CEO's Singapore PR rejected after raising $88M capital & creating 25+ jobs: 'Where to move next?'

Singapore has the world’s most powerful passport after unseating Europeans.

Alex Svanevik, the CEO of Nansen, a prominent multichain analytics platform, announced on social media that his application for Singapore Permanent Residency (PR) has been rejected even after raising a significant amount of money and job creation in the nation.

Svanevik's tweet, which reads, "Just got my Singapore Permanent Resident application rejected! $88m capital raised, 25+ jobs created, 1 child born. Guess it wasn’t enough. Where to move next?" underlines the stark reality faced by many entrepreneurs in Singapore. Despite his contributions to the local economy—raising substantial capital and creating jobs—his plea for residency went unanswered.

The update has sparked significant online discussion, garnering over 828,000 views, nearly 7,000 likes, and approximately 1,400 comments, highlighting the growing frustration surrounding Singapore’s immigration policies.

Just got my Singapore Permanent Resident application rejected!$88m capital raised25+ jobs created1 child bornGuess it wasnt enough.Where to move next?
Alex Svanevik (@ASvanevik) October 14, 2024

The discussions also touched on broader concerns regarding Singapore's immigration framework. Some commentators pointed out that the country is gradually phasing out PR benefits due to issues with long-term residency.

"The drop-off rate of PRs not setting long-term roots in Singapore is a real problem," one user noted, emphasising the nation’s pressing demographic challenges, including an aging population and declining birth rates.

Svanevik responded to these concerns, revealing his family’s intentions: "Wife is literally applying to become Singaporean (she's already PR). The point of me applying was literally to settle here long term with my family."

The response from the community has been largely sympathetic, with many acknowledging Svanevik's contributions to Singapore. "That’s a shame. Sorry to hear that. You’ve been a huge credit to Singapore, and a tireless cheerleader for it," one commenter remarked.

As Svanevik contemplates his next steps, suggestions from users have included relocating to Dubai, US, Japan and Argentina where they claim Svanevik will be welcomed, reflecting a growing trend of entrepreneurs seeking more favourable immigration conditions elsewhere.

Singapore currently has the world’s most powerful passport.