Belgian tax financiers havehit Cannes with a vengeance this year, announcing plans to launch new filmfunds while looking for new international projects to invest in.

New Brussels based outfitMoviestream has already invested Euros 1.5m in a slate of four projects and isnow planning to raise Euros 15m over three years from investors.

Another company, MotionInvestment Group - which raised over Euros 1m at the end of 2004 - has alsolaunched its second tax shelter fund in Cannes, saying it hopes to raise up toEuros 10m in 2005.

Last week, new Belgian tax-based financier Scope Invest announced it hadboarded a new slate of French-language Belgian films.

The recent launch of a new tax shelter law in Belgium has seen a stringof aggressive new players start up. Under the new law, the funds can invest upto 50% of a film's budget. The pictures must have a Belgian producer attachedand 90% of the film's budget has to be spent in Belgium.

Moviestream has been launched by Belgian lawyer Gauthier Broze. Havingbacked four Belgian films already, it is now looking to invest in internationalprojects. The company is currently trying to set up English language project HolySmoke, based on the book by Tonio Benacquista, which will be shot in Englandand Italy.

Meanwhile,Motion Investment Group, run by Adrian Politowski and Nadia Khamlichi, said itplans to co-produce three to four European films with the money it raises in2005.