Premium project origination
We identify audiovisual projects with budgets of €9M–€22M, established IP, A-list directors, and Spanish fiscal incentive structures already in place.
Audiovisual Investments · Paris / Madrid
Structured equity and tax investment
Structured equity and tax investment
in premium film and television.
Independent platform for structured equity and tax investment in premium film and television.
We place the last-in / first-out equity tranche after tax credits and pre-sales secure the majority of the budget, and structure complementary Corporate Income Tax investments under Article 39.7 of the Spanish CIT Law.
- 4 active Products · 2026 slate
- €500k – €3M Equity ticket range
- CIT 2025 / 2026 Tax tranches open
- Qualified Investors only
An independent model, last-in / first-out.
Bestard Capital operates at arm’s length from all producers in the slate. We source projects from multiple production companies and place the final equity tranche of the cap stack — entering only after tax credits and pre-sales have secured the majority of the budget.
Cap stack structuring
We design the financing stack: tax credits and pre-sales as debt or base layer, residual equity as the final tranche. Coordination with production companies, tax advisors, and lenders.
Residual equity placement
We place the equity tranche with qualified investors: private banking, family offices, and institutional. Fee charged to the producer; zero mark-up to the investor.
Priority position & upside
"Last-in / first-out" equity structure: the investor recoups ahead of producers and creatives — after collection account fees, sales agents, and senior debt — with a 20% priority premium and 50/50 backend split. Returns uncorrelated with public markets.
Corporate tax product
For corporates subject to Corporate Income Tax (CIT) in Spain: a tax investment product via Art. 39.7 LIS, with a direct tax deduction on investment in certified Spanish audiovisual production.
UK · Spain co-production
Co-production model combining UK AVEC/IFTC (up to 39.75% net) with Canarias (54%), covering more than 60% of the budget via contractual receivables before equity.
The cap stack, at a glance.
Tax credits and contractual pre-sales cover more than half the budget before equity enters. The investor comes in last within equity and recoups ahead of producers and creatives — after collection account fees, sales agents, and senior debt — with a 20% priority premium and 50/50 on the backend.
Indicative ranges as a percentage of total budget. Exact composition varies by project, tax jurisdiction, and pre-sales package.
Waterfall — order of recoupment
-
1
Collection account fees + guild residuals ~8% of gross revenues
-
2
Sales agent fees International (~7.5% + flat) · Domestic (~7%)
-
3
Senior debt repayment Principal + interest (gap lender, intl. only)
-
★
Investor — Recoupment + 20% priority premium 1st position (US/Canada) · 2nd (International, after gap lender)
-
5
Deferments Cast, director, producers
-
6
Net profits — 50/50 Investors and creatives share equally in the backend
- Pre-equity coverage
- 55–65%
- Priority premium
- 20%
- Backend split
- 50 / 50
- Mark-up to investor
- 0%
The Spanish tax framework, the advantage.
Spain offers the most competitive audiovisual incentives in Europe. We operate under the Art. 36 LIS (Spanish Corporate Income Tax Law) and Art. 39.7 LIS frameworks, with operational presence in Canarias and the Basque Country.
Canarias
Up to 54% on local spend. Art. 36.2 LIS framework plus ZEC/RIC regime.
Basque Country
Up to 60% on local spend under regional tax law. The highest incentive in Europe.
Navarra
Up to 50% on local spend under its own regional tax legislation.
Common Territory
30% on the first €1M of local spend and 25% on the remainder. Art. 36.1 LIS.
Art. 39.7 LIS — the key instrument for external investors
Enables companies that are not producers (corporates, family offices structured as SL/SA) to obtain a direct tax deduction on their investment in certified Spanish audiovisual production. This is the central vehicle of the Bestard Capital tax investment product.
Tax investment product
Corporate tax investment, structured end-to-end.
A recurring product for corporates subject to Corporate Income Tax in Spain — primarily Bizkaia and Álava. We source certified audiovisual productions, audit the eligible spend, secure the cultural certificate, and place the deduction tranche with qualified corporate investors. Zero cost to the investor: all intermediation and structuring fees are borne by the producer.
60%
Deduction on CIT due — Bizkaia / Álava regional law (equivalent to Art. 39.7 LIS)
~20%
Estimated net fiscal return on capital deployed
×1.20
Deduction-to-investment ratio (assigned coefficient)
~78k€
Indicative minimum ticket per corporate investor
Closed and audited deals
We only place tranches on completed productions, with eligible spend audited by a Big 4 firm or top-tier audit practice, and a cultural certificate approved by the relevant Diputación Foral or ICAA.
