Grenada’s Investment Migration Agency (IMA) has launched an investigation into China Heng Sheng (Singapore) Development Pte. Ltd, a Citizenship by Investment (CBI) marketing agent suspected of offering illegal discounts to applicants.
The probe follows a meeting between IMA Grenada leadership and senior officials from Heng Sheng on August 26, 2024.
The meeting followed a LinkedIn post circulating throughout the platform’s investment migration community. The post contained an alleged offer from Heng Sheng but did not include a stamp, signature, date, or header.
China Heng Sheng officials assured the IMA that their marketing materials “accurately represent the agency’s current accepted practices and policies regarding pricing.” They clarified that the LinkedIn post raising concerns about discounting and false advertising contained outdated information.
The IMA issued a statement emphasizing its commitment to transparency and opposition to misleading communications. The agency “stand[s] steadfast against any and all advertisement or communication” that misrepresents its offerings, as such practices contradict its established policies.
To reinforce this stance, the agency reminded stakeholders of two July 2020 and March 2023 circulars mandating “strict adherence to the established pricing structure.” A third circular, issued on July 3, 2024, outlines the new pricing structure effective July 1, 2024.
The IMA warned of severe consequences for violations, including “revocation of licenses, revocation of Grenadian citizenship, and project decertification.”
To maintain program integrity, the agency urged stakeholders to report “any advertising or promotional material or representations which you believe to be inaccurate or misleading” immediately to IMA Grenada.
Grenada’s probe aligns with a wider Caribbean crackdown on CBI infractions. In a parallel development, Dominica recently revoked the citizenship of 68 individuals who obtained their status through its CBI program. The Caribbean nation cited fraud, false representation, or concealment of material facts as grounds for the revocations.
