Canary Islands seek to boost film industry

Currencies Direct October 6th 2016 - 2 minute read

The Canary Islands has recently seen a boost to its film industry. Big blockbusters have been filmed on the islands, bringing with them massive movie stars such as Brad Pitt, Marion Cotillard and Matt Damon.
 
The activity in the Canaries’ film industry is largely down to the tax break in place for film and television shooting.
 
According to the Gran Canaria Film Commission, “international films with production services made in Gran Canaria could apply for a tax rebate calculated as the 35% of the eligible costs spent in Gran Canaria, subject to a limit of €4.5 million (£4 million) for production”.
 
The Commission also said that the low tax regime, namely the “Zona Especial Canaria” (ZEC – Canary Islands Special Zone), authorised by the European Commission, allows companies to pay a corporate tax rate of 4%, which is one of the lowest in Europe.
 
It is not difficult to see why so many companies choose to film in the Canary Islands. There is a great deal to offer, from beautiful beaches and landscapes to grand hotels and villas, from underwater sports to traditional architecture.
 
Indeed, the terrain can be so different that filmmakers are able to shoot a number of scenes intended to portray entirely different countries within a small space.
 
Just one example of the versatility of the Canaries is Jason Bourne, starring Matt Damon, which was filmed largely on the island of Tenerife.
 
Producer of the film Gregory Goodman said: “Tenerife provided the production with a nice one-stop location where we could get all those looks brought together.”
 
He pointed to two scenes in particular, supposedly set in Beirut, Lebanon, and one set in Athens, Greece. Mr Goodman said: “The Beirut piece was especially surprising – we shot it on a sidewalk right near where our Athens scenes were shot, and yet it really does feel like Beirut, like a whole other part of the world.”
 
With film companies spending time and money in the Canaries, there are bound to be opportunities for local people and investors as a result.
 
When many films take months and even years to film, those working on them will need places to live, eat and relax. And though the actors and crew may not always have the star power of Brad Pitt, they will have money to spend.
 
When there is money coming in from film companies, jobs are created, for both local and foreign workers. There may be an increased demand for accommodation in the areas that attract attention from filmmakers.
 
Since the weather in the Islands is mild all year around, there is no off-season. This means that there could always be filming taking place there. For those looking to invest abroad or specifically in the Canary Islands, this can present a huge opportunity.
 
Property prices in the Canary Islands are exceptionally reasonable, which makes it an appealing place to consider investing in property.
 
If you find yourself attracted to the idea of owning property in the Canaries, Currencies Direct could help ensure that you get the best value for money when transferring your funds abroad.

 

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