Newsroom
The BrainRocket signs have disappeared from Limassol, and behind them sits a much bigger question for Cyprus: How easy is it for the island to lose a major foreign employer?
The Israeli-owned technology company has closed its Limassol offices and told its remaining Cyprus-based staff to work from home, according to a report by Politis.
Most of those employees have reportedly been offered packages to move to Spain or other countries where BrainRocket operates. Only a small number are expected to remain with companies connected to the wider Soft2Bet group.
BrainRocket has not publicly announced a complete departure from Cyprus. Its website still lists the island among its locations and includes a Limassol address. The closure of its offices and removal of its signs, however, suggest that its days as a major physical presence in the city are coming to an end.
The company’s retreat began last summer, when it started moving much of its work to Valencia.
At the time, BrainRocket employed about 1,500 people in Limassol, with more than 1,000 believed to be affected by the change. Hundreds, particularly foreign employees, accepted relocation offers and left Cyprus.
Others stayed and found work with technology and forex companies in Limassol, where people with software, gaming, and online-payment experience remain in demand.
That helped soften the blow for workers, but the wider effect is harder to measure.
A company of that size does not operate in a bubble. Its employees rent homes, buy cars, order lunch, go out after work, and spend money in shops across the city. Its offices create business for landlords, cleaners, caterers, suppliers, and maintenance companies.
When hundreds of people move away, some of that spending goes with them.
BrainRocket was also one of Limassol’s most visible employers. Apart from its large offices, its brightly branded company cars had become a common sight around the city.
What does this mean for Cyprus?
BrainRocket’s withdrawal will not bring Limassol’s rents crashing down, nor does it mean Cyprus’ technology sector is falling apart. The city still hosts many technology, forex and online gaming firms, and much of the company’s former workforce appears to have been picked up by other employers.
But it does expose a weak spot in Cyprus’ economic model.
The island has become very good at attracting international companies with tax incentives, sunshine, and access to the European Union. Keeping them here is another matter.
High housing costs make it expensive to relocate workers, while bureaucracy, limited office space, and difficulties finding specialized staff can make other European cities look more attractive.
