Stella Michailidou, Cyprus’ State Aid Control Commissioner, announced today the release of a landmark decision aimed at invigorating the nation’s audiovisual industry. Titled the "Audiovisual Industry Promotion Plan," the initiative comes with a substantial budget of €25 million and is slated to run until December 31, 2026.

The Ministry of Finance will be the overseeing body responsible for implementing and executing the multi-year plan, designed to put Cyprus on the global map as a premier filming location.

The primary goal of the ambitious plan is to enhance the growth of the Cypriot audiovisual sector by making the island nation an attractive destination for film productions. The initiative is a part of a larger government strategy that leverages developmental, economic, and tax incentives to encourage local and international filmmakers.

Beyond making Cyprus a hub for film and TV productions, the initiative aims to showcase the country as a tourist destination, attract foreign investment, stimulate local audiovisual production activities, and create job opportunities in the industry.

The scheme is flexible in terms of the types of audiovisual works it will support. Projects that could benefit from this initiative include:

• Feature-length films

• Television dramas

• TV series and mini-series

• Animated films, whether digital or analog

• Creative documentaries

• Reality shows that promote Cypriot culture

The initiative is grounded in European Union law, specifically Regulation (EU) No. 651/2014, which was enacted on June 17, 2014. This regulation provides the legal framework for declaring certain categories of state aid as compatible with the EU’s internal market.