The Mediterranean island of Cyprus is shooting for the stars in its latest bid to attract investment, offering “aggressive” incentives to promote a fledgling film industry the locals dub Olivewood.
In an effort to woo international movie makers, the government is offering cash rebates of up to 35% to production companies, with further tax discounts on the table for infrastructure and equipment investment.
And while some European countries offer even greater savings, the Cypriots have another not-so-secret weapon in its arsenal; sunshine.
Lefteris Eleftheriou, Chairman of the Cyprus Film Commission, says, “in effect, Cyprus is one big studio with 320 days of sunshine and vastly different natural backdrops to choose from, all within a one-or-two hours’ drive.
“Also, because our island is on the same latitude as LA, the angle and the quality of light is the same. This is fairly unique and not many countries have this.”
This is an edited version of an article published in the Daily Telegraph. https://www.telegraph.co.uk/business/2021/01/12/cyprus-looks-piece-action-olivewood-movie-industry/amp.
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