Tenerife is now even more attractive to film producers

A 5% increase on the existing tax breaks for national and international productions shooting on the Island.

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Tenerife is an ideal film location as on top of its excellent natural conditions and top-notch professionals, it also offers unique tax breaks which are not available outside the Canary Islands.  The new Budget Law has included an increase on these incentives which make the Island even more attractive to national and international producers.

According to the change the Act introduced on Corporate Income Tax, which came into effect on 1 January 2017, the new tax rebate for international productions is now at 40% (5% above the previous situation). Regarding national productions, the incentive goes up to 45 % on the first million Euros invested (as opposed to the previous 40 %) and 40% on excess expenditure (replacing the former 38%). Similarly the 50 % limit on aid received is now increased to 60 % for cross-border co-productions and 70% for films by new directors with a budget under one million Euros.

In both types of productions, the limit for creative staff is now at 100,000 € per person, replacing the former 50,000 € cap.

The norm also specifies that the SPVs will be regarded as producers provided that they are set up as an independent production company in compliance with the requirements in article 4.n of Law 55/2007, of 28 December, join the production before the end of the shooting and appoint an executive producer to carry out the production.

Tenerife, a natural film set

Tenerife goes from strength to strength as a film location. In 2016 a record figure of 116 national and international productions were shot on the Island, bringing 6.5 million Euros.

Tenerife Film Commission (TFC) gives producers advice on locations, permits and all other services they may need while shooting on the Island.

The island’s wide range of landscapes within a very short distance includes volcanic, subtropical, and urban areas plus the coastline and the sea, which can double for many different parts of the world. Technology, local film production companies, tax breaks plus an enviable climate allowing shooting in exteriors year round blend together to make Tenerife a top film location.

More info at http://www.webtenerife.co.uk/tenerifefilm/how-shoot/incentives/

film@webtenerife.com |+34 647 346 462

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