Insider Business Interest in development of film studios in Cyprus  

Interest in development of film studios in Cyprus  

Cyprus’ audio-visual industry seems to have picked up momentum: its Film Incentive Scheme has already attracted two world-class cinema productions and foreign companies are now expressing  interest in developing film studios.

So far, at least one company – based in South Africa – has submitted its interest to the authorities and undertook to promote film productions in Cyprus, according to informed sources.

One source also said that interest for the development of film studios is also expressed from well-known companies which are active in Europe and, in view of the Scheme’s incentives, see Cyprus as an alternative option.

However, the recent launch of Cyprus’ film industry with Si-fi film ‘Jiu Jitsu’ starring Academy Award-winner Nicolas Cage has indicated that lack of special studios could be a major problem and a disincentive in attracting other world-class films.

That is because of the inconvenience — and by extension the high cost — of bringing special shooting equipment from other countries to Cyprus.

Nonetheless, the overall assessment of the state of play in Cyprus by producers and actors of ‘Jiu Jitsu’ seems to be very positive. They have already said they are considering shooting more films on the Mediterranean island – one of which is called the “Man of War”.

From an economic point of view, however, the interest is directed towards the final outcome of negotiations between the producers and the government concerning reimbursements to be made upon completion of the filming.

The Scheme offers tax rebates and credit, with the most attractive incentive being a maximum 35% cash back for nearly all expenses made in Cyprus.

KPMG is preparing the documents on behalf of the producers and PwC for the government, according to insiders.

Read more:

https://in-cyprus.com/jiu-jitsu-producer-says-cage-film-only-the-beginning-for-cyprus/

Top Stories

Turkey’s Erdogan to sue Greek paper over insulting headline

Turkish President Recep Tayyip Erdogan has filed a lawsuit against the editors of Greek newspaper ‘Dimokratia’ for an insulting headline, state-run news agency Anadolu...

UK ponders second COVID-19 lockdown as outbreak accelerates

British Prime Minister Boris Johnson was on Monday pondering a second national lockdown as an accelerating coronavirus outbreak threatened to destroy any shoots of economic recovery...

Bill provides for adoption of drug-free zones around schools in Cyprus

A draft bill provides for the adoption of drug-free zones around schools in Cyprus in order to protect children from drug activity, Philenews reported...

Elementary school children to be trained in First Aid

Human lives are lost every day because no properly trained people in First Aid are in sight when an incident takes place, Philenews reported...

Greek President Sakellaropoulou in Cyprus for an official visit

Greek President Katerina Sakellaropoulou who is on a three-day official visit to Cyprus on Monday began talks with President Nicos Anastasiades. Sakellaropoulou's visit is her...

Taste

Chicken with okra and bulgur wheat

Heat the oil in a pan and sauté the okra until golden. Remove the okra, lay out in an oven tray and sprinkle with...

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...

Ravioli

Just a little before serving, heat the broth and add the ravioli. (If the ravioli is frozen you don’t have to defrost). Heat them...

Seafood kebab with avocado salad

Place the mussels, shrimps and salmon in a bowl together with tarragon and lemon zest. Season and cover, keeping in the fridge for 15...