Incentives Boost Film Industry

In 2013 $23 million has been invested in foreign productions in Panama, considerably more than the average of between $2 and $3 million in previous years.

Wednesday, September 25, 2013

The increase was reported by the Director General of the Panamanian Film Industry, Arianne Benedetti.

Variety magazine, on its website, claimed part of the growth is due to Law No 16, of April 2012, which grants tax benefits to film and television productions in the country, adding that it "motivated the interest of the participants during the San Sebastian International Festival held ​​in Spain ".



More on this topic

Difficult Scenario for the Film Business

May 2019

The economic slowdown, together with the growing supply of audiovisual content platforms, explains part of the downward trend that shows the business in Costa Rica since 2016.

Businessmen in the sector believe that another factor affecting the decline in business is that they depend on the production of high quality movies or blockbusting, usually produced by U.S. firms.

Panama as an International Cinema Location

September 2014

Efforts are being made to amend legislation and increase incentives in order to attract an activity which in the past year and a half generated $30 million in the development of 80 film projects.

The Minister of Commerce and Industry of Panama told Laestrella.com.pa that with the plan to update existing legislation "...The idea is to adapt the law to best international practices not only to encourage more local productions of the best possible quality, but also motivate international productions to chose Panama as their place to make films. "

Funding for Film Industry in Panama

February 2013

In the first call for a Film Fund tender, which will fund the winning productions with more than two million dollars, 52 Panamanian projects qualified.

A statement from the Ministry of Commerce and Industry reads:

MICI TO FINANCE BEST PANAMANIAN PRODUCTIONS THROUGH FILM FUND CONTEST

The Panama Film Law

August 2012

Incentives contained in a new law for foreign producers to make their films in Panama has attracted the interest of The Walt Disney Company.

An article in Panamaamerica.com reports that "Representatives from the Walt Disney film company will be visiting in Panama, in order to evaluate possible investments in this industry, following the entry into force of a Law on cinema."

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