ST. GEORGE’S, Grenada, CMC—The Investment Migration Agency(IMA) says it is conducting an in-depth investigation into an approved Singapore-based Citizenship by Investment (CBI) marketing company.
Under the CBI programme, foreign investors are granted citizenship in return for making a substantial investment in Grenada’s socio-economic development.
“After careful review and analysis of the claim, and a meeting with senior officials of China Heng Sheng (Singapore) Development Pte. Ltd and the leadership of the IMA Grenada held on August 26, 2024, we can confirm that the agency is currently investigating the matter,” according to a notice posted on the IMA’s website.
“The notice said, IMA Grenada does not endorse or support any false or misleading claims about our services, investment opportunities, or the benefits associated with our programs, “It reminded all marketing agents about published circulars objecting to discount pricing.
“We stand steadfast against any advertisement or communication (written and oral) that inaccurately represents our offerings, as they do not reflect our policies or accepted practices. Our stakeholders are therefore reminded of our circulars dated July 22, 2020, and March 15, 2023, which mandate strict adherence to the established pricing structure,” said the notice.
“Our stakeholders are reminded of our circulars dated July 22, 2020, and March 15, 2023, which mandate strict adherence to the established pricing structure. Circular No. 3, dated July 3, 2024, details the new pricing structure effective July 1, 2024.
“Stakeholders who are engaged in prohibited practices violate the Citizenship by Investment Act and Regulations and will face consequences up to and including revocation of licenses, Grenadian citizenship, and project decertification,” the release warns.
The IMA further called on stakeholders to report any inaccurate or misleading information published by other marketing agents.
“Stakeholders who encounter any advertising or promotional material or representations which you believe to be inaccurate or misleading, are strongly encouraged to report same immediately to the IMA Grenada,” it added.
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