Project description

According to the feasibility study, it is projected the creation of an integrated self-contained Production Campus of 280,000 m2 (85 acres) with over 54.840 m2 of facilities, which shall be able to offer in one place the full range of services required for film production in Cyprus. CFS aspires to become the cornerstone of the film infrastructure in Cyprus.

CFS components

  • Six Modular Studios with a total area of 23,000m2, and additional workshops of 1,000m2
  • Outdoor open Spaces
  • The Cyprus Film Production Academy (Technology/Education Cinema Centre with a total area of 6,300m2
  • Administration Building with a total area 1,500m2
  • Multi-Function Hall and Cinema with a total area of 4,000m2
  • Accommodation facilities for visitors and employees of film production companies with a total area of 7,000m2
  • Student Hostel with a total area of 4,000m2
  • Staff Housing with a total area of 5,400m2
  • Supermarket with a total area of 600m2
  • Service Yard
  • Amphitheater
  • Parking Spaces
  • Control Gate

Location

  • The Project shall be developed on a freehold land of approximately 280,000 m2
  • The site is located within one hour’s drive from any potential shooting location, allowing for the most cost-effective production costs possible. The location offers an abundance of different landscapes and filming locations within a quick and easy reach.
  • Vibrant, contemporary, and cosmopolitan cities, picturesque and traditional villages, a variety of beach locations, breathtaking mountain views, waterfalls, lakes, salt lakes, desert sceneries, queries, ancient cities and amphitheaters, byzantine churches, Ottoman mosques, medieval castles, Venetian walls, a huge variety of flora and fauna and much more, are all a short drive from the project's location.

The Project’s wider area

The land chosen for the development is located between the Kalavasos water dam, Akapnou forest, and the village of Vasa. This is generally hilly country, with an elevation varying from 350m to 440m overlooking the water dam and the sea and Troodos Mountains on the horizon. The land is covered in most places with marquis and trees such as carob, olive, and pine. The area is free from air pollution, Prepared with low humidity.

The Cyprus Film Production technology and education campus

The Cyprus Film Production Academy (Technology / Education Centre) shall provide top quality education and training for the various professions employed by the film industry, thus creating the necessary human infrastructure to support at reasonable costs the film production industry on the island.

Employment opportunities

Every production shall need actors, cameramen, directors, producers, screenwriters etc. who are familiar with the realities of the island. In addition, a film production shall require the engagement of resources and the use of other supporting professions and industries -such as accountants, lawyers, hotels, taxi drivers, plumbers, carpenters, technicians, painters, constructors, car rentals, electricians, caterers- the list is endless. As a result, the effect on employment shall be extremely positive and the benefits shall be dispersed in the rest of the economy.

Additional benefits to the Cypriot society

The development of the film industry shall necessitate additional investments, including the construction of infrastructures, such as studios, film academies, the organization of film festivals, exhibitions and conferences, the establishment of media distribution centers, the creation of editing and sound suites, the procurement of sophisticated production services equipment and the creation of many other investment opportunities, including direct investment in production.

Upgrading and enhancing professionalism in the filming industry

A major investment such as the Cyprus Film Studios and Film Productions Park, an integrated film production park shall be able to support locally even the most sophisticated production needs. The operation within the complex of a Film Production Academy shall also help in the professional development of local and overseas talent in all sectors of the filming industry.

The Cyprus Government ‘Filming Scheme’

The Government and the Cyprus Investment Promotion Agency (CIPA) made the development strategy. As part of the effort to promote the film industry, the Government introduced, the ‘Cyprus Filming Scheme’, probably the most generous incentives scheme of its kind in Europe, to complement all the other competitive advantages of the island as a Film Production destination. The aim is to attract a substantial share of the 50 billion Euro global audiovisual industry turnover.

A highly Lucrative Government Film scheme

CASH REBATE of up to 35% of eligible expenditure incurred in Cyprus:

  • TAX EXEMPTION generated from the production of the film (alternative to Cash Rebate), up to 50% of its taxable income, and limited to 53% of the eligible expenses. Any restriction on the exemption due to the 35% limit can be recovered over the next 5 years.
  • TAX REDUCTION Individuals, small as well as medium-sized enterprises investing in film in fracture and equipment are entitled to deduct the amount of the investment from their taxable income in the year of the investment. The tax deduction cannot exceed 20% of the eligible expenses for individuals and small enterprises and 10% for medium-sized enterprises. In order to be eligible to enjoy the deduction, the investment in equipment would need to remain in Cyprus for at least 5 years.
  • VAT REFUND Companies and individuals from third countries incurring eligible expenses on film productions are entitled to a VAT refund in the same way as those from the EU Member States in accordance with the relevant EU Directive.

Cyprus host a strong pool of multilingual film and television professionals

Cyprus host a solid local industry with international expertise to support the growth of this sector, at a time when, for a number of reasons, film production is gradually shifting from the traditional production centers in the US, UK, and India to new locations. Among others, the need to develop new production centers arises from:

  • The fact that the Sound Stage space in the main production countries has already reached maximum capacity
  • The explosion of production costs in the US and the UK
  • The sharp rise in the number of productions
  • The shift of Production Money towards Non-English-speaking markets.

The Cyprus ‘OLIVEWOOD’

More than 120 top-tier Film Directors and Producers from around the world attended in October 2018 the Cyprus Film Summit, organized by the recently official launching of the incentive framework aiming at the creation of the new Mediterranean film location, which was branded as ‘Olivewood’.

7 Major Competitive advantages That make Cyprus the Ideal place for film productions:

  • Strategic position
  • Impressive archeological sites
  • An astonishing variety of landscapes
  • Superb climate with year-round sunshine
  • Pollution-free environment and sustainable lifestyle
  • Generous government incentives
  • A strong pool of multilingual film and television professionals

Enhancing the Global public image of the Cyprus tourism industry

The most important benefit however from the whole venture, is the invaluable publicity Cyprus and its natural beauties shall receive from productions filmed on the island. As the experience with places, where even only one film was shot, proves, this publicity shall reinforce the already strong position of Cyprus as an attractive tourist destination and shall boost the high-quality complementary sectors of professional services and of real estate sector and shall lead to the creation of more Investment Funds.

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