On Wednesday, Finance Minister, Makis Keravnos, announced the extension of the screen industry boosting Olivewood scheme for another three years. With significant benefits to the local cultural sector, the extension also includes the increase if the existing cash rebate from 40% to 45%.
Directed at boosting investment and employment in the film, documentary, and television production industries, the Olivewood scheme has delivered significant benefits. Whilst the industry generates an average cost of EUR 1 million, it contributes an average of EUR 5.5 million to the economy, reports state. An evident success, minister Karavnos announcement of the extension signifies the longevity of the initiative and its impact to the overall economy.
"Unlocking Cyprus’s cinematic treasures with a remarkable 45% cash rebate on eligible expenses, the Cyprus Film Scheme shines as Europe’s most generous support for film and television production,” director and head of filming at Invest Cyprus Lefteris Eleftheriou commented. “Whether it’s captivating feature films, including animations, documentaries, or TV series, including Animations, Cyprus welcomes your story.”
An annual budget of EUR 25 million has been reserved for the cash rebate which, once approved, requires shooting to take place within 24 weeks. Eligible productions for the rebate include animations, documentaries, TV series and feature films. Applications are expected to be approved within 6 weeks with the cash back transferred 60 days after submissions of final reports and necessary papers. Above the line expenses such as producers, directors, their respective team earnings, c and producers’ team earnings, casting directors and screenwriters – if content is written in Cyprus- are also eligible for a 25% cash rebate.