Investing in audiovisual production
EKOME created new infrastructure for the development of the domestic audiovisual industry. The adoption of the cash rebate law, which provided for the subsidization of the eligible expenses of domestic and international audiovisual production through a cash refund, paved the way for attracting investment and restarting the domestic audiovisual industry. The strategic goal of EKOME continued to be strengthened with the amendment of the law, which provides more flexible terms for the inclusion of projects in the cash rebate program, while making Greece one of the few countries in the world that provide funding for the production of digital games! The implementation of the legal framework for tax relief, which enables tax exemption for individuals (natural or legal entities) who finance audiovisual projects, lays the foundations for large investments in domestic production, significantly strengthening entrepreneurship and employment in the industry.
However, EKOME’s work does not stop at financial incentives. The support of the domestic audiovisual industry is inextricably linked to the national goal of making our country the most attractive and safe destination for the realization of audiovisual productions. The implementation of the Film Offices national network supports this goal, by highlight the comparative advantages of each region and providing the opportunity to Regions and Municipalities to attract investment in the production of audiovisual works locally.
Astonishing locations to shoot
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Investment incentives: Cash Rebate, Tax Relief
The implementation of Law 4487/2017 was a decisive step towards attracting investment through the production of films, television series, documentaries, animation, and digital games in Greece.
Since September 2018 (Law 4563/2018) until recently, the rebate amounted to 35% on the eligible expenses incurred in Greece. The updated legislation (Law 4704/2020) raises the cash rebate to 40%, provides a more flexible floor for TV series (€15,000-€25,000 per episode), a new minimum for digital games (€30,000), and includes documentaries (€60,000), short films with a minimum of €60,000 while the minimum of eligible expenses for feature films remains at €100,000. The maximum amount of cash rebate an investment plan can receive is €12 million. The incentive has no sunset date, and it can serve as collateral for production companies to obtain funds through the Greek banking system.
Financing of the rebate is guaranteed through the Greek Public Investment Programme. From April 2018 to December 2023, 393 applications have been submitted to the Greek cash rebate program (223 domestic and 170 international/cross-border productions) and the total investment capital amounts to €795 million. So far 188 projects have already received a total of €105 million through the cash rebate program.
With the implementation of Law 4172/2013-71E and Joint Ministerial Decision 1007/09-01-2019, EKOME also manages the tax relief programme, which provides a tax exemption of 30% for investments in domestic productions (through same procedure as for the cash rebate). The programme can be used in combination with the cash rebate, reaching up to 50% of the total production cost of a project.
Getting started
Αpplications may be submitted for international and domestic productions and/or co-productions that choose Greece as the location for main photography, production, and/or post-production.
A smooth and timely procedure
Applications are submitted to EKOME all year long, no later than 10 days before the beginning of production and/or post-production, via an electronic system guaranteeing smooth, fast, and transparent processing.
And… it’s a wrap!
The subsidy is payable after the completion of production or/and post-production, provided all prerequisites of the relevant legislation are met.
