Colombian Film Industry – Tax Incentives
In 2012, the Colombian Government passed a new law to encourage local and foreign film production. This law was intended to provide benefits to the Colombian film providers of production and post-production services as well as producers. Colombian artistic and tech crews would also benefit by working with international teams, improving the skills of the local staff and making them more competitive internationally.
With the new law, the government legislated the creation of the Colombia Filmaciones Fund, to receive donations, transfers and contributions. This fund was seeded with an initial $25 billion COP (USD 14 million) provided by the State.
Film companies that use Colombian film service providers and actors receive an equivalent of a return of 40% of the costs of all service expenditures and 20% of expenses for transportation accommodation and catering, providing the production companies – TV or film spend more than $500,000 US. Eligible productions can be partially shot in Colombia, provided local companies are contracted.
Medellin has recently announced the creation of a new film commission to capitalize on this law. As part of a formulated, strategic, master plan the city will begin construction in 2014 of the largest centre for audiovisual production in Latin America incorporating film and TV studios along with other facilities.
Colombia is over 1.000.000 kilometers squared. It offers easy access to three shooting corridors. Within a few a few hours of driving or an hour flight you can find historical architecture, snow capped mountains, jungles, desert, harbours, modern urban cities, just to name a few. Costs are also more economical in generally every aspect of production.
All of these aspects make Colombia an inviting location to shoot.