In an announcement, Invest Cyprus said that i-BrainTech’s decision is another indication that Cyprus is becoming a preferred destination for tech firms in the European Union. Deputy Director General, Marios Tannousis said that “this is due to the country’s targeted incentives, its low cost of living, and its commitment to developing and fostering an innovative tech ecosystem”.

He added that the country offers a business-friendly environment, with a skilled and educated workforce, and a strategic geographic location.

“With our expansion to Cyprus, we are poised to make a lasting impact on the development of the next generation of athletes in the region through applying state-of-the-art brain training technology to the sports arena”, said Konstantin Sonkin, the CEO of i-BrainTech. “Cyprus is an ideal destination for our efforts, with unmatched procedures, business-friendly environment, and professionalism. Invest Cyprus has been a valuable partner, facilitating smooth and efficient completion of necessary procedures”, he added.

Invest Cyprus notes that the number of foreign companies that relocated to Cyprus during 2022 increased by more than 50% on an annual basis, while the total number of jobs created increased by almost 80%. The total impact on the economy was estimated to be 3 billion euros.