SINGAPORE’S push to foster a digital-asset hub jumped back into the spotlight this week when Nansen chief executive officer Alex Svanevik revealed his application for permanent residence (PR) there had been rejected.
Svanevik announced the development on X on Monday (Oct 14), writing: “US$88m capital raised, 25+ jobs created, one child born. Guess it was not enough. Where to move next?” The post quickly became viral, garnering 2.7 million views to date.
The interest in the post signals immigration and the outlook for the crypto sector remain hot-button topics. Many nations are trying to balance the need for foreign talent against local constraints such as affordable housing. Meanwhile, Singapore is vying with the likes of Hong Kong and Dubai to woo digital-asset firms in case blockchain technology revamps the way finance works.
‘Genuine curiosity’
“The reason I wrote the tweet was out of genuine curiosity on what it takes to become a PR,” Svanevik, who hails from Norway and moved to Singapore in 2021, said. Nansen, which provides blockchain analytics to investors, is based in the city-state.
Svanevik said he intends to continue in Singapore on an employment pass and has no immediate plans to relocate, but added that “it’s become clear that to stay here permanently has come into question based on the experience I have been through as part of the PR process”.
As to whether Nansen would move headquarters too, Svanevik said “it’s natural to consider that” but added: “There’s no concrete plan of actually moving elsewhere.”
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A spokesperson for the city-state’s Immigration and Checkpoints Authority said it cannot comment on the reasons for approval or rejection of individual applications for permanent residence. A spokesperson at the Singapore Economic Development Board declined to comment on whether Svanevik’s example has any impact on the perception of the island as a crypto hub.
Crypto pivot
Singapore was stung by blowups in 2022 stemming from unfettered crypto speculation and has since reshaped regulations to spur productive uses of blockchain technology, such as for payments or making illiquid assets easier to trade. An array of digital asset companies have been drawn to the city-state.
By Thursday, Svanevik posted on LinkedIn to express surprise about the level of interest in his announcement that his permanent residence application had been rejected. He wrote that he loves Singapore and described it as a “fantastic” place to live. He also said his wife is a permanent resident and that his daughter is on a dependent’s pass, adding: “We have started exploring alternatives, which we likely wouldn’t have done had I gotten the PR.”
As at June this year, Singapore’s population stood at about six million. Some 60 per cent were citizens, 31 per cent were non-residents – mostly on employment and other passes – and the rest were permanent residents, according to official figures.
The government stresses that its policies continue to attract global talent and that Singapore is recognised internationally as one of the most alluring cities in the world for skilled workers. At the same time, some commentators have argued that starting with the 2011 general elections, Singaporean voters have indicated a preference for fewer foreigners in their midst. BLOOMBERG