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Greek film industry reassured: 40% rebate scheme to bounce back
High hopes at Thessaloniki Film Festival
Greek officials brought a wave of optimism to local and foreign producers at the recent Thessaloniki Film Festival, ensuring that the popular 40% cash rebate program will resume in January. This announcement follows a temporary suspension aimed at addressing more than €100 million in outstanding debts.
Clearing debts to regain credibility
Back in May, Greece put a halt to its cash-back program to manage its fiscal responsibilities. Leonidas Christopoulos, CEO of Creative Greece, emphasized that the delay was crucial to bring credibility back to the scheme. “You cannot be credible — especially abroad — if you have a huge backlog and reopen the platform,” he stated.
A journey of high-profile collaborations
Since its launch in 2019, Greece’s rebate scheme has attracted significant productions, including Rian Johnson’s Netflix blockbuster “Glass Onion: A Knives Out Mystery” and Ruben Östlund’s Palme d’Or winner “Triangle of Sadness”. Christopoulos pointed out that the program has fully repaid 211 out of 319 applications, amounting to €130 million, with half of these funds disbursed in 2023 alone.
Challenges and future commitments
Greece’s government is grappling with a backlog of applications dating back to 2023. Christopoulos assures that over 70-80% of these applications will receive decisions by the year’s end, highlighting a commitment to resolving delays and ensuring smoother operations in the future.
Maintaining eligibility during the pause
Even during the program’s pause, Creative Greece is working alongside the finance ministry to guarantee that local expenditures by foreign productions will remain eligible for the rebate. Productions like “The Carpenter’s Son”, starring Nicolas Cage, and Prime Video’s “House of David” are among those benefiting from this provision.
Industry voices – Transparency and timelines
Navigating unpredictable waters
Industry players, such as Walid Said from London-based Head Gear Films, underline the importance of transparency and clear timelines. Said argued that delays and uncertainties might jeopardize the rebate’s credibility. “The rebate is becoming more and more critical to every financing plan that we see,” he noted, underscoring the necessity for a reliable and transparent system.
Faith in Greek production
Despite these challenges, there is an enduring faith in Greek producers. Amanda Livanou, vice-president of the Audiovisual Producers’ Association of Greece (SAPOE), stressed that working with lenders who believe in the Greek industry is vital. However, she highlighted that relying solely on letters of intent rather than binding decisions is not a sustainable path forward.
An evolving landscape
Consolidation for streamlined operations
At this year’s Cannes Film Festival, Greek officials introduced Creative Greece, a consolidated government body uniting the Greek Film Center and the National Center of Audiovisual Media and Communication (EKOME). This merger aims to streamline operations and foster a more cohesive industry environment.
Support for the new structure
Livanou expressed support for the new structure, emphasizing the need for a unified and long-term audiovisual policy. Nonetheless, skepticism remains among producers regarding the government’s ability to deliver on promises. SAPOE president Fenia Cossovitsa noted that while the mandate of Creative Greece appears promising, its practical implementation will be the true test.
Boosting local production
Increased funding for homegrown talent
A significant boost is coming for Greek audiovisual content, with plans to nearly double the budget for the selective funding scheme. Christopoulos revealed that up to €7 million will be earmarked for the development and production of local projects, a much-needed lifeline for Greece’s underfunded industry.
Celebrating 15 years of growth
This year’s Thessaloniki Film Festival also marks the 15th anniversary of Greece’s breakout success with Yorgos Lanthimos’ debut “Dogtooth”, which won the Prix Un Certain Regard at Cannes in 2009. Konstantinos Kontovrakis, a veteran producer, acknowledged the growth over the years and stressed the importance of continuing this trajectory.
A bullish outlook
Confidence in Greek allure
Despite facing uncertainties and rising competition from neighboring countries, industry stakeholders like Said remain optimistic about Greece’s potential. “We really like the producers we’re meeting here and the experiences we’re having. It’s a very diverse terrain to shoot in,” he shared, emphasizing a desire to deepen engagement with Greek productions.
Looking ahead
As the industry navigates these transitions and challenges, the Thessaloniki Film Festival stands as a beacon of hope and celebration, reflecting on past achievements while charting a course for future success. By addressing delays and fostering transparency, Greek officials pave the way for a vibrant and reliable rebate scheme that benefits both local and international filmmakers.
The Thessaloniki Film Festival runs from October 31 to November 10. Keep an eye out for updates and join the conversation on social media to stay connected with the ever-evolving world of Greek cinema.
