AUDIOVISUAL PRODUCTION INVEST
Incentives for 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
CRYSTAL CLEAR WATER SHORELINES
MESMERISING BLUE & WHITE CONTRAST
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-€30,000 per episode), a new minimum for digital games (€30,000), and includes short films with a minimum of €60,000, while projects are financed without a cap (the higher the investment capital, the higher the cash rebate). Furthermore, the Greek cash rebate can now serve as collateral for producers to obtain funds through the Greek banking system.
Financing of the rebate is guaranteed through the Greek Public Investment Programme and amounts to €75 million available for the years 2018 to 2022. From April 2018 to June 2020, 88 applications have been included in the cash rebate programme (44 domestic and 44 international productions). The total of invested capital in the country amounts to €80 ml while the total cash rebate subsidy amounts to € 26.6 ml.
With the implementation of Law 4172/2013-71E and Joint Ministerial Decision 1007/09-01-2019, EKOME now 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 no later than six months after the completion of production or/and post-production, provided all prerequisites of Laws 4487/2017 and 4563/2018 are met.