Mutual Guarantee Society (SGR) collateral
Each operation is backed by the guarantee of a Mutual Guarantee Society (SGR) specialised in the audiovisual sector, covering the deduction transferred to the investor — an additional layer of protection against reclassification risk under inspection.
Annual fiscal windows
CIT 2025 and CIT 2026 tranches are open for placement on a current production. New tranches are sourced each fiscal year — corporates subscribe before the 1 July deadline of the following year (the maximum date to formalise the financing contract for that fiscal year).
Investor profile
Corporates (SL / SA) subject to CIT in Spain — primarily fiscal residents in Bizkaia / Álava under regional tax law, with positive CIT due in the relevant fiscal year and no equity link to the producer.
Currently open · indicative
Active tranches — Bizkaia production
Live placement on a wrapped audiovisual production with 57.7% of total spend executed in Bizkaia. Deduction generated approx. €4.9M (60% of an €8.2M base). Two fiscal windows still open:
| Fiscal window | Amount to place | Min. ticket (8 investors) | Deadline |
|---|---|---|---|
| CIT 2025 | ~623,000 € | ~77,875 € | 1 Jul 2026 |
| CIT 2026 | ~1,230,000 € | ~153,750 € | 1 Jul 2027 |
Detailed one-pager (audit reference, cultural certificate, SGR collateral, scenarios by number of investors) available under NDA to qualified corporate investors.
Founder
Well-structured European premium audiovisual equity is a disguised illiquid credit asset — with contractual tax credits and pre-sales covering more than half the cap stack before the investor enters.
Francisco Bestard Navarro-Rubio — Founder & Managing Director. Over 20 years of institutional capital markets experience applied to audiovisual equity: cap stack discipline, structured credit thinking, and a last-in / first-out waterfall against tax-protected contractual cash flows.
20 years in institutional capital markets · Paris / Madrid · English / Spanish · Private transactions with qualified investors
Previously at
Euronext (MTS Markets) · Tradition · Schildershoven · nordIX · Andbank Private Banking
Active slate 2026.
Current Bestard Capital slate. Financial details, modelled returns, and data room available under mutual NDA to qualified investors.
Projects in the current slate include multi-territory Spanish tax structures, Tier-1 sales representation, and festival-oriented premium positioning.
Feature Film · Drama / Romance
Project I — Literary adaptation
Adaptation of a classic literary work from the 20th-century North American canon. Director with multiple Palme d'Or nominations at Cannes and recognition at Venice. International cast with a proven festival and commercial profile. European–US co-production; Tier-1 international sales agent and US/Canada domestic representation at boutique level. Multi-territory Spanish tax structure (Canarias + Basque Country + Common Territory). Shoot summer 2026, release Q4 2027.
- Budget
- ~€19M
- Tax framework
- Art. 36 LIS
- Target festivals
- Cannes / Venice / Toronto
Feature Film · Sci-Fi / Genre
Project II — Genre IP
Adaptation of a novel co-written by the author of one of the decade's most globally recognised HBO franchise IPs. Lead cast with a crossover festival / streaming profile recognised by both Hispanic and English-speaking audiences. Director with a proven track record in genre film. Confirmed pre-sales (MGs) and Tier-1 international sales agent. Tax structure via Art. 36 LIS Spain. Shoot autumn 2026, release Q4 2027.
- Budget
- ~€9.5M
- Tax framework
- Art. 36 LIS
- Target festivals
- Toronto / Venice · Sitges
Docu-series · Music & culture
Project III — Premium docu-series
Non-fiction docu-series built around a globally prominent music producer with production credits on some of the best-selling pop artists of the past two decades. Top-tier interviewee universe committed (TBC). Cap stack already de-risked: junior equity tranche fully subscribed, senior equity tranche open. Pre-production Q3 2026, release Q4 2027.
- Budget
- ~€6.5M
- Format
- 6 × 52'
- Status
- Pre-prod. Q3 2026
Out of respect for production companies, distributors, and partners, project titles, directors, cast, IP, and company names are not published. All detailed information — titles, team, signed contracts (MGs, sales agents, completion bond), tax opinions, modelled returns, and data room — is shared exclusively under mutual NDA with qualified investors, together with an independent tax opinion from the investor's own counsel.
Two products, two profiles.
Bestard Capital offers two differentiated products depending on the investor profile.
Equity Investment
Direct equity tranche in premium projects, designed for qualified private capital seeking uncorrelated returns.
