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

Forestry Department red alert for forest fires

    The Forestry Department has issued a red alert for forest fires for today. It stressed that it is prohibited to light a fire without permission...

No articulated lorries on highways, main roads on Sundays

    Police have prohibited articulated lorries from the highways and main roads tomorrow and on July 19 and 26 in an attempt to ease Sunday...

19 year old woman critical after road collision

    A 19 year old woman is in critical condition in hospital after a collision between two cars on the Limassol-Platres road a little before...

A scorcher today, temperatures to hit 41 C inland

    Saturday will be a scorcher with temperatures hitting 41 C inland and extreme high temperature in force  from 11 am until 5 pm. There will...

‘A free man’: Trump commutes longtime adviser Roger Stone’s prison sentence

  President Donald Trump commuted the sentence of his longtime friend and adviser Roger Stone on Friday, sparing him from prison after he was convicted...

Taste

Moungra

Moungra is a traditional Cypriot mezze which consists in cauliflower pickled in fermented bread dough and typically served as an appetizer or meze. It...

Cheesy Eggplant Rolls

Ingredients 4 Eggplants 2 tbsp olive oil 1 chopped onion, 2 grated carrots 1 garlic clove (sliced) ¾ of the cup finely chopped canned tomato, ½ ts sugar 1 ts oregano 2 tbsp...

Black eyed peas with chard (Louvia me laxana)

Ingredients: 2 cups black eyed peas small lemon (juice) + 1 tsp lemon zest 1 bunch Cypriot chards olive oil & lemon for serving salt & pepper Method: Step 1 Put the...

How to make triandafillo ice cream, by UK Cypriot chef Loulla Astin

  Just in time for the scorching heat, UK Cypriot chef Loulla Astin has shared her recipe for refreshing triantafillo ice cream -- or as...