AUDIOVISUAL PRODUCTION INVEST
Cash Rebate Greece
What is the new Cash Rebate scheme
The implementation of Act No. 4487/2017 for the production of audiovisual works in Greece is a decisive step towards attracting film, television, documentary, animation producers and digital games developing companies to invest in the Greek creative sector. The rebate amounted originally to 25% on the eligible expenses incurred in Greece for all beneficiaries. In September 2018 an amendment to the above Act (Νο. 4563/2018) raised the amount to 35% . The updated legislation provides a more flexible floor for TV series (starting at €30,000 per episode) and a new minimum for digital games (€60,000) while projects are financed without a cap. Moreover, the Greek cash rebate can serve as a 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.
- A good start
applications may be made for international and domestic productions and/or co-productions. The rebate supports feature films, documentaries, TV drama series, animated films and digital games that choose Greece as location in either principal photography and production development and/or post-production stage.
- A smooth and timely procedure
applications are submitted all year long, no later than 2 months before the beginning of production and/or post-production, via EKOME S.A. to an electronic system guaranteeing smooth, timely and transparent processing.
- And... it's a wrap!
the amount is payable no later than six months after the completion of production works provided that all prerequisites of Act No. 4487/2017 have been met.
Supporting the production of audiovisual works in Greece
Astonishing locations to shoot
CRYSTAL CLEAR WATER SHORELINES
MESMERISING BLUE & WHITE CONTRAST
Legislation in effect
In August 2017, the Greek Parliament passed a Act (No. 4487/2017) of the Ministry of Digital Policy, Telecommunications and Media, introducing a 25% cash rebate scheme that will be covering part of the eligible costs for national and international audiovisual productions.
More specifically, Chapter D of the above Act, concerns the Establishment of An Institutional Framework to Enhance the Production of Audiovisual Works in Greece, giving the opportunity to producers of films, television series, documentaries, animation, as well as video game designers, to produce their works in Greece by qualifying for a subsidy under the investment scheme. The incentive, which covers specific categories of eligible costs that will be incurred in Greece and can cover up to 80% of production expenses, sets a minimum of €100,000 for eligible expenses in the case of feature films, a minimum of €60,000 in the case of digital games and implements a flexible floor starting at €30,000 in the case of television series, while the previous ceiling of €5,000,000 per work is no longer in effect. A total of €75 million has been set aside by the Greek government to fund the incentive over the next five years.