Great little article.
I'm an Icelandic producer, ivansamuel.is. One of our projects (Awaken The Giant Within) is set in US. So it's basically a US indie film produced by a European (Icelandic) company. In Iceland some of the talents have to be Icelandic or part of the project shot in Iceland. In this case some of it might be shot in Iceland but most of it will be shot in the states. Anyways, it was nice to find this article. I have been interested for a while about the whole concept of US indie low budget filmmaking meets European film fund ;)