Colombia offers new rebate of up to 40% for foreign productions
Legislation signed during third edition of Bogata Audiovisual Market.
In order to attract foreign film crews, especially from Hollywood, the government of Colombia signed this Wednesday evening a new law on cinema. With a fund of 25 million Colombian pesos (aproximately $14m) per year, the country will offer an attractive cash rebate to productions budgeted at up to $30m.
By hiring Colombian service companies, the producers (domestic and foreign) will be eligible to receive a refund of up to 40% of the cost of production services and up to 20% of the cost of accommodation, transport and catering. The government hopes to attract investments of $42m per year with this initiative.
“With this new filming incentive, our country is introduced as a new destination for film, putting us in competitive conditions in the international market,” said Colombian president Juan Manuel Santos [pictured] at the presidential palace (Casa de Nariño), in Bogota. “From now on we want to avoid that most Hollywood films set in Colombia continue to be shot in countries such as Ecuador and Mexico,” he added.
The new legislation was signed during the third edition of BAM, Bogota Audiovisual Market (from July 9-13). The event gathers more than 50 international producers, sales agents, distributors and festival representatives from various territories, including US, European and Latin American countries.
Organized by the Bogota Chamber Of Commerce and Proimagenes Colombian, with support from the Colombian Film Development Fund (FDC), BAM was designed to promote the local film industry and to create business opportunities with the international leaders in the film business. This year 56 Colombian projects in development are in the market.