Investing in audiovisual production
The Hellenic Film and Audiovisual Center S.A.-Creative Greece (H.F.A.C.-Creative Greece) was established by Law 5105/2024 with the merger of the Greek Film Centre and the National Centre for Audiovisual Media and Communication (EKOME).
The mission of H.F.A.C.-Creative Greece is: (a) to develop, strengthen and protect the Greek cinematographic, audiovisual and creative sector in general and to promote it internationally, (b) to support domestic and attract foreign investments in the film / audiovisual sector, as well as in the cultural and creative sector in general, (c) to support the integration of new digital technologies and innovations in the audiovisual industry and the use of modern digital means for the promotion of the country’s cultural and creative sectors, as well as the promotion and support of research in these fields, (d) the organization and operation of the National Digital Repository of Audiovisual Works and the Innovation and Technology Hub for the Creative and Audiovisual Sector (Creative Hub GR), as well as other structures and programs for the support, networking and extroversion of these sectors, (e) to contribute to the fight against piracy, online, technological or otherwise, in the film, audiovisual and creative sectors of the country in cooperation with co-competent bodies, (f) the design and implementation of education and training programs for the audiovisual sector and the promotion of audiovisual education in accordance with technological developments, (g) the support of the Government in the design of the policy for the film, audiovisual and creative industries of the country and its general support and promotion in Greece and abroad.
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Getting to know the investment incentives of the Hellenic Film and Audiovisual Center-Creative Greece
The Hellenic Film and Audiovisual Center-Creative Greece, in the framework of its mission, designs and implements investment incentives aimed at supporting domestic investments and attracting foreign investments, in the film/audiovisual sector, as well as in the wider cultural and creative sector.
Cash Rebate Greece (CRGR) Programme
The Cash Rebate Greece (CRGR) Programme was established with Section C of Law No. 5105/2024 «Creative Greece: support for the film, audiovisual and creative sector, establishment of a body for books and other provisions for modern culture» and is subsequent to the statute established in 2017 with Law No. 4487/2017.
The new programme aims at bolstering and modernising the framework of attracting and supporting investments in the audiovisual industry, by rendering it friendlier and more sustainable.
The new Programme envisions three distinct aid schemes of support towards audiovisual works:
Cash Rebate GR-Film and Television (CRGR-FTV), for Economic Activities – Activity Codes (A.C.): 59.11 Motion Picture, video and television programme production activities and 59.12 Motion picture, video and television programme post-production services;
Cash Rebate GR-Animate (CRGR-Animate), for Economic Activities – Activity Codes (A.C.) included in the CRGR-FTV aid scheme, in cases where the production of the audiovisual work concerns animation, in addition to the activities 59.12.14 Motion picture visual effects services and 59.12.15 animation services;
Cash Rebate GR-Video Game Development (CRGR-VGD), for the Economic Activity – Activity Code (A.C.) 62.01.21 Production of computer game software prototypes.
The CRGR Programme shall be covered by the Public Investment Programme (PIP), or European structural and investment funds and other financial institutions, in accordance with national and EU legislation.
Investment projects for audiovisual works, which qualify for funding under the CRGR Programme Aid Schemes, shall be supported through the return of investment as a fixed percentage of forty percent (40%) of the value of the eligible production costs implemented within the Greek territory and not exceeding eighty percent (80%) of the total production cost for the entirety of the audiovisual production work (eligible production expenses).
Foreign invoices concerning above the line eligible costs (director’s fees and the fees of the two leading roles) are also eligible. Amendments as to what has been declared in the application for qualification shall not apply to eligible costs on foreign invoices issued while the project is in progress.
Applications for qualification of an investment project under the CRGR Programme Aid Schemes shall be submitted up to ten (10) days before the start date of the investment project, as declared in the application for qualification.
The evaluation process of the application for qualification under the three CRGR Programme Aid Schemes shall be concluded within three (3) months from submission. Upon successful completion of the completeness and legality evaluations, the applicant undertaking may request from the Granting Authority (HFAC-Creative Greece) the issue of a letter of intent concerning the perspective of qualification for funding of the investment project. HFAC-Creative Greece shall provide the letter of intent, subject to the successful completion of the evaluation by the competent Evaluation Committees and the issuance by the Granting Authority’s CEO of the relevant decision qualifying the investment project for the aid scheme.
The subsidy shall be disbursed within three (3) months from the issue of the decision certifying the end of the investment project, via electronic payment to a bank account of the beneficiary of the investment project, as defined in the decision qualifying the project for funding, held at a credit institution in Greece or the state in which the beneficiary has its registered seat or permanent establishment, and may not be assigned to third parties.
Each investment project that receives a subsidy through the CRGR Programme shall indicate in the closing credits that it has been implemented with the contribution (a) of the investment incentive from the Granting Authority in Greece; and (b) the financing tool used to finance the investment incentive.
Upon completion of the investment project, the applicant undertaking shall deliver at its own expense to the Granting Authority a file (either digital or in any form that permits access during the audit procedure) of the audiovisual work with the specifications defined by the Granting Authority.
Tax Relief Programme
Tax Relief is a second tool used for attracting funds for the audiovisual production in Greece.
The incentive may operate in addition to the CRGR Programme. Both of them are independent investment tools, acting combined or separately, provided that the general rules of legality and the conditions of State aid cumulation are observed.
A necessary condition for the qualification for the tax relief programme is for the production company to own a Special Bank Account in a Greek credit institution, through which the financial management of the investment project will be carried out.
The tax incentive (Greek Tax Relief) corresponds to tax relief of 30% of the eligible expenses deducted from the net taxable results of the financiers of the approved investment project, as they result from the income tax return, according to article 71E of Law 4172 / 2013.