Spain implements new incentives to attract productions
This week Spanish treasury secretary of state Miguel Ferre Navarrete attended the Spanish Film Commission conference to reinforce the positive effects of Spain’s new federal tax credit.
The incentive allows major international productions to qualify for a deduction of 15% on capital spent throughout Spanish soil, with an elevation to 35% for expenses incurred in the Canary Islands. The tax credit is also set to apply to both animation and post-production.
The Spanish government has notoriously treated filmmaking in Spain as a secondary issue: in the past, despite Spain’s wealth of talent and locations, the government had been unwilling to offer any incentives at all.
However, the potentially lucrative prospect of attracting big Hollywood films to Spain has motivated the government to change its stance. Ferre Navarrete said: “These fiscal incentives are a success. They create the potential for the shoots in Spain to be a strategic or very powerful sector.”
Spain recently hosted Exodus and The Heart of the Sea in the Canary Islands, and HBO series Game of Thrones filmed part of season five in Andalucia’s Osuna as well as Seville.
The board is now set for the industry, Spanish Treasury and E.U. to agree on the final details of Spain’s international shoot tax credits, and then Spain and its Canary Islands could welcome a new wave of international productions.