The unfolding scandal surrounding Grenada's principal CBI vendor, CHONGQING HENG SHENG CONSULTING SERVICES CO.,LTD., which is guilty of conducting widespread sales of illegally-discounted citizenships, employing a bogus financing scheme, to disguise its scheme, may have far-reaching consequences for Grenada, which is the only Eastern Caribbean CBI or CIP state among the five preently offering economic citizenships in the region.
The magnitude of the Heng Sheng scandal, which is considered by observers in the financial world to be as serious, if not even more egregious, than a similar case in Saint Kitts & Nevis, and in Saint Lucia, involving CARIBBEAN GALAXY GROUP, also owned and controlled by China. The difference is that the United States has an effective tool, the Grenada citizenship eligibility for the E-2 Investor Visa, with which to express its disapproval of the HS scheme, which was facilitated by INA Grenada, in approving the applications, and allowing the passports to be issued.
The hard-nosed, even adversarial, foreign policy of the new Trump Administration State department may result in the cancellation of E-2 privileges for all Grenadian citizens, not just the CBI passport holders. This act would seriously impact the value of Grenada CBI to investors, in our humble opinion, and level the playing field in the investment migration industry. Whether it occurs most likely will depend upon the level of discipline and sanctions that IMA doles out to HS, if any; We will be watching.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.