RESUME NEWS:
Main features of The new 2024 cash refund:

This is a new production incentive scheme: the Cash Refund. This new incentive, with an annual allocation of up to 20 million euros, will complement the Cash Rebate of the Tourism and Cinema Support Fund and will be aimed at productions with a higher budget value, with eligible production expenditure in Portugal equal to or greater than 2.5 million euros per project. The main features are:

• It is aimed at Feature Films, TV (film & series/live & streaming), Animation and Documentaries.
• It is avaiable to National productions, co-productions and executive productions ( Line producing via PSC like Ready To Shoot)
  
• This incentive is applied to production and post production costs incurred within Portugal. Some costs from the greater EU can be included and qualifyed.
  
• Minimum qualifying spend of €2,500,000 is required to be done in Portugal.
  
• 30% refund of the first €2,000,000 spent in Portugal, and 25% refund of the remaining costs, until you reach the cap of 6M.
  
• Minimum spend in Portugal of €23.6M to reach cap of €6M.
  
• Allocation on a first come first served basis from January to December.
• Minimum Cultural Test score is required but the main goal is to promote Portugal as a touristic destination and its own historical and cultural values.
  
• Single payment is made 1 year after shoot dates following Definitive Certification/Audit approvals.
  
• Per Project the Cap Support is up to: €6,000,000 for cinematographic and audiovisual works ( if cap is €3,000,000 per episode, then the project will have a maximum of €6,000,000 per serie)
  
• Annual budget: €20,000,000
  
• Mandatory mention of the Cash Refund / Pic Portugal / IÇA in the work’s credits
  

Main features of The new 2024 Cash Rebate incentive program:

This incentive has been in place since 2018, although it has undergone some changes and adjustments. Applying for this or the cash refund will depend very much on the value of each project and a prior assessment of the financial advantage of fitting into this or the cash refund. The actual main features:

• It is aimed at Feature Films, TV (film & series/live & streaming), Animation and Documentaries.
  
• Minimum expenditure in Portugal: € 500,000.00 for fiction or animation projects | €200,000.00 for documentary or post-production projects;
• Support rate of 25%, which can be increased to 30%, on eligible expenditure depending in certain qualifying factors: locations , local HOD’s, Promotions of the country and its values, etc
  
• percentage is determined by a ‘Cultural Test’, ask for more details.
  
• Applications submitted in two stages: April and September of each year.
  
• Payments might be made in advance and in 4 different instalments;
  
• Maximum incentive allocated per project is € 1,5m;
  
• Decision to award the incentive within 30 working days.

Eligible expenses:

All production expenses, provided by persons or companies, relating to personnel and the acquisition of goods and services carried out and taxed in Portugal are considered eligible, in accordance with the following considerations:

• The eligibility of expenses is determined by their nature, reasonableness, relationship to the project and compliance with applicable legislation.
• Eligible expenses are those actually paid, supported by original invoices and tax receipts, or equivalent discharge documents, issued in the name of the beneficiary entity, relating to the period of implementation of the project.
  
• Eligible project costs are those incurred after the date of submission of the application for the Incentive.
  
• Exception: Development costs up to 12 months before the application date are accepted.
  
• International cast & crew who are willing to withdraw 25% taxes in Portugal will qualify as well. Foreign Cast (up to 10% of total incentive) can be included if they are paid via the Portuguese PSC.
  

Production costs relating to production activities carried out in Portugal but contracted with service providers established in other EU or EEA states are also considered eligible, up to a limit of 20% of eligible expenditure in Portugal.

Expenses above the line have some limitations in terms of the maximum amount that can be reimbursed

Ineligible expenses:

Foreign Cast & Crew per diems and/or living expenses paid.

Any foreigner expenses.

Additionally:

Portugal is a Safe film friendly destination and a very cost effective south European Country to shoot.

Ready to Shoot has an extremely experiment crews, attorneys and accounts to support & guide you on your establishment. Margarida Adonis has a solid line producing experience in international projects for Netflix and Disney +