aspentrust

  Last year in September the Cypriot cabinet has approved a new filming scheme, which was created with the aim to attract overseas filming companies to shoot their films in Cyprus. The new filming scheme was developed by the Unit of administrative Reform of the Presidency in cooperation with the Cyprus Investment Promotion Agency (CIPA) and the Ministry of Finance. The new scheme entered into force recently with the creation of the Online Platform 'Film in Cyprus'. 'Film in Cyprus' online platform The Online Platform was introduced by Cyprus Invest (CIPA) on the 11th of September 2018 in Nicosia. CIPA is the responsible body for examining the applications and the chairs the Committee for the Evaluation of the Filming Scheme. Through the online platform interested filming companies can submit their application to participate. On the 'Film in Cyprus' online platform visitors can find information regarding the competitive advantages to film in Cyprus, film industry

  Committed to boosting the prospects of its  cyprus film industry , Cyprus has introduced a package of incentives encouraging international producers to select Cyprus as their film destination (the " Film Scheme "). The Film Scheme grants tax incentives including cash rebates (partial refund of the amount invested on the film) or tax credits, as well as tax discounts on the investment made on equipment and infrastructure, and VAT returns on expenditure in scope. What incentives and rebates are available? The incentives under the Film Scheme are: Cash rebates Tax credits Tax allowances for investment on equipment and infrastructure VAT return on expenditure. While total aid cannot exceed 50% of the total production budget (or 60% in the case of a co-production)., this limit can be lifted if the production can be deemed to be beneficial for the economy, culture, or the development of the Cypriot film industry. Applicants can apply for either the cash rebate or the tax credit.