Valencia reveals new $26m funding scheme

The fund, which will be available until 2011, will be administered by the local film body, Valencian Audiovisual Institute Ricardo Muñoz Suay (IVARMS), and is worth $5.3m (€3.6m) for 2009, $10.3m (€7m) in 2010 and a further $10.3m (€7m) for 2011.

To access the fund, producers must work with a co-production partner from the region or set up an office in Valencia. At least a third of the film must be shot in area. Producers can claim up to 20% of 80% of local spend, which rises to 25% of 80% if they produce more than one film in the region and their expenses exceed $17.7m (€12m).

There will be a cap of $5.9m (€4m) for each project and/or the maximum amount of aid received must not exceed 50% of its total contribution to the budget of the film. Projects will also have to pass a cultural test based on a points system, which will require film-makers to use Valencian and/or European themes, characters and language.

Several major productions have shot in Valencia in recent years, including Danis Tanovic’s Triage, starring Colin Farrell, Francis Ford Coppola’s Tetro and Menno Meyjes’ Manolete, starring Penelope Cruz, as well as more recently Bernard Rose’s Mr Nice. All have taken advantage of Ciudad De La Luz, one of Europe’s biggest studios, and the surrounding scenery. 

The region’s previous film incentive was paid out by the studio and provided between 16% and 20% of local spend but there were concerns that it was difficult to access, and it was rumoured to have caused delays to some projects shooting in the region.

The fund is also available to TV movies and TV series, and the deadline for producers wishing to submit projects for this year is October 30.