Cyprus 🇨🇾

Cyprus offers a comprehensive film incentive program to attract international film and television productions. Below is an overview of the incentive:

1. Cyprus Film Incentives

Cash Rebate or Tax Credit:

Production companies can choose between a cash rebate of up to 40% or a tax credit of up to 50% on eligible expenditures incurred in Cyprus.

2. Breakdown of Cyprus Film Incentives

• Cash Rebate: Up to 40% of qualifying local expenditures.
• Tax Credit: Up to 50% of qualifying local expenditures.
• Tax Discounts: Up to 20% on investments made in equipment and infrastructure.
• VAT Returns: Applicable on expenditure within the scope of the incentive.

3. Terms and Conditions Associated with the Incentive

• Eligible Productions: Feature films, television series, documentaries, animation, and other audiovisual works.
• Minimum Expenditure: A minimum spend in Cyprus is required, though specific amounts may vary based on the type of production.
• Cultural Test: Projects must pass a cultural test to qualify for the incentives.
• Local Engagement: Encouragement to hire local cast and crew and utilize Cypriot facilities and services.

4. Governing Body for the Incentive

Cyprus Investment Promotion Agency (Invest Cyprus): Administers the film incentive program and provides guidance to production companies.

5. Process/Outline of Applying or Being Eligible for the Incentive

1. Application Submission:

Complete the application form available on the Invest Cyprus website. Provide necessary documentation, including a financial plan, proof of funds, project scenario, and CVs of key personnel.

2. Evaluation:

Invest Cyprus reviews the application to ensure it meets eligibility criteria and passes the cultural test.

3. Approval:

Upon approval, an agreement outlining the terms of the incentive is established between the production company and Invest Cyprus.

4. Production:

Proceed with production in Cyprus, adhering to the agreed terms and maintaining detailed records of all expenditures.

5. Rebate/Tax Credit Claim:

After production completion, submit a claim to Invest Cyprus, including all necessary documentation of expenses.

6. Disbursement:

Upon verification, Invest Cyprus disburses the rebate or processes the tax credit based on the agreed percentage of qualifying expenditures.

For detailed guidelines and assistance, it is advisable to consult the official website of Invest Cyprus or contact them directly.