Cyprus woos filmmakers with year-long sunshine, 35 pc rebate

Under its adopted moniker of "Olivewood," the tiny Mediterranean island of Cyprus is trying to woo moviemakers from around the world with 300-plus days of sunshine yearly and a package of financial incentives including a cash rebate of up to 35 percent.

A film "summit" on Wednesday brought together 120 directors and producers from as far afield as Australia to hear about Cyprus' competitive advantages, including 100 centuries of civilization, advanced infrastructure and a wealth of local production talent.

Invest Cyprus official Lefteris Eleftheriou touted Cyprus as a "natural film studio" — the island is nearly on the same latitude as Los Angeles.

Apart from the rebate, filmmakers can also apply for tax credit of up to 35 percent and a sales tax exemption.