The announcement of the increase was made by Cypriot representatives at the Raindance Film Festival (27 October – 6 November 2021), where Cyprus is the guest country in 2021.

The Cyprus film incentive scheme run by Invest Cyprus – CIPA (Cyprus Investment Promotion Agency) continues its efforts to attract foreign productions aiming to shoot in Cyprus. Currently, the scheme provides Cypriot and foreign producers cash rebates and/or tax credits of up to 35% on qualifying production expenditures and it also provides tax allowances of 20% for investment in infrastructure and equipment on the Island.

In 2020 the budget for the film incentive scheme was 25 m EUR.