Per our last alert, we noted that the Greek Government has been successful in attracting international film and TV productions to Greece by paying a cash rebate of 40 per cent of eligible expenses incurred in Greece. Productions with eligible expenses in excess of €8 million may also qualify for the rebate on non-resident labour of up to 50 per cent of total eligible expenses (VAT excluded), up to a €12 million maximum cash rebate amount.
Recent law 4915/2022 simplifies the process by allowing film or TV producers to request that the National Centre for Audiovisual Media and Communication (EKOME) appoint a private professional auditor to review the claim for eligible expenses and supporting documents. This process was previously carried out in-house by EKOME. Law 4915/2022 makes the review and payment process much faster, meaning the cash rebate is paid around six months after the completion of production and/or post-production in Greece.
The cash rebate programme was first launched in April 2018 and to date, more than 135 productions (movies, TV series, documentaries, animations and digital games) have registered. More than 70 of these are international productions from countries including the USA, the UK, Israel, France, Italy, Spain, the Netherlands, Belgium, Finland, Korea, Turkey, China and Sweden.
Reed Smith has a strong media and entertainment presence in Athens and in recent years has represented the financiers and/or producers of the majority of international productions filmed in Greece including Season 2 of Tehran, The Enforcer, The Greatest Days, The Expendables 4, The Bricklayer, Big Fat Greek Wedding 3, Red Sonja, Tin Soldier, Drift and Dahab. Our Athens office has advised on corporate structures for cash rebate purposes, financing and obtaining security over the cash rebate, production services agreements with local production services companies, IP rights and employment and immigration matters, as well as other production matters such as location agreements and licensing.
Client Alert 2022-360
