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Law to Attract Film Investments to Costa Rica Came Into Effect

Written by Tamarindo News

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In order to position the country as a filming destination for large, medium and small film and audiovisual companies, President Carlos Alvarado Quesada signed today the “Law to attract film investments in Costa Rica”, approved in the second debate by the Assembly Legislative, by 40 deputies, on October 12th.

This initiative is expected to generate investment, production linkages and the hiring of personnel to carry out works. It also contemplates the exemption from income tax for those actors, producers, and foreign personnel who receive their payments abroad; temporary importation of equipment and spare parts for film and audiovisual production into the territory with suspension of all import taxes, as well as exemption from guarantee deposit, among others.

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Economic revitalization

“It translates into economic revitalization, both for the sector and Costa Rican professionals linked to filmmaking, as well as for those who are linked to the activity from many different angles: the person who prepares lunches for the production team, who attends, makeup and design, a driver who collaborates in the logistics and transfer of equipment and personnel, hotel occupancy, technological or post-production services, etc.”, said Sylvie Durán, Minister of Culture and Youth.

It is estimated that Costa Rica has lost around $ 114 million in audiovisual projects in a period of 24 months, projects that were chosen by countries in which financial incentives were offered, according to José Castro, Costa Rica’s film commissioner.

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