Aris Tsangaris
Exciting News for Cyprus Filmmakers and Investors!
We're thrilled to share that the Olivewood scheme has been extended for another three years, with an increased reimbursement rate of 45%!
Let’s start from the beginning – What is Olivewood?
Olivewood stands as a unique initiative that empowers both Cypriot and international production companies selecting Cyprus as their filming location. It offers the flexibility of choosing between substantial cash rebates and tax credits, extending up to 35% on eligible production expenses. Moreover, participants can tap into additional advantages, including a 20% tax discount on investments made in equipment and infrastructure, along with VAT refunds on expenditures.
What changed now: The CY government has announced the extension of the 'Olivewood' scheme for another three years. The Ministry of Finance made this decision after considering the scheme's cost-benefit analysis, raising the reimbursement rate from 40% to 45%. The Republic of Cyprus invested €1 million in the project but gained a substantial benefit of €5.5 million, justifying this extension and rate increase. Moreover, external auditors ensure transparency and compliance with the scheme's objectives.
Our team believes this is a game-changer for the local film and audiovisual industry! Not only is a bold step towards elevating Cyprus to the forefront of preferred filming locations, but it also opens up exciting investment opportunities and boosts local production!
For filmmakers and production companies, this means cost-effective productions against the stunning backdrop of Cyprus. Local talents, get ready for more job opportunities in the cultural sector! And for investors, keep an eye on the potential returns in this growing industry!
We're passionate about seeing Cyprus thrive in both business and culture, and this scheme perfectly aligns with our vision.
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.