“It is an investment scheme that combines very satisfactory and important tax incentives, tax redemptions and subsidies to encourage this very important and promising industry,” Finance Minister Harris Georgiades said, quoted by Cyprus Mail Online.

The audiovisual industry is expected to have a global turnover of more than 50 bn EUR by 2020, Harris Georgiades also said.

The scheme has been developed by the Unit of Administrative Reform in cooperation with the Finance Ministry and the Cyprus Investment Promotion Agency.

A foreign production company willing to film in Cyprus will be able to choose between a cash rebate and a tax credit, and will also benefit from tax discounts on investments made on equipment and infrastructure, according to Cyprus Mail Online.