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Under its adopted moniker of “Olivewood,” the tiny Mediterranean island of Cyprus is trying to woo moviemakers from around the world with 300-plus days of sunshine yearly and a package of financial incentives including a cash rebate of up to 35 percent.
A film “summit” on Wednesday brought together 120 directors and producers from as far afield as Australia to hear about Cyprus’ competitive advantages, including 100 centuries of civilization, advanced infrastructure and a wealth of local production talent.
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Invest Cyprus official Lefteris Eleftheriou touted Cyprus as a “natural film studio” — the island is nearly on the same latitude as Los Angeles.
Apart from the rebate, filmmakers can also apply for tax credit of up to 35 percent and a sales tax exemption.