NICOSIA, Cyprus — A veteran Hollywood movie producer said Saturday that Cyprus’ aspirations to become an international film destination hinge on whether authorities can deliver on a pledge to provide cash rebates and tax exemptions to filmmakers.
Martin Barab said that his new, $27.5 million-film “Jiu Jitsu” currently being filmed in Cyprus is “make-or-break” for the east Mediterranean island nation’s nascent film industry.
“This little movie had to create the film industry in Cyprus. So they are building a film industry on our back,” Barab told The Associated Press.
“Jiu Jitsu” which stars Academy Award-winning actor Nicolas Cage, Frank Grillo and Tony Jaa is the first film being made in Cyprus under the country’s new financial incentives scheme that includes case rebates and tax credits of up to 35% as well as a sales tax exemption.