A STAR AT­TRAC­TION FOR THE FILM IN­DUS­TRY

Cannes Market News - - FOCUS - By Al­fonso Rivera,

THEIR NAT­U­RAL BEAUTY IS RENOWNED, THEY ARE HOME TO A GROW­ING COM­MU­NITY OF HIGHLY QUAL­I­FIED PRO­FES­SION­ALS AND THE TAX IN­CEN­TIVES ARE HARD TO RE­SIST – THE LIST OF AT­TRAC­TIONS OF THE SPAN­ISH IS­LANDS, RATHER LIKE THEIR FILM COMMISSIONS, JUST KEEPS ON GROW­ING. NO WON­DER, THEN, THAT YEAR ON YEAR THEY CONTINUE TO DRAW IN THE BIG HITTERS OF THE TV AND FILM IN­DUS­TRY, BOTH DO­MES­TIC AND IN­TER­NA­TIONAL.

FEW Euro­pean lo­ca­tions can of­fer as many unique ad­van­tages as the Ca­nary Is­lands, fa­mous the world over as a hol­i­day par­adise thanks to their glo­ri­ous beaches, a balmy year-round cli­mate and a su­perb range of ac­com­mo­da­tion op­tions. Trans­posed onto the big screen, the Ca­narian panorama of­fers a rich ar­ray of set­tings, from wide ex­panses of sand to snowy moun­tains and vol­canic scenery rem­i­nis­cent of a lu­nar land­scape. The is­lands’ blend of tra­di­tional and mod­ern ar­chi­tec­ture makes an ideal back­drop for time­less tales, pe­riod dra­mas and fan­tasy ad­ven­tures. Drenched in sun, there are few cloudy days here, mean­ing more film­ing hours per day than any­where else in Europe. And, as a well es­tab­lished tourist des­ti­na­tion, the ar­chi­pel­ago has in­fra­struc­ture in abun­dance, from 300,000 ho­tel beds to am­ple trans­port con­nec­tions in the form of roads, mo­tor­ways, ports and air­ports. The Ca­nary Is­lands are just a few hours by air from ma­jor cities such as Ber­lin, Lon­don or Stock­holm. As if this was not enough to se­duce pro­duc­tion com­pa­nies, shoot­ing here – whether fea­ture films, TV se­ries, an­i­mated films or doc­u­men­taries –, of­fers some very tempt­ing in­cen­tives due to the lo­cal “Eco­nomic and Tax Regime,” nes­tled within the le­gal frame­work of the Euro­pean Union and the Span­ish state. These tax ad­van­tages in­clude an in­vest­ment in­cen­tive of 35% for for­eign pro­duc­tion com­pa­nies, which means that com­pa­nies em­ploy­ing a pro­ducer who is reg­is­tered for tax pur­poses in the Ca­nary Is­lands ben­e­fit from a 35% tax re­bate on ex­penses in­curred within the is­lands, with a max­i­mum de­duc­tion of €4.5m (based on a max­i­mum de­ductible ex­pen­di­ture of €12.8m). Span­ish pro­duc­tions or co-pro­duc­tions with a cul­tural el­e­ment – cer­ti­fied by the In­sti­tute of Cin­e­matog­ra­phy and Au­dio­vi­sual Arts –, which are filmed in the Ca­nary Is­lands and have been awarded a Ca­naries Au­dio­vi­sual Work Cer­tifi­cate, avail­able to reg­is­tered au­dio­vi­sual com­pa­nies, re­ceive a tax credit of 40% for the first €1m in­vested in the pro­duc­tion and 38% there­after, sub­ject to a max­i­mum de­duc­tion of €5.4m (de­ductible ex­pen­di­ture is capped at €14.1m). Fur­ther­more, within the so-called Ca­nary Is­lands Spe­cial Zone (ZEC), busi­nesses pro­vid­ing ser­vices in­clud­ing those as­so­ci­ated with pro­duc­tion, on-set man­age­ment and crew, post-pro­duc­tion, pho­tog­ra­phy, pub­lic­ity and au­dio­vi­sual dis­tri­bu­tion pay cor­po­ra­tion tax at just 4%.

by Lu­cile Hadz­i­halilovic.

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