ST. GEORGE’S, GRENADA –The Investment Migration Agency (IMA) Grenada has suspended the acceptance of applications from Singapore Heng Sheng (Grenada) Development Pte. Ltd. and all applications linked to the Grenada National Resort project.

Effective March 18, the 90-day suspension is a response to confirmed instances of owner financing and illegal discounting by the named entities.

In a March 21 circular, the Agency’s second communication on the matter in March-the IMA Grenada announced that it is conducting a comprehensive review of all submitted applications and has halted both new submissions and the processing of existing applications for the Grenada National Resort. The Agency also noted that it reserves the right to extend or modify the suspension period at its sole discretion.

Consequences Based on Investigation Findings

The IMA Grenada has outlined clear consequences, should its investigation reveal additional instances of illegal discounting, owner financing, and underselling, to the cases already addressed. The actions are as follows:  

• Any applications found to be in violation will be rejected outright
• Marketing agents or sub-agents involved in illegal discounting will be removed from Singapore Heng Sheng’s distribution channel and their owners and directors permanently banned from Grenada’s CBI Program. Heng Sheng will also be publicly censured. 
• If a second breach is uncovered, Heng Sheng’s marketing license will be suspended for 120 days
• Should a third violation occur, their license will be revoked and the development project decertified, effectively barring them from further participation in the Grenada CBI Program

These enforcement measures reflect the IMA Grenada’s firm stance on ensuring compliance, transparency, and integrity within Grenada’s Citizenship by Investment (CBI)Programme. The Agency has reiterated that owner financing and illegal discounting undermines the legal and regulated framework of the programme, and threatens its credibility on a global scale.

The IMA Grenada has confirmed that further updates will be provided in due course as the investigation progresses.

This case serves as a clear warning to all marketing agents, developers, and stakeholders that strict enforcement and severe penalties will follow any violation of Grenada’s CBI regulations.