Cyprus launches “Olivewood” with an aim to develop film industry.

The Cyprus Investment Promotion Industry (Invest Cyprus) launched on Tuesday the Scheme for the promotion of the Filming Industry, presenting the online Platform (film.investcyprus.org.cy) through which interested Parties can be informed and apply for a cash rebates and other incentives for qualifying Productions.

The Scheme provides Cypriots and Foreign Film Industry Professionals with Incentives, cash rebates and or tax credits up to 35% on qualifying Production Expenditures, while providing tax allowances up to 20% for Investments on infrastructure and equipment.