Puerto Rico has extended its 40% film tax credit until 2019 in a move that the territory’s Governor said confirmed its status as “the Mecca of film production on the Caribbean.”

Announcing the extension of Law 362, Governor Luis G Fortuno said investors could also look forward to less red tape as they went through the process of acquiring credits.

So far this year four films – The Rum Diary, starring Johnny Depp, Stone Of Dreams, Meant To Be, and One Hot Summer – have shot in Puerto Rico, injecting roughly $32.6m into the local economy according to Puerto Rico Film Commission sources.

Warner Bros’ superhero saga The Losers is currently shooting under the auspices of the studio’s newly launched DC Entertainment division and, along with an Italian TV series, is projected to bring in a further $25m.

“Our administration is committed to turn the island into one of the most important film industry destinations,” Governor Fortuno said. “By signing this project into law, we are at the forefront of the industry and we will compete effectively with other states and countries.”