A CEO recently shared his woes regarding the Permanent Residency (PR) program in Singapore on social media. Alex Svanevik, CEO of Nansen, a leading multi-chain analytics platform, said his PR request for Singapore was rejected even after he was responsible for raising a significant amount of money and opportunities employment in the country.

Sharing his experience on social media platform X, formerly known as Twitter, the entrepreneur said: “I just had my Singapore permanent resident application rejected! $88 million in capital raised Over 25 jobs created 1 child born I guess that wasn’t enough. Where to move next?

Svanevik said he was shocked that after generating capital and jobs in the country, his application for residency went unanswered. The message resonated with several entrepreneurs and highlighted the harsh reality of the country’s residency program.

I just had my application for permanent residence in Singapore rejected!

Capital raised of $88 million
25+ jobs created
1 child born

I guess that wasn’t enough.

Where to move next?

–Alex Svanevik 🐧 (@ASvanevik) October 14, 2024

With 2.5 million views and over 2,000 comments, the post has now gone viral and sparked a lively discussion about whether residency is really worth it. Netizens offered various perspectives on the issue and shared their own experiences regarding Singapore’s immigration policy.

One of the users pointed out the ease and benefits of applying for the same product in Japan. The user commented: “In Japan, you can get a J-Skip visa: · PR in just 1 year · Bring domestic helpers and relatives · Special immigration entry route · Additionally, you can apply investment support from the Japanese Ministry of Economy and Industry.

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Meanwhile, one person pointed out that educational qualifications and financial assets make a significant difference in PR eligibility. In response to this, the CEO clarified that he holds a master’s degree in artificial intelligence from the University of Edinburgh, famous for notable figures such as recent Nobel laureate Geoff Hinton.