Record your next release in Iceland and get 25% of your costs reimbursed by the State Treasury!

Several countries around the world offer incentives to get movies and TV shows filmed and produced in their country. It’s usually some kind of tax relief but in many cases, it’s a cash rebate. The majority of these deals are only offered to large budget, high profile productions.

One of the countries that have offered such a rebate is Iceland, they offer up to 25% cash rebate on the movies and TV productions made there. The movies Batman Begins, Prometheus and Star Trek: Into Darkness were all filmed in Iceland and it’s likely the producers took advantage of the cash on offer.

Now Iceland has announced they will be extending this scheme to cover music productions too, and there is no minimum budget required to qualify for the rebate.

Eligibility requirements

1. The total length of the release is more than 30 minutes

2. The recording made in Iceland was released within 18 months of it being recorded (and the rebate was claimed within 6 months)

3. At least 80% of the cost of the release was incurred in Iceland (and the other costs were incurred within the EEA – European Economic Area)

4. All the recordings have ISRCs

5. The works are registered with authorised copyright societies

Eligible costs

1. Hourly rates for recording studio

2. Performers, producers and other studio personnel fees

3. Mixing and mastering costs

4. The salary of the producer who is applying (yes you read that right!)

Who will this benefit?

Aside from the fact that there is free money on offer, this scheme will also benefit performers from countries that didn’t sign the Rome Convention. Namely, the USA. By recording in Iceland, a country that did sign the Rome Convention, citizens of the USA, Australia, New Zealand and Japan (and other “non-qualifying” territories) will be eligible for the full neighbouring rights payment and not just the fraction they currently receive from non-interactive web streaming services.

The scheme is open to both residents of Iceland as well as overseas producers. You don’t even need to worry about work permits or visas as artists are exempt from needing one if they are in Iceland for less than 90 days each calendar year. Something that will be very helpful for British artists should Brexit actually go ahead.

For more information, or to apply, go to record.iceland.is

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