By DAISY SAMPSON [email protected]
American entertainment company Venley Star Pictures (VSP) has announced the formation of a 75 million Euro fund for the co-financing of production costs associated with television and films in Portimão.
The fund, created by VSP in association with Portimão Câmara, Picture Portugal and Portimão Urbis, is to be used for productions where a minimum of 50 percent of the principal photography is produced in or around the city of Portimão and is hoped to encourage major production companies to the region.
As part of the deal, Portimão Câmara is to help with the logistics of filming in the area, creating fast track procedures and ensuring tax incentives, including social security exemption, for projects.
The fund will be used to help finance productions meeting certain specifications and will match equity investments from third parties.
VSP, part of the entertainment portfolio company of CDM Interactive (CDMI) and run by Portuguese expatriate Carlos D. De Mattos and his son Marcos, owns 50 percent of the fund and will be in charge of the day to day management and will hold the copyright of each project produced and co-financed with the fund.
Marcos de Mattos of VSP pointed to the implementation of new projects in the Portimão region which have displayed the proactive nature of Portimão Câmara in attracting new forms of tourism.
“The Rally Lisboa Dakar, Algarve Motor Park, Powerboat racing and Portimão Global Ocean Race are all globally strong brands which have been hugely successful and have reinforced the continuation of making the city, as well as the Algarve, a destination centre,” he said.
“Since 2008, the Câmara of Portimão has been investigating the movie production and audio visual sectors to promote the concept of Portimão as a filming destination with Portimão Urbis and the Algarve Film Commission working to establish partnerships at local, national and international levels.”
Meanwhile, plans to build a movie-themed amusement park are still being assessed as part of the total Cinema City concept in Portimão.
In a statement, Portimão Câmara president Manuel da Luz said: “We are honoured and excited to have Carlos De Mattos and Marcos De Mattos of CDMI involved in this project. CDMI has a long and well established background and their expertise in running the fund will be a huge asset to the municipality, the Algarve and Portugal as a whole.”
For further information about the project, please visit www.pictureportugal.com