25% cash rebate to revive Greece’s production industry
In an effort to stimulate its production industry, Greece will be introducing a 25% cash rebate to cover locally incurred filming expenses. A total of EUR450 million has been set aside by the Greek Government to fund the incentive over the next five years.
Productions will be required to spend EUR100,000 to access the incentive, which will have per-project cap of EUR5 million.
Restricted by red tape and the absence of a tax incentive, Greece has struggled to attract international productions for years.
Speaking at the Amorgos Tourism Film Festival, Director Andonis Kioukas explains: “it’s ridiculous that so many Greek-themed films should be shot elsewhere. There have been so many missed opportunities. In the last decade we’ve lost Alexander the Great, Troy, 300 and Mamma Mia! Here We Go Again. Greece could be the best open-air studio in the world. For years we’ve been saying ‘take measures to become more competitive’.”
Kostas Tsegas, Chief Executive of the Greek Tourism Board adds: “our desire is to facilitate the audiovisual industry in whatever way we can. The multiplier effects on the economy are enormous. Large foreign productions generate an increase in the country’s GDP."
Greece was recently shunned in favour of Croatia for work on Mamma Mia! Here We Go Again. The high cost of shooting on location in Greece sent the production looking elsewhere for a financially viable location that could double for the country.
Production company Stefi and Lynx will be hosting a panel dedicated to the process of filming in Greece at this year's FOCUS event - the meeting place for international production in December. Click here to register your attendance.
Not Logged in
You must be logged in to post a comment
There are no comments