Cyprus has renewed efforts to establish itself as a filming destination, branding the initiative as 'Olivewood'.
The decision was taken after seeing the impact of filming on other countries, according to Forbes.
To further this vision, the Cypriot government has made the decision to offer generous incentives to film producers to attract them to the country.
Various economic incentives like cash rebates of up to 25 to 35 per cent is being offered on eligible expenditures which will take place in Cyprus, according to Forbes contributor Antonis Antoniou. Tax credit equivalent to 35 per cent of spending made in the country is also being offered by the Cypriot government.
"The incentives are quite generous and they are not offered just for movies but also for television series or mini-series, documentaries for theatrical or television release, animations, television research and natural history programs. The target is to attract fresh capital from international producers," Antoniou writes.
The name 'Olivewood,' which is similar to Hollywood or Bollywood, is a smart pick which is an ode to Cyprus' flourishing olive fields.
Two films are already slated to be shot in the country, thanks to the new incentives. Nicolas Cage-starrer 'Jiu-Jitsu' and William Baldwin-starrer 'S.O.S: Survive or Sacrifice' were announced to go on floors in Cyprus.
Disclaimer: No Business Standard Journalist was involved in creation of this content
