The Canary Islands boosts its appeal for major film productions
In the last few years, the Canary Islands have transformed into a film set for a wide array of audiovisual productions, ranging from modest series and independent films to multi-million dollar Hollywood productions, all thanks to the tax incentives offered by the region. Now, this allure is set to intensify even further, following the decision by the Ministry of Finance to eliminate the 50 million euros cap previously set for these incentives.
Until now there have been two types of limits for these tax exemptions: an individual limit of 36 million euros and a collective limit of 50 million euros. In other words, a single production could only receive a maximum subsidy of 36 million euros, and collectively, all film shoots in the islands could benefit from a subsidy of up to 50 million euros.
From now on, audiovisual productions can access the tax reduction without considering whether or not the 50 million euro cap has been surpassed collectively. This adjustment to the fiscal framework for the audiovisual sector will provide peace of mind to the local industry, ensuring they can enjoy the incentive without the fear of a major Hollywood project consuming the majority of the subsidies.
This measure, approved by the Spanish government, will assist the Canary Islands in attracting even more significant audiovisual productions, consequently boosting revenue from the expenditure of large film crews that are part of a shoot.
Fast and Furious 6 (Vin Diesel/Paul Walker), Jason Bourne (Matt Damon), Rambo Last Blood (Sylvester Stallone), Han Solo (Star Wars story), The Eternals (Angelina Jolie/Kit Harrington), and In The Heart Of The Sea (Chris Hemsworth/Tom Holland) have all taken advantage of these incentives over the last ten years and filmed in the islands, and more recently Guy Ritchie had Henry Cavill and Jake Gyllenhaal in Tenerife filming his new blockbuster.
However, while this move is expected to enhance the appeal of the Canary Islands for major productions, it may not contribute as much to the international promotion of the islands. In many instances, films shot in the insular territory do not aim to depict the Canary Islands; instead, the islands have stood in for locations such as Cuba, Morocco, the Sahara, or even some inhospitable planet in the Star Wars saga.
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