Two new films have been approved, while discussions are underway on three more, as well as for a series, a reality show and the creation of a specialised studio, according to Phileleftheros quoting Invest Cyprus chairman Michalis P. Michael.

The chairman of Invest Cyprus also said that one of the approved projects has a budget of nearly 50 m EUR and it will star an Academy Award winning actor.

Nicolas Cage is currently shooting Jiu Jitsu by Greek-American director and producer Dimitri Logothetis. This is the first international production to be shot entirely in Cyprus since the launch of the cash rebates, while the Cypriot production SOS – Survive or Sacrifice by Roman Doronin and starring William Baldwin, which is also benefiting from the new Cyprus rebates, started shooting on 10 June 2019.

Of the approximately 140 people working on it, 80 are Cypriots, according to Michalis P. Michael.