The Ministry of Finance has confirmed its approval for funding the mini-series “The Love Rat,” under the Olivewood audiovisual industry scheme.
This follows the release of €479,000 by the House Finance Committee, which will be paid to the production company MGK SUNSHINE PRODUCTION SERVICES AVC LTD.
“The Love Rat,” filmed entirely in Cyprus, saw the production company spending €1.35 million within the country. This expenditure includes €73,000 in taxes paid to the Cypriot government.
The project has employed 109 individuals, 48 of whom are Cypriot nationals.
Scheduled for broadcast in the United Kingdom on Channel 5, part of Paramount, the series features actors Sally Lindsay and Neil Morrissey in leading roles.
The production is managed by company shareholder and producer Michael Klokkos, with Costas Pitsillides serving as the director.
Finance Ministry representative Naya Symeonidou revealed to the House Finance Committee that the series, which wrapped up its five-week shooting schedule in December 2022, took place in Ayia Napa and Protaras.
The Ministry anticipates “The Love Rat” will reach an audience of four million in England alone, with additional broadcasts planned for the USA, Australia, and other English-speaking countries.
The Ministry also highlighted the success of a similar series, “The Holiday,” film in Malta, which gained top ten status on Netflix internationally for four weeks.
Sponsorships and tax incentives
According to the Ministry of Finance, the production company submitted a payment application that was approved last month. Subsequently, a review was conducted by the legal and accounting advisors of the Audiovisual Industry Committee, and a report recommending the approval of the €479,000 amount was submitted last December.
The evaluation committee, after thoroughly reviewing the production company’s application, agreed with the recommendation of the legal advisors and accountants for the payment.
As the Ministry of Finance asserts, the film has been approved based on the latest amendments to the Olivewood scheme, following a report by the Audit Office.
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