The Cyprus Chamber of Commerce and Industry (Keve) has called for a review of Cyprus’ competitiveness following reports that technology company BrainRocket has closed its Limassol offices and offered relocation packages to most remaining employees.
BrainRocket Case Raises Wider Concerns
Keve said it would be premature to draw conclusions about BrainRocket’s decision without official information from the company. However, it said the reported withdrawal should prompt a broader discussion about Cyprus’ business environment.
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BrainRocket reportedly closed its Limassol offices and other leased facilities, with remaining employees working remotely and most offered relocation packages to Spain or other countries. The move follows a restructuring that began in summer 2025, when the company shifted a substantial part of its operations to Valencia.
BrainRocket employed about 1,500 people in Cyprus at the time, with more than 1,000 affected by the restructuring.
Costs, Regulation And Talent Under Review
Keve said Cyprus still benefits from EU membership, a professional services sector, skilled workers, its location and a growing technology ecosystem. At the same time, it warned that these advantages cannot be taken for granted as competition for investment and talent increases.
The chamber called for greater attention to operating and energy costs, housing, bureaucracy, licensing and immigration procedures, infrastructure and access to specialized workers. It also stressed the importance of a stable and predictable tax and regulatory environment.
Keve said it wants to work with the government to assess the BrainRocket case and identify practical measures to strengthen Cyprus’ competitiveness.
Pillar Two Adds To Business Concerns
The discussion comes alongside wider concerns over Cyprus’ tax competitiveness. The American Chamber of Commerce in Cyprus has separately called for a balanced implementation of the OECD/G20 Pillar Two global minimum tax framework.
AmCham has warned that changes could affect future investment, employment and Cyprus’ position as an international business hub. It said some US-headquartered multinationals could reconsider expansion plans or choose other jurisdictions if Cyprus becomes less competitive, although the potential impact remains uncertain.
Keve stressed that one company’s decision does not determine the outlook for the Cypriot economy. It said such cases should nevertheless prompt timely assessment and action before competitiveness concerns become structural disadvantages.
