Insider Business Big incentives behind Cyprus-based Nicolas Cage film

Big incentives behind Cyprus-based Nicolas Cage film

Academy Award winner Nicolas Cage will star in the first international production to be entirely shot in Cyprus since the launch of Cyprus Cash Rebates – a government scheme providing big incentives to the film industry and the reason behind this remarkable development.

In 2017, the government introduced a package of incentives encouraging international producers to choose Cyprus as their next film destination in a bid to boost this highly promising sector.

In specific, production companies that opted to film in Cyprus were able to choose between cash rebate or tax credit and could also benefit from tax discounts on investments made on equipment and infrastructure. As well as on VAT returns on expenditure in scope.

In January this year, Cabinet went a step further amending the scheme to make it even more attractive by abolishing the maximum refund ceiling set at 650 thousand euros per production.

Cabinet also approved a maximum annual budget of €25 million for reimbursement purposes. The amount previously available in relation to this incentive was €1.5 million.

The €24.6m science fiction and martial arts film ‘Jiu Jitsu’ with Cage in the lead role will be produced by Martin J. Barab and Dimitri Logothetis who will also direct.

The Cyprus Investment Promotion Agency (Invest Cyprus), which is responsible for developing the film sector, has said that the filming scheme is in accordance with Regulation 651/2014 of the European Commission.

At the same time, Interior Minister Constantinos Petrides has sent the message that for each euro spent for growth in the sector, seven euros of goodwill emerged.

 

Read more:

https://in-cyprus.com/invest-cyprus-promotes-cyprus-film-industry-at-berlinale/

Top Stories

Coronavirus vaccine makers see EU shield against side-effect claims

Vaccine makers will be indemnified in Europe if their COVID-19 shots cause unexpected side-effects, an industry official said on Tuesday, as nearly 40 firms...

‘We’re confident’ – Russia to share legal risks of COVID-19 vaccine Sputnik-V

Russia is so confident in its COVID-19 vaccine that it will shoulder some of the legal liability should anything go wrong, rather than requiring...

East Med Gas Forum members sign statute officially establishing the regional forum

East Mediterranean Gas Forum (EMGF) members signed on Tuesday, during a ceremony held online, the statute establishing this regional intergovernmental forum. The founding members of...

Seven dogs stolen from their cages in Famagusta area

Famagusta police are investigating the theft of seven dogs which were in individual cages at a fenced small plot of land in the district. The...

Eight new coronavirus cases in Nea Salamina Club making a total of 19 – they violated quarantine

The Ministry of Health was informed this morning by a private laboratory that carried out tests on footballers and members of the Nea Salamina...

Taste

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...

Meatballs with tomato and cumin

Place all meatball ingredients in a bowl and knead well with hands. Keep the mixture in the fridge for approximately 1 hour to thicken. In...

Crushed wheat pilaf with sausages and halloumi

Ingredients: 1 cup bulgar wheat ¼ of the cup vermicelli noodles or spaghetti, broken into small pieces 1 onion 2 sausages 1 cup tomato juice 1 vegetable stock cube 1/3 ts...

Swordfish with aubergines

To toast the sesame seeds: place sesame seeds in a small non-stick frying pan over low heat and stir until you begin to smell...