Spain and Colombia, which both have competitive tax credits that can kick in more than 30% for animation, have signed a first bilateral co-production treaty to make it easier for their producers to team up. 

The treaty was announced yesterday during the Bogotá Audiovisual Market. Spain and Colombia are already both signatories on the Ibero-American co-production agreement, which has facilitated co-pros between the countries in the past. But this new agreement represents an important step in facilitating more collaborations and helping to lift up both content markets, which Colombian Minister of Culture Yannai Kadamani says are on the rise.

A report published by several Spanish industry orgs in April highlighted that the number of animated series and films produced in Spain has been steadily climbing. It also noted that Spanish kids projects, including SPA Studios’ Christmas hit Klaus for Netflix, have been successful in attracting global viewers. Colombian animation, meanwhile, was in the spotlight at the Bogotá Audiovisual Market. 

Breaking down the value of each country’s tax credit, Spain offers a 30% tax rebate on the first US$1.1 million of local spend (and 25% after that), with a US$214,000 minimum requirement for animation. And Colombia has a 40% cash rebate for all feature films fully or partially developed within its borders, and a separate 35% tax credit for animated movies and series. 

Pictured is Dapinty, A Musicolor Adventure from Silverwolf Studios in Colombia.