Alex Svanevik, CEO of blockchain analytics firm Nansen, has become the subject of viral discussion following the rejection of his permanent residency (PR) application in Singapore.
The Norwegian entrepreneur, who relocated to Singapore in 2021, shared his experience in a post on X, formerly known as Twitter, sparking widespread debate.
In his post, he expressed his surprise:
“$88m capital raised, 25+ jobs created, 1 child born. Guess it wasn’t enough. Where to move next?”
This comment has since garnered over 2.7 million views and prompted a range of responses from entrepreneurs and expatriates, raising questions about Singapore’s PR process and how it affects the global talent the city-state aims to attract.
While Singapore's Immigration and Checkpoints Authority (ICA) did not provide specific reasons for rejecting Svanevik’s PR application, his case has triggered questions about the criteria used for these decisions.
Despite Nansen being based in Singapore and contributing millions in capital and job creation, Svanevik’s bid for permanent residency was denied, leaving many puzzled about the factors that influence such outcomes.
Although the ICA refrained from commenting on individual applications, Svanevik’s experience seems to have sparked introspection within the tech and crypto community, many of whom are weighing the benefits of remaining in Singapore versus relocating to other digital hubs such as Hong Kong, Dubai, or even Japan.
The tweet wasn’t simply a complaint but a genuine question posed by Svanevik:
“The reason I wrote the tweet was out of genuine curiosity on what it takes to become a PR.”
This reflection led him to reassess his long-term future in Singapore.
Although he currently holds an employment pass, which allows him to remain in the country for now, the uncertainty surrounding his permanent status has given him pause.
While no immediate relocation plans are in motion, Svanevik acknowledged that moving Nansen's headquarters might come under consideration, although “there’s no concrete plan of actually moving elsewhere.”
This sentiment has stirred concern about whether Singapore’s policies might be inadvertently driving away the very talent it wishes to retain.
Svanevik’s case highlights the delicate balancing act that nations face when attracting foreign talent.
Singapore has long positioned itself as a global hub for finance and technology, with specific efforts in place to draw blockchain and crypto firms.
Yet, even as the city-state vies for prominence in the digital asset space, local constraints—such as housing affordability—play a role in shaping immigration policies.
With a population of around 6 million, 31% of which are non-residents, Singapore has been cautious about granting PR status, mindful of social and economic factors.
Many commentators have observed that since the 2011 general elections, Singaporean voters have signalled a preference for limiting the number of foreigners, creating a tension between welcoming skilled workers and addressing domestic concerns.
Following Svanevik’s post, a flood of reactions emerged, with some offering alternative destinations for those seeking friendlier immigration policies.
One individual pointed to Japan, commenting:
“In Japan, you can get a J-Skip Visa: PR in just 1 year, bring domestic helpers and parents, special entry lane at immigration.”
Japan, which offers attractive incentives for foreign entrepreneurs, was presented as an easier alternative for tech leaders.
Others speculated that Svanevik’s rejection might be linked to educational or financial criteria.
In response to a query on this point, he clarified that he holds an MSc in Artificial Intelligence from the University of Edinburgh, adding further confusion as to why his application fell short.
Singapore’s stance towards the crypto sector has undergone significant change in recent years, particularly after the turmoil of 2022, which saw the collapse of several major crypto ventures.
The government has since tightened regulations, encouraging the use of blockchain for more productive purposes, such as payments and trading illiquid assets.
Despite these efforts, Svanevik’s PR saga highlights a potential disconnect between Singapore’s ambitions to foster innovation in the crypto space and the hurdles foreign entrepreneurs face in securing a long-term foothold.
While Svanevik stated on LinkedIn that he loves Singapore, calling it a “fantastic” place to live, he also admitted that his family has begun exploring other options, a step they “likely wouldn’t have done had I gotten the PR.”
The broader crypto community will be closely watching to see if Singapore’s approach to residency impacts its status as a preferred destination for blockchain firms.
Meanwhile, the debate continues about how countries like Singapore should strike the right balance between attracting foreign talent and addressing local concerns.
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