- For family offices, private banking and qualified investors
- Last-in / first-out position with priority recoupment
- 20% priority premium and 50/50 backend split
- Tickets from €500k to €3M per project
- Single-project NDA gating before disclosure
Tax Investment (CIT Spain)
Structured tax-credit product for Spanish corporates with positive Corporate Income Tax base.
- For Spanish corporates subject to Corporate Income Tax
- Built under Article 39.7 of the Spanish CIT Law (LIS)
- Direct CIT deduction against certified audiovisual spend
- CIT 2025 and CIT 2026 tranches currently open
- End-to-end structuring, documentation and reporting
Both products can coexist across the same slate, subject to investor profile, tax capacity and project structuring.
Co-production model · United Kingdom + Spain
Europe's most efficient cap stack.
Europe's most efficient cap stack.
UK AVEC + Canarias = 60–65% pre-equity.
Combining 50% of spend in the United Kingdom (AVEC/IFTC, up to 39.75% net) with 50% in Canarias (54%), over 60% of the budget is covered by contractual receivables before equity enters. Structure subject to ICAA and Spanish Ministry of Culture approval.
International capital, local structure.
The Spanish tax framework is the anchor. On top of it, we structure co-productions and vehicles tailored to European, Gulf, and US investors — each with their own tax, regulatory, and governance requirements.
European family offices & private banking
- Spanish structures (Art. 36 LIS, Art. 39.7 LIS) and UK · Spain co-production.
- Last-in / first-out equity position with priority recoupment + 20% premium ahead of producers and creatives.
- Documentation and reporting in English and Spanish.
- Coordination with the investor's tax advisors in their local jurisdiction.
Gulf family offices · Europe–MENA bridge
- Incentive stacking: UK AVEC + Canarias / Basque Country + MENA rebates (AlUla, Abu Dhabi, Ras Al Khaimah) where regional filming applies.
- Vehicles compatible with profit-share mandates (no interest-based structures) where required.
- Co-investment rights and first-look on upcoming slate projects for anchor LPs.
- Origination with a cross-cultural Europe – Arab world angle where applicable.
US family offices & RIAs
- Vehicle structurable under US tax opinion (PFIC / ECI / UBTI analysis with investor's counsel).
- FX hedging available or, alternatively, USD structuring.
- Collection Account Management (CAM) to international standard — Fintage House / Freeway / equivalent.
- Completion bond considered for projects with budgets exceeding €10M.
The exact structuring and applicable vehicle for each investor are agreed on a case-by-case basis under mutual NDA and independent tax opinion from the investor's own advisors.
Risk & mitigants.
Audiovisual equity is a risk asset. The model's discipline does not eliminate risk — it frames it, limits it, and makes it measurable. Below are the questions investors ask and the direct answers.
Tax risk · AEAT (Spanish Tax Agency)
Reclassification of deductions under Art. 36 / 39.7 LIS following an AEAT inspection.
Mitigation. Productions certified by ICAA, Tier-1 Spanish tax counsel opinion prior to closing, separate accounting of eligible costs, retention of supporting documentation by jurisdiction.
Performance risk
Poor commercial performance post-release reduces or eliminates the backend.
Mitigation. 55–65% of the cap stack covered by tax credits and contractual pre-sales before equity enters. Last-in / first-out equity position with priority recoupment + 20% premium — the investor is paid ahead of producers and creatives, after collection account fees, sales agents, and senior debt.
Completion risk
Cost overruns or failure to deliver the film on time and within specification.
Mitigation. Completion bond with a recognised bonding company (Film Finances or equivalent) on projects > €10M. Minimum 10% budget contingency. Production companies with a verifiable delivery track record.
Collection risk
Incorrect waterfall distribution by the producer or distributor.
Mitigation. Independent Collection Account Management (CAM) — Fintage House, Freeway, or equivalent — which receives revenues and distributes them according to the contractual waterfall, bypassing the production company.
Currency risk
Budget and equity in EUR; pre-sales and backend in a mix of EUR / USD / GBP.
Mitigation. FX hedging available for material tickets. USD structuring available for investors who require it. Return sensitivity modelled under FX scenarios in the data room.
Regulatory risk
Characterisation of Bestard Capital's activity by European regulators.
Mitigation. Bestard Capital acts exclusively as arranger and intermediary in private transactions with qualified / professional investors. It does not provide regulated investment advice in the sense of MiFID II. Founder holds AMF certification (France) since 2017.
Contact
Qualified conversations, in private.
Bestard Capital works with qualified investors, corporates subject to CIT in Spain, and production companies with projects in advanced pre-production. Detailed financial information is shared only under mutual NDA.
- Request investor pack
- Discuss a tax investment tranche
- Submit a producer inquiry