The Cyprus Film Scheme Taxation allows production companies that opt to film in Cyprus to benefit from cash rebate (25%-35%) or tax credit (up to 35%) as well as tax allowance (10%-20%) on investments made on equipment and infrastructure, and VAT returns on expenditure in scope. There is no restriction on the percentage of foreign ownership participation.
Qualifying production categories include, amongst others, feature Films (including animation), television Series or mini-series, documentaries for Theatrical or Television release, animation (digital or analogue), television research programs and natural history.
Qualifying applicants must be:
-individuals belonging to the private sector
-legal entities with a name followed by the special purpose recognition initials AVC (Audiovisual Cyprus)
-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, and
-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.
For more information, please contact our office.