Colombia Passes New Film Law to Promote Foreign Shoots
Bill includes incentives fund for companies producing in the country.
BUENOS AIRES – The Colombian Congress passed a new Film Law last week to benefit both local and foreign companies shooting in the country. The new legislation aims to “promote the national territory as a location for Films” and creates the Colombia Fimaciones Fund, which will receive donations, transfers and contributions. An initial CO $25 billion (USD 14 million) will be provided by the State, said Minister of Culture Mariana Garces – who wrote the project – to the Senate’s Press Office.
An equivalent of 40% of the costs will be granted to film companies that shoot projects using Colombian film service providers and actors. Eligible productions can be only partially shot in Colombia, and will also get a 20% return on accommodation, catering, and transport costs provided local companies are contracted.
“This new Law will benefit the entire Colombian film sector: both producers and providers for production and post-production services. The contact with international technical and artistic teams will not only benefit companies but also Colombian technical and artistic crews, which will become better and more competitive internationally,” said Garces.
Five international productions are expected to land in Colombia as a result of this, with an approximate investment of $30 million.
The bill had been publicly supported by President Juan Manuel Santos last February, on his speech on the opening night of the Cartagena Film Fest. The new legislation adds to the 2003 Film Law 814, which boosted Colombian film production in recent years by establishing tax deductions for investors and a State Film Development Fund.