Through FYM Canary Islands your productions can avail of the 50% Tax Rebate on the first million euros of deductible expenses and 45% Tax Rebate on the rest of the expenses. These incentives apply for foreign films, fictions series or documentaries that expends just at least €200.000 on VFX and post-production works.
CANARY ISLANDS TAX INCENTIVES
The Canary Islands offer attractive tax advantages that are successfully applied to audiovisual production thanks to the Canary Islands Economic and Fiscal Regime (REF) within the legal framework of the EU and Spain.
THESE TAX INCENTIVES INCLUDE:
- Deduction for investment in foreign productions: 50% Tax Rebate on the first million euros of deductible expenses and 45% Tax Rebate on the rest of the expenses.
- Maximum deduction base is EUR 18 million
- 0% VAT
A €3 million budget foreign film that expended €200K on post-production works on the Canary Islands, hiring Free Your Mind as Local Service for the post-production (from on set supervision and VFX up to mastering and delivering). Due the Canary Islands Tax Rebate scheme, €100K (50% of the €200K) are refundable.
WHAT KIND OF PRODUCTIONS QUALIFY?
Foreign productions of feature films leading to a master copy prior to its industrial produced copy: feature films, animation films, fiction series and documentaries are included.
WHAT REQUIREMENTS MUST BE MET?
The eligible expenditure for the Canary Islands must be at least 200.000€ for postproduction service works, including VFX and animation:
- Hire FYM Canary Islands as a local service.
- The foreign production must have a minimum budget of €2 million.
- Maximum deduction of €18 million.