concerning the competitive advantages of Cyprus in the sector. Visitors of the platform can also learn more on the locations of the island that can be used in audio-visual productions, and at the same time access a list of local professionals with which they can collaborate. For this purpose, local professionals of the film industry will have the opportunity to register on the Platform and create their own profile. 

It should be underlined that the Scheme provides Cypriot and foreign producers, with incentives, cash rebates and/or tax credits of up to 35%, on qualifying production expenditures. The Scheme also predicts tax allowances of 20% for investments on infrastructure and equipment. 
 
For a more effective use of the Scheme, specific cultural criteria have been established, that will serve as a basis for the evaluation of the proposed productions. It should be underlined that tax allowances and tax credits, are still pending for approval by the Parliament. 
 
In the provided framework, there will also be continuous support to investors by Invest Cyprus, concerning permits, importing and exporting equipment and providing information and instructions, always in cooperation with the responsible ministries and departments. 
  
The Scheme aims, according to the Cyprus Investment Promotion Agency, on the one hand to allow inflows of capital from international productions to Cyprus and on the other hand to support the local industry. In fact, the Scheme is addressed to Cypriot as well as foreign producers under the same terms and is conditioned on the employment of Cypriot professionals. 
 
The development of the film sector will also contribute to creating expertise and new job positions, while it is expected that it will give the necessary impetus for collaborations between local and international professionals of the industry. 
 
A very important aspect is also the development of buildings and equipment that will support the industry. Another important aspect is the indirect push for the development of complementary sectors such as Tourism, Professional Services, Investment Funds that are related to productions (film funds) as well as the Land Development sector.

For more information please visit https://film.investcyprus.org.cy/
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