Costa Rica Still Does Not Have The Regulations Ready To Attract Film Investments: Law Was
Signed In 2021
By Rico
QCOSTARICA – No movies or series. The regulation of the Law to attract film investment has not
yet been published and the Foreign Trade Promoter (PROCOMER) confirmed that it is not yet
ready.
The legislation was signed in November 2021 and took effect in May 2022.
After a consultation, PROCOMER indicated that on October 14 the regulation was sent for
consultation by the Ministry of Economy, Industry and Commerce (MEIC), an institution that
issued a report on regulatory improvement with several observations that were coordinated
with Immigration and Customs.
Given this, some articles that originally appeared in the public consultation were modified and,
therefore, a validation process must be carried out with the institutions involved.
Former legislator for the Partido Liberación Nacional (PLN), Carlos Ricardo Benavides, criticized
the time that the government has taken to regulate the Law.
The Law allows a refund of up to 90 per cent of the Value Added Tax (VAT) to those productions
that exceed half a million dollars, exempts from income tax the payment to actors and
producers who receive their remuneration abroad and exempts taxes on the importation of
production equipment, costumes, makeup, and scenery, among other things.
For Benavides, the country is losing a lot of money for not having the regulations ready.
In May 2022, PROCOMER confirmed that there are international projects of up to US$8 million
that are interested in recording in Costa Rica.
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