2017 Film Production Scheme in Greece
- Tax Experts
- Jun 5
- 2 min read
August 25, 2017
This article explores the 2017 Film Production Scheme in Greece, highlighting the new investment incentives aimed at boosting the country's audiovisual sector, including film, TV, video games, and animation projects.
Investment Incentives for the Audiovisual Sector in Greece
The Greek Parliament has approved legislation offering investment incentives to support the growth of the audiovisual sector, which now includes not only film productions but also video games, TV shows, and animation programs.
Context in Europe
Countries such as Great Britain, Italy, and Norway have successfully implemented similar schemes, using refunds and tax relief to attract both risk-taking and conservative investors to the audiovisual industry.
The Greek Case
Under the new legislation:
Refund Rate: A 25% refund on eligible expenses incurred in Greece.
Minimum Spending Threshold: Productions must incur at least €100,000 in Greece to qualify.
Maximum Refund Cap: €5 million per production.
Eligible Costs: Only expenses realized within the Greek territory count toward the refund.
Cultural Tests: Projects must pass cultural criteria to qualify.
Funding Budget: The Ministry of Information and Communication has a €450 million budget for a 5-year period.
Administration: The National Audiovisual and Communication Center (E.K.O.M.E.) is responsible for application assessment.
Platform: All applications and procedures are processed via the Information System for Government Funding (Ministry of Development).
The British Case (Reference Model)
Refund Rate: Up to 25% of eligible UK expenses.
Tax Relief: Up to 80% of UK costs.
Minimum Local Spend: At least 10% of total production costs must be incurred in the UK.
Definition of Eligible Expenses: HMRC considers an expense “incurred in the UK” if goods or services are consumed or used in the UK, regardless of provider nationality.
Conclusion
Greece is following proven EU models to stimulate investment in the audiovisual industry. The combination of:
Attractive natural locations,
Skilled Greek professionals, and
Strategic financial incentives
is expected to attract international productions and boost tourism and employment.
The success of the initiative will hinge on effective implementation, transparent procedures, and the trustworthiness of government bodies managing the funding.
