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THE FILM INDUSTRY

The government of the Republic of Cyprus introduced a package of incentives encouraging international producers to choose the island of Cyprus for filming in order to develop and boost the film sector.

 

Our firm has served as the external advisor of the Cyprus government agency Invest Cyprus regarding the Film incentive scheme for the period from 1st September 2020 to March 2022. Among others, our firm's responsibility was to assist in the preapproval and final approval procedure of the productions eligible for cash rebate and provide consulting support to the film committee on a number of issues. Following the lapse of the contract, APC has been offering consulting services to film productions interested in participating in the Cyprus Film Incentive scheme.

Incentives for film producers

The scheme consists of a combination of grants for the approved applicants:
 

  • Cash rebate (up to 25% above the line and up to 40% below the line)

  • Tax Credit

  • Tax Deduction for Investments in Infrastructure and equipment

  • Return of VAT on expenditure

 

Eligible production categories

  • Cinematograph Films – Long Films

  • Television films (drama)

  • Television Series or mini-series

  • Digital and/or analogue animation

  • Creative Documentary

  • Reality programmes which directly or indirectly promote the Republic of Cyprus and its culture

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OUR FILM CONSULTING SERVICES

 


CYPRUS FILM SCHEME SERVICES
 

Assistance and support during the application process for pre-approval to be submitted to the Cyprus Film Committee which includes:
 

  • Review of the budget and suggestions as to the optimization of the eligibility of expenses and cash rebate.

  • Guidance as to the requisite documentation required throughout the application process.

  • Review of the application to make sure it adheres to the requirements of the Cyprus Film Committee.

  • Running of mock cultural test to assess the maximum cash rebate rates that the production may qualify.

  • Finalization of the application.

  • Participation in the meetings with the Cyprus Film committee to present and support the application.

  • Meetings and consultations with the Cyprus Film Committee and the producers and support up until the production has received the cash rebate.
     

Cash Rebate Final application work for the Cyprus Film Scheme which entails the following:

 

  • Performance of an agreed-upon procedures audit as per the provisions of the Cyprus Film Rebate Scheme, and the preparation of a Report on Factual Findings, for the purposes of assisting the clients to submit an application for Cash Rebate to the ‘The Film Production Appraisal Committee’ and the Competent Authority, under the Cyprus Film Rebate Scheme, as enacted by the Council of Ministers with decision 83.415 taken on 27 September 2017, and as subsequently amended. Our work is performed in accordance with the International Standard on Related Services (ISRS) 4400 'Engagements to perform agreed-upon procedures regarding financial information’.

 

  • Participation in the meetings with the Cyprus Film committee to present and support the final application.

 

  • Meetings and consultations with the Cyprus Film Committee and the producers and support up until the production has received the cash rebate.

INTERNATIONAL SERVICES

 

  • Consulting services to international producers in connection with international tax credits/rebate optimization using multiple countries. Through our international network of film industry associates we can support multi-country rebate applications.
     

  • Jurisdiction comparison in terms of film incentives offered and recommendation of most suitable jurisdiction.
     

  • Multilevel production and post-production support in various jurisdictions through our international network.