Hungary Raises Production Incentive from 25% to 30% (EXCLUSIVE)
Hungary, which has hosted numerous Hollywood blockbuster shoots and ranks as Europe’s second most popular filming destination, has raised its production incentive from 25% to 30%. Hollywood movies filming in the country include the sixth instalment of the “Terminator” franchise, starring Arnold Schwarzenegger, and Will Smith’s thriller “Gemini Man,” directed by Ang Lee.
Other movies to shoot in Hungary in recent years include “Robin Hood,” starring Taron Egerton and Jamie Foxx, Jennifer Lawrence’s “Red Sparrow,” Charlize Theron’s “Atomic Blonde,” Keira Knightley’s “Colette,” “The Spy Who Dumped Me,” starring Mila Kunis and Kate McKinnon, and “Blade Runner 2049.”
The Hungarian National Film Fund submitted the tax rebate rise to the European Commission, which has given its approval. The support scheme, which is available for films, TV series, docs and animation shooting in Hungary, has been extended until the end of 2024.
The incentive has been increased to “preserve Hungary’s leading position and competitiveness in the European film industry,” according to a statement from the Hungarian National Film Fund. The country is Continental Europe’s most popular destination for international production shoots, and second only to the U.K. in Europe as a whole. “The Hungarian film support scheme provides significant contribution to the development of the Hungarian film industry and to the country’s GDP.”
According to the European Audiovisual Observatory’s 2015 report, film production in Hungary accounted for 0.15% of gross domestic product — one of the highest proportions in Europe. The volume of production spending reached $400 million in Hungary last year.
“In addition to the tax incentive, Hungary’s film industry has highly educated and experienced film crews, a variety of exciting and new film locations, and state-of-the-art sound stages,” Andy Vajna, Hungary’s film commissioner, said. “Budapest is the most popular location to shoot films in Continental Europe. With the increased tax incentive we aim to strengthen the Hungarian film industry and to preserve our leading position in the international market.”
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