The implementation of the cash rebate program was a decisive step towards attracting investment through the production of films, television series, documentaries, animation, and digital games in Greece. With the adoption of Law 4704/2020, the Greek cash rebate amounts now to 40% while new provisions of subsidy for high budget productions concerning projects with eligible expenses over 8€mn offer the possibility to foreign production to include non-resident labor invoices. The value of foreign invoices may not exceed 50% of the total eligible expenses involved in the investment plan (VAT excluded), whereas the total state subsidy cannot exceed €12mn.
The Greek cash rebate can work by a way of guarantee to a Greek Bank against a loan.
The initial financing of the rebate is guaranteed through the Public Investment Programme amounting to a total of €450mn. To-date, over 135 projects have been included in the cash rebate program (including more than 70 international productions) with the invested capital in the country exceeding €140mn, while the return to productions through the cash rebate exceeding €50million.
The cash rebate for the audiovisual industry in Greece is administered by the National Centre of Audiovisual Media & Communication (EKOME S.A.)
The cash rebate for audiovisual works production supports feature films, documentaries, television series, animated films and digital games that choose Greece as location in either principal photography and production development and/or post-production stage. The rebate does not apply to music concerts, recorded performances, sports events and shows, reality shows, recorded events, commercials, infotainment shows etc.
Applications may be made for international and domestic productions and/or co-productions to obtain a 40% cash rebate on the sum of eligible expenses incurred in Greek territory.
Eligible to apply for cash rebate in Greece are companies which are established or have a branch in the Greek territory and operate to produce audiovisual works, foreign producers of audiovisual works who are contracted with a company established or having a branch in Greek territory and operating for the purpose of producing audiovisual works and companies for the production of audiovisual works in the context of cross-border production.
Important Note: Applications should be submitted only by the Greek partner company. However, beneficiary and applicant may not necessarily coincide. Namely, a beneficiary may be the Greek producer, co-producer or production service provider, or their foreign partner.
The cash rebate is paid to producers no later than six months after the completion of the production and/or post-production in Greece, provided that all prerequisites of the legislation have been met. Visit www.ekome.media and find more in the Frequently Asked Questions section.