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FILM ON Canaries Tax Breaks Lure Major Productions

Wednesday September 23, 2015

FILM ON Canaries Tax Breaks Lure Major Productions

Recent visitors to Lanzarote may have stumbled across a film crew when touring the island in recent weeks, as a German unit has been shooting footage for an upcoming production entitled A Summer in Lanzarote in various landmark locations around the island, such as The Timanfaya National Park and the Jameos del Agua.

This is becoming an increasingly common sight and it’s not just Lanzarote’s raw volcanic scenery alone that is focusing the attention of film producers. As the Canary Islands are currently offering big tax breaks to the visual arts, a move which has resulted in the archipelago attracting some major productions recently whilst scooping up a 25% market share in Spain, the best performance since 1977.

The Canaries recent roster has included heavyweight blockbusters such as Clash of the Titans, Wrath of the Titans, Fast and Furious 6, In the Heart of the Sea and Ridley Scott’s Exodus, as well as the Franco-Belgian co-production Evolution, which was largely shot on Fuerteventura and off the coast of Lanzarote. Filming for the latest instalment of the Bourne franchise, starring Matt Damon, has also just got underway in Tenerife.

These shoots have all taken advantage of the Agrupacion de Interes Economico tax shelter, which was established in 2007 and further extended in January and which offers the largest tax deductions in Europe of up to 35% on films, TV programmes, documentaries, animation and even special effects. In contrast productions shot on the Spanish mainland can only offset 15% of their costs. In addition tax deductions in the Canaries are capped at 5 million dollars versus just 2.7 million in the peninsula.

Over 34 countries worldwide offer tax breaks but Spain and the Canaries have long been a firm favourite with film makers thanks to their weather – a real essential when on location – and great light. As well as its landscapes, architecture, affordable accommodation and professional film crews.  

Read More About Films Shot on Lanzarote

 

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