The Ministry of Finance is requesting the release of funds from parliament to reimburse the producers of the American film "The Islander," which was greenlit for shooting in Cyprus in March 2022. This reimbursement of €664,711 to the production company, LIGHTER FILMS AVC LTD, is in accordance with Cyprus' strategy to bolster its audiovisual industry.

Specifically, a memo submitted to the Parliamentary Committee on Finance, which will discuss the fund release today, details that the company completed filming on 30 April 2023. On 12 July 2023, they applied for final approval and payment. As stipulated by the Scheme, a thorough audit was conducted by the legal and accounting advisors of EOK, resulting in the approval of the sum of €664,711.

It's worth recalling that the Council of Ministers approved the Scheme on 27 September 2017 to promote the audiovisual industry and establish the Republic of Cyprus as a filming destination. This Scheme, based on developmental, economic, and tax incentives, is set to run until December 2023.