Looking at the history of Cyprus and how far it has grown economically and socially over a relatively short period of time shows what a remarkable nation it is. Since gaining independence in 1960 and then having been invaded in 1974 (which lead to the illegal Turkish occupation in Northern Cyprus), Cyprus has risen from its ashes and gone from being an agricultural society to industrial and even a service-oriented society in the span of approximately 50 short years.
Perhaps what Cyprus is most famous for is its favorable tax regime for corporations- legislation that has allowed Cyprus to not only financially prosper tremendously but also to attract hundreds of thousands of international businesses to a small European island.
With all these corporations located in Cyprus it is natural to increase capital flow and encourage the growth of new companies by entering the crowdfunding arena. Crowdfunding has been (and continues to be) successful in Europe, Asia and especially in the United States. The latest statistics have shown that the transaction value of crowdfunding in the U.S. has amounted to $959 million in 2017 and the highest transaction value of crowdfunding globally was $5,505 million (which was achieved by China).
Crowdfunding is becoming even more popular among the European Union members as well. It was reported that the transaction value of the crowdfunding segment in Europe was $436 million in 2017 with a projected annual growth of 10.8% per year until 2021.
Such growth rates mean that Cyprus can benefit tremendously from implementing crowdfunding regulations and encouraging entrepreneurs and small to medium enterprises to grow. The greater growth and business investment can lead to the creation of more jobs as well as more wealth which can in turn certainly act as an economic stimulus for the small island nation attracting even more investment in other sectors of its economy. Should crowdfunding prove to be as successful in Cyprus as in other nations then Cyprus even has the potential to expand into a tech nation.
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