Cyprus Woos Filmmakers with Year-Long Sunshine, 35 Pc Rebate

Αssociated Press

FILE - In this Sunday, Aug. 5, 2012 file photo, a man jumps in the sea from a rock at the caves area in Ayia Napa resort, Cyprus. (AP Photo/Petros Karadjias, File)

NICOSIA (AP) — Under its adopted moniker of "Olivewood," the tiny Mediterranean island of Cyprus is trying to woo moviemakers from around the world with 300-plus days of sunshine yearly and a package of financial incentives including a cash rebate of up to 35 percent.

A film "summit" on Wednesday brought together 120 directors and producers from as far afield as Australia to hear about Cyprus' competitive advantages, including 100 centuries of civilization, advanced infrastructure and a wealth of local production talent.

Invest Cyprus official Lefteris Eleftheriou touted Cyprus as a "natural film studio" — the island is nearly on the same latitude as Los Angeles.

Apart from the rebate, filmmakers can also apply for tax credit of up to 35 percent and a sales tax exemption.