Valencia ups production incentives
Region offers up to 20% in rebates
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Rebates, previously at 12%-18%, can be tapped by any European or Spanish production.
Moves are especially aimed at hiking big shoots at Valencia’s $479 million Ciudad de la Luz studios, designed by U.S. architect Gary Bastien.
Ciudad hosted filming worth $338.6 million in its first two years of operations, including the $124.6 million co-production “Asterix at the Olympic Games.”
Other European countries or regions already offer rebates in the 20% range, such as Germany’s new DFFF fund, which gives a 20% refund on local spend.
The French government looks set to approve a 20% tax rebate on the Gallic spending of foreign shoots, including U.S. productions.
In addition, Valencia will offer an automatic 20% rebate to European companies that commit to continuous production in the region, or a yearly $19.2 regional investment. Any spending over $479,000 will trigger an automatic 16% rebate.
Rebates will be capped annually at $16 million. Upcoming shoots at the Ciudad include Francis Ford Coppola’s “Tetro” and Colin Farrell starrer war drama “Triage.”
