Grenada’s Investment Migration Agency (IMA) has initiated an inquiry into China Heng Sheng (Singapore) Development Pte. Ltd, a Citizenship by Investment (CBI) marketing agent accused of providing illegal discounts to applicants.
The investigation follows a meeting between IMA Grenada leadership and senior Heng Sheng officials on August 26, 2024.
The meeting was organized in response to a LinkedIn post that circulated throughout the platform’s investment migration group. The post contained a claimed offer from Heng Sheng but lacked a stamp, signature, date, and header.
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China Heng Sheng officials notified the IMA that their marketing materials “accurately represent the agency’s current accepted practices and policies regarding pricing.” They clarified that the LinkedIn post expressing worry about discounts and misleading advertising had outdated information.
The IMA released a statement emphasizing its commitment to transparency and resistance to deceptive communication. The agency “stand[s] steadfast against any advertisement or communication” that misrepresents its offerings, as such activities violate its existing regulations.
To underscore this approach the agency reminded stakeholders of two circulars issued in July 2020 and March 2023, which mandated “strict adherence to the established pricing structure.” A third circular, issued on July 3, 2024, details the new price system that would take effect on July 1, 2024.
The IMA warned of serious repercussions for infractions, such as “revocation of licenses, revocation of Grenadian citizenship, and project decertification.”
To ensure program integrity, the agency requested stakeholders to immediately report “any advertising or promotional material or representations which you believe to be inaccurate or misleading” to IMA Grenada.
Grenada’s investigation coincides with a broader Caribbean crackdown on CBI violations. In a related event, Dominica has revoked the citizenship of 68 people who got their status through the CBI program. The Caribbean nation claimed fraud, false representation, or suppression of material information as reasons for the revocations.
