Before Panama offered only 15% of reimbursements
Panama will offer financial incentives of up to 25% reimbursement
10 de agosto de 2022
The Film Commission of Panama (Comisión Fílmica de Panamá CFP) announced that in order to attract more international audiovisual production, they will be increasing financial incentives and cash reimbursements to all those productions companies that invest more than US$500,000.
For all those projects that invest more than half a million dollars, the reimbursement will be up to 25% of the total budget, which will be reviewed by the CFP. Likewise, the incentives include easier procedures regarding customs, immigration, and location permits, as reported by Bloomberg.
Until now, Panama had lower incentives for higher amounts of investments. Only 15% was the reimbursement for projects investing more than US$3 million. This made the country less attractive for small producers, but now many will want to produce in the Central American country.
In 2021 international productions in Panama exceeded US$8.5 million, mostly coming from Spain, Germany, France, Denmark, Norway, Mexico, and the United States. "Actors like Dwayne Johnson, Benicio del Toro, Daniel Craig, and Mark Wahlberg, have been here before,” said Essie Mastellari, director of the CFP.