The Audiovisual Investment Certificate – CINA is a security issued in the name of the foreign producer, who may negotiate it with natural or legal persons.
To obtain this incentive, the production or film work must have a minimum expenditure in audiovisual and logistical services in Colombia for a sum of COP $1,800,000,000 (USD $450,000*).
Other formats:
Series: the minimum expenditure can be distributed in up to 4 episodes. The average cost per episode is COP $450 million (USD 113,000*).
Short content for web: the minimum expenditure can be distributed in up to 20 episodes. The average cost per episode is $90 million COP (USD 23,000*).
Music Videos / Video Games / Audiovisual Advertising Production: the minimum expenditure can be distributed in up to 5 works. The average expenditure per work is COP $360 million (USD 90,000*).
Postproduction: the minimum expenditure is COP $360 million (US $90,000*).
*Approximately value in dollars.
THE CALL TO APPLY TO CINA IS OPEN ALL YEAR ROUND. If you want your project to be eligible for the committee of the month, you must apply before the 6th of each month. If you submit it after this date, your project will enter the following month’s committee.
EXECUTION TERM
Film works: 9 months.
Production and postproduction for up to 18 months.
Series: 12 months.
Production and postproduction for up to 24 months.
Music Videos: 18 months.
Video Games: 48 months.
Advertising Audiovisual Production: 18 months.
Animation projects: 48 months.
Postproduction: 18 months.
Current legal monthly minimum wage. For 2021 the SMLMV is $1,000,000.
The process of negotiation and use of the CINA incentive divides into two parts: the sale that the foreign producer makes of the CINA -generally through a broker- and the payment of taxes by the Colombian beneficiary who acquires the CINA.
This process is explained below:
1. ISSUANCE OF THE CINA
The CINA is issued by the Ministry of Culture in the name of the foreign producer through the DECEVAL system, which administers a quota with the amount issued annually.
2. RECEIPT OF THE CINA BY THE INTERMEDIARY COMPANY OR OTHER DIRECT DEPOSITOR
The foreign producer beneficiary of the CINA must be attached to a brokerage company, or other entity representing it, acting as a direct depositor for its sale in the secondary market.
3. SALE OF THE CINA (FOREIGN PRODUCER)
The foreign producer sells the CINA to individuals or legal entities that file income tax returns in Colombia in the secondary market through a brokerage firm, by means of negotiation in the transactional system (Master Trader).
4. PURCHASE OF THE CINA (COLOMBIAN BENEFICIARY)
A Colombian individual or legal entity may purchase the CINA from the foreign producer. This operation may be carried through negotiation in the secondary market or over the counter. Subsequently, the Colombian beneficiary may re-sell the CINA to individuals or legal entities that file income tax returns in Colombia or may use it for the payment of this tax. If the Colombian beneficiary intends to use it, he/she must request the stockbroker to change the depositor to a bank that can perform such operation.
In the first instance, this payment can only be made at Bancolombia or GNB Sudameris (corporate branches). For a list of branches nationwide that accept payment of taxes with CINA, please refer to the Annex.
