Jiu Jitsu, a science fiction and martial arts movie starring US actor Nicolas Cage, has become the first international film production to utilise the new Cyprus Film Scheme launched by Invest Cyprus, the government investment promotion agency.
Production companies that opt to film in Cyprus are able to choose between cash rebate of up to 25%-35% on eligible expenditures or a tax credit of up to 35% of the eligible expenditure. They will also benefit from tax discounts on investments made on equipment and infrastructure, and VAT returns on expenditure in scope.
Jiu Jitsu has been approved within the framework of the Cyprus Film Scheme by the Filming Plan Assessment Committee chaired by Invest Cyprus, which is responsible for promoting and developing the audiovisual industry in Cyprus. The committee took two days to review and approve the project.
The €24.6 million-budget film is being produced by Martin Barab and Dimitri Logothetis, with the latter also directing. Academy Award winner Cage will star alongside Alain Moussi, who headlined the last two Kickboxer movies, in which Logothetis was involved.
“This development is of decisive importance for the development of Cyprus audiovisual sector and for the economy more generally, as it is an important investment with multiple benefits that will promote our country internationally,” Invest Cyprus said.
The production company LBE JIU JITSU AVC Ltd is a Cyprus-registered company and the film will be shot at different locations in Cyprus starting from Limassol.
The Cyprus Commissioner for State Aid Control approved amendments to the proposed Cyprus Film Scheme in March, enabling the Cyprus Film Commission to invite and receive applications until the budget has been expended.
Last October, Invest Cyprus organised the first Cyprus Film Summit 2018 in Nicosia as part of efforts to put Cyprus on the map for film industry executives. Senior Officer Lefteris Eleftheriou set out the provisions of the Cyprus Film Scheme and announced that the Cyprus film industry would be named ‘Olivewood’.
Sovereign Trust (Cyprus) can assist with all aspects of making an application under the Cyprus Film Scheme and setting up and managing the relevant production company structures, For further information please contact Managing Director George Ayiomamitis by phone on +357 25 733 440 or by email.