Iceland increases the film reimbursement incentive up to 35% for large productions

Iceland, which has created a dramatic scenario for some Game of Thrones’ Today’s most dramatic scenes herald the industry’s leading development initiative.

game of Thrones Filmed in Iceland in places like Svínafellsjökull Glacier, Lake Mývatn and Thingvellir National Park. Today, Film in Iceland, the Icelandic business sector and the country’s official film commission, announces an increase in the country’s film return incentive program from 25% to 35% for large productions, following the approval of the new legislation.

“I am very pleased that the Icelandic parliament has presented this new bill,” said Lila Alfredsdottir, Iceland’s minister of culture and business.

“The broad cross-party support in Parliament confirms the support the film industry has in Iceland. Since the introduction of the first remuneration system in 1999, Iceland has worked hard to establish a fruitful and long-term relationship with film industry stakeholders. The new bill offers more incentives and is one of the many steps Iceland has taken to underscore this commitment.

The Icelandic parliament recently approved a significant increase in the film return incentive program in 2016, when the tax rebate was increased from 20% to 25%.

The current incentive program covers all film and TV production costs in Iceland and there is no limit to the amount a company can receive. The products can still request a refund of 25%; However, companies can return up to 35% of the amount if they meet these three criteria:

• Film production in Iceland must last at least 30 working days.
• Production is expected to create at least 50 local jobs for Icelanders
• The minimum production cost is ISK 350 million (approximately $ 2.66 million)

As much as game of Thrones, Star Wars Saga took viewers to southern Iceland Star Wars: The Force AwakensY Rogue One: A Star Wars Story Shot in many locations, including Arenas Negras beach in Reinisfiara and the Caldera of Crafla. Recent projects also include Netflix season 2 sorcerer and amazon hunters.

“Iceland has invested in infrastructure in recent years and our resources are making the country particularly attractive for big blockbusters,” said Icelandic director Einar Hansen Thomasson.

This news comes with the increase of productive resources in the country. RVK Studios opens two new stages in 2022, creating an additional 17,000 square feet, each with a ceiling height of 60 feet, while the existing fully functioning sound stage is over 34,000 square feet.

The award-winning team of artists, engineers and developers RVX, a world-class visual content studio based in Reykjavik, has supported more than 20 film, television, video game and virtual reality projects since 2008.