Alex Svanevik, the CEO of Nansen, a prominent multi-chain analytics platform, shared that his Singapore permanent resident (PR) application has been rejected despite raising over $88m in capital and creating over 25 jobs. He added that his wife already has PR and that they have a child born in Singapore.

Though Singapore remains one of the most desirable PR countries for crypto startups, the situation highlights the growing frustration surrounding Singapore’s immigration policies.

Other alternatives include Dubai, Hong Kong, and Japan, which have the following requirements to obtain residency visa:

⚫ Dubai: Entrepreneurs with a UAE-based project valued at a minimum of $135k.

⚫ Hong Kong: Build a business that contributes to the country's economy or invest a minimum of $3.8m.

⚫ Japan: Earn a minimum of $134k annually.