Colombian incentive looks to attract foreign shoots
Excerpts from The Hollywood Reporter, 11 July 2012
Colombian President Juan Manuel Santos on Wednesday is signing into law a new filming incentive that aims to substantially boost the number of runaway productions hosted here.
Under the law, foreign producers can tap into an annual fund and save up to 40% on production and post-production services, as well as 20% on accommodations, transport costs and catering. To qualify for the cash rebate, foreign shingles must hire local production service companies and invest at least $570,000 while shooting in Colombia.
The fund becomes available on Jan. 1 and it's launching with $14 million in resources for the first year, with the possibility of that amount increasing each year.
A film law established in 2003 makes rebates available only if foreign producers enter into a co-production with a Colombian partner, but now they can go it alone providing they contract Colombian crews.
The president's announcement comes during a week-long industry gathering in Colombia, the 3rd annual Bogota Audiovisual Market. During the event, representatives from Universal Pictures,Participant Media, Harbinger Pictures, Parallel Media and Hollywood Studios International were visiting some of the nation's top filming destinations and key production facilities.
Colombia has emerged in recent years as an important Latin America location. High-profile film shoots here include Mike Newell's Love in the Time of Cholera and Paul Haggis' The Next Three Days, while on the television side, divisions of Telemundo, Fox and Sony regularly produce content out of Colombia.
Colombian President Juan Manuel Santos on Wednesday is signing into law a new filming incentive that aims to substantially boost the number of runaway productions hosted here.
Under the law, foreign producers can tap into an annual fund and save up to 40% on production and post-production services, as well as 20% on accommodations, transport costs and catering. To qualify for the cash rebate, foreign shingles must hire local production service companies and invest at least $570,000 while shooting in Colombia.
The fund becomes available on Jan. 1 and it's launching with $14 million in resources for the first year, with the possibility of that amount increasing each year.
A film law established in 2003 makes rebates available only if foreign producers enter into a co-production with a Colombian partner, but now they can go it alone providing they contract Colombian crews.
The president's announcement comes during a week-long industry gathering in Colombia, the 3rd annual Bogota Audiovisual Market. During the event, representatives from Universal Pictures,Participant Media, Harbinger Pictures, Parallel Media and Hollywood Studios International were visiting some of the nation's top filming destinations and key production facilities.
Colombia has emerged in recent years as an important Latin America location. High-profile film shoots here include Mike Newell's Love in the Time of Cholera and Paul Haggis' The Next Three Days, while on the television side, divisions of Telemundo, Fox and Sony regularly produce content out of Colombia.
