Hollywood may migrate south for a while while Colombia becomes the next country to bid for Hollywood production by offering incentives for filming.

hollywood-colombiaAccording to a report by Variety, a new law in the country will allow foreign shoots for film and TV investing over $500,000 in the Colombia’s economy can receive cash rebates of up to 40 percent on qualified expenses and 20 percent rebates on living and transportation expenses.

The rebates are limited, however, since the law creates a $14 million film fund. A 2003 law gave tax savings of 41.23 percent to local producers which increased the quantity of production in the country as well as the quality of the crews.

Per the report, Jada Pinkett Smith will be starring in a bilingual production produced by her and Will Smith’s Overbrook Entertainment, among other companies. Aaron Eckhart and Ash Adams are in talks for a project called “White Cargo,” which takes place in and around Cartagena.

The country has been cleaning up its image and its streets in terms of crime. The U.S. State Dept. travel warning notes that “security in Colombia has improved significantly in recent years.”

TV production is also expanding in the country. Companies such as Discovery Networks also are making use of Colombia’s production costs and crew availability to develop original material. Discovery launched a training program for local producers. Some of the country’s leading producers and directors are even moving from film into TV as networks produce shows with higher production values.

Source: http://www.bizjournals.com