After every bull market, many friends will ask similar questions. Last year, Europe was very popular, and this year, Singapore is in vogue. Indeed, compared to Europe, Singapore is more suitable for most friends from Chinese-speaking regions.

First, it is important to note that Singapore is not a direct immigration destination. The vast majority of people's process starts with a work visa, transitioning to a Permanent Resident (PR) status, and then from PR to citizenship. Among these, the transition from work visa to PR is the most challenging, while obtaining a work visa is relatively easier.

Of course, besides work visas, there are also options like marriage, family reunification, and special contributions. One pathway suitable for ultra-high-net-worth individuals is the Global Investor Program (GIP), which allows applicants with verifiable family assets exceeding 200 million SGD (approximately 150 million USD or 1.1 billion RMB) to apply directly for PR.

The hardest part is not having that much money; after all, many in the crypto community are wealthy. The real challenge lies in the term "verifiable." Those with a bit of common sense in the crypto space know that crypto wealth is often unverifiable. This is also why I am working on #BTCFi, as it can turn unverifiable assets into verifiable ones. This project is currently in progress, with compliance confirmed and some details being handled.

To digress, for most friends, it is not necessary to take the "immigration" route. After applying for a work visa in Singapore, one can obtain a one-time opportunity to live and work in Singapore for two years. The work visa can be for employment in a Singaporean company or for starting one's own business. Currently, most people applying for work visas are in the latter category, also known as self-employment.

Self-employment has its pitfalls, but these can be resolved with money, such as tax-related issues, which can be handled by professional financial companies at a reasonable cost and in compliance with regulations. Working for someone else's company is the best option as it is hassle-free, but such companies are quite hard to find and also have their own pitfalls, which I won't elaborate on since it doesn't concern most people.

In summary, self-employment is the simplest option for residing in Singapore. It can be applied for repeatedly every two years. I know countless friends who have stayed in Singapore as self-employed individuals for over five years. In fact, after two years of self-employment, one can attempt to apply for PR. Those who have lived for five years without successfully applying for PR usually either have very bad luck or did not intend to change their status.

The PR review process is a black box, so there's no point in trying to understand it. However, there are some consensus points for extra points, such as participating in community activities and contributing to the community. For instance, having the whole family living in Singapore is very important and adds many points, especially if there are boys willing to serve in the military, as the approval rate is quite high. But in Singapore, everyone needs to pay taxes, which are self-reported annually; the more one pays, the more beneficial it is for oneself.

There are several types of work visas in Singapore: EP, SP, and WP. Self-employment mainly falls under EP. Although SP and WP can also apply for PR, the difficulty is much higher and not suitable for friends in the crypto space, so I won't elaborate further as it is not very meaningful. The application for EP (including self-employment) is quite fast, with the quickest processing time being three working days and the longest being twenty working days, though the latter is rare. Interestingly, the lower the educational qualification, the faster the approval, as there is less scrutiny, but the required salary is higher, leading to higher taxes.

Currently, the salary threshold for EP is around 5,000 or 5,500 SGD; I can't remember exactly, but it's close. The higher the educational qualification, the lower the salary that can be offered, while the lower the qualification, the higher the salary needed.

However, for PR applications, having a low educational qualification almost guarantees a lack of approval. Therefore, many friends who arrive in Singapore will seek to improve their qualifications. There are many channels and methods for this, which I won't discuss in detail. It is important to note that applying during winter and summer breaks can take a long time, especially for higher qualifications, as school verification is required. Thus, having a notarized third-party certification in advance can be helpful.

There shouldn't be much else to mention. The difficulty of applying for EP is very low, but the difficulty of renewing it is indeed higher, though it is manageable. In any case, in Singapore, if one is willing to spend money, there are compliant solutions available, and it doesn't cost much.

So, what are the benefits of being in Singapore?

1. No issues with OTC frozen cards.

Singapore has compliant OTC companies that can convert stablecoins into SGD or USD, provided one has a compliant identity and KYC, which is not difficult.

Secondly, for normal living, there is no need for OTC. The Coinbase Singapore site can be registered with an EP, and USDC is equivalent to USD, which can be directly converted into SGD for banking.

Once you have an identity, you can open a bank account in Singapore compliantly.

2. Children's education.

Welcome friends to be neighbors at Stanford International. I won't elaborate much on education; whether the child is a top student or struggling, Singapore is very suitable. Apart from being expensive, everything else is great. I have written a post about the cost of living in Singapore, which includes education costs. Interested friends can take a look.

Link: https://x.com/Phyrex_Ni/status/1830963788377661467

3. A vibrant nightlife.

Don't misunderstand; I mean having friends who often play games like Werewolf together. There are almost daily gatherings, and it's a lot of fun. Moreover, because Singapore is small, it is easier to build and establish relationships between people. Friends who get along well can provide a lot of help in work and life.

4. The compliance of the cryptocurrency industry.

I won't elaborate on this. There are many entrepreneurs and project teams in Singapore. Apart from the costs being a bit high, everything else is great.

5. Suitable for a laid-back lifestyle.

I have many friends who have already adopted a laid-back lifestyle, often enjoying free food and drinks. Singapore can be said to be one of the safest countries in the world. I have seen many true big shots walking their dogs in the neighborhood wearing flip-flops.

6. There are countless industry peers.

I won't elaborate on this.

In summary, apart from being expensive, Singapore is great. I don't see the high cost as a disadvantage; at least, that's how I feel. Therefore, migrating to Singapore doesn't require any complicated strategies—just apply for your identity, buy a plane ticket, and come over. Renting a house is very simple and compliant, with the only pitfall being the difficulty in getting back the deposit. Other than that, there are no issues. Wealthy individuals can live in villas or apartments, while those looking to save money can stay in HDB flats, both of which are great.

Moreover, once a person obtains an EP, their spouse and children can apply for a DP without any obstacles, and even parents can apply for long-term residency visas. The DP has no restrictions except for the inability to work.

Many people in the community can obtain EPs, and the prices are transparent, generally within 10,000 USD. The profit margin is about 10%, as there are always some fees for running errands. For example, @Trader_S18 and @StephenNYUS can help with the process. Of course, it's fine if you don't reach out to them; they are just highly professional friends of mine. There aren't many pitfalls with the EP itself, and everyone is welcome to come to Singapore as friends.

PS: If you are a developer from #Solana or @Solana_zh, feel free to contact me, and I can help you with most issues.

This post is sponsored by @ApeXProtocolCN | Dex With ApeX

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