Scope Invest, the Belgian tax shelter financier, has revealed details of its new film projects.
The investor, which was one of the backer of Cannes closing night film Coco Before Chanel, is backing Eric Lavaine’s Proteger Et Servir (starring Kad Merad and sold by Pathe), Immaculate starring Benoit Magimel (Wild Bunch), and 3D animated feature La Nuit Des Enfants Roi/The Prodigies (sold by Kinology.
It has also raised significant funding - $5.6m (€4.2m) – for for French box-office hit Incognito, currently on release through Pathe, and $12.m (€9m) for Jaco Van Dormael’s $47.2m (€35m) Mr Nobody (sold by Wild Bunch.)
Scope has also boarded recently include Le Petit Nicolas (sold by Wild Bunch), raising $6m (€4.5m) of tax shelter money toward its $26.9 (€20m) budget. The film screened in the market this week.
Here in Cannes, Scope has also struck bullish note about the long-term prospects for the tax shelter system. The scheme is due to be renewed this year but is awaiting the green light from the European Commission . Scope sources are confident that the system will be preserved for at least a further two years.
In spite of the economic crisis, Scope raised $22.2 (€16.5m) in 2008, which is slightly lower than 2007’s $22.6m(€16.8m). This represents a sizable part of the $67.4m (€50M) raised by the tax shelter system in total last year.
Managing director Fabrice Delville said that 2009 has begun equally strongly. Delville also expressed confidence that investors will continue to be drawn to Scope, which offers a guaranteed nominal return of at least 15% on investment.