The UK studio group is hoping to tap into the Latino film and television market; Dominican Republic to offer tax credit of 25% to productions shooting in the country.
Pinewood Shepperton is to open a new studio in the Dominican Republic, as part of its ongoing international expansion strategy.
Construction begins today on the new film and TV studios, which will target the Caribbean, South and Central American markets.The venture is being funded by LA and Dominican Republic based producer/distributor Indomina Group, with Pinewood set to receive annual fees for managing the studio.
It is Pinewood’s latest international development following new studio developments in Malaysia, Berlin and Toronto.
The new studio will have 5000 square meters of sound stage space, along with 15,000 square meters of production support facilities and an 8 acre water effects facility including a 75X75m exterior water tank, which promises to be the only one in the region.
As an added boost to the new venture, the National Congress of the Dominican Republic has also passed legislation for a tax credit of up to 25% for feature films and TV series shot in the Dominican Republic.
The Pinewood Indomina studio is expected to be completed in 2012.
Ivan Dunleavy, Chief Executive of Pinewood Shepperton, said the venture “represents further progress in Pinewood’s strategy to leverage the strength of our brand internationally and specifically to the growing Latino film and television market.”