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The program is put in an extremely odd and non-helpful bureaucratic location for the excitement of worldwide investment in the United States. We are giving away also much for too little of an investment.


The regional facilities, with their half-million plans, essentially undercut the more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they carry out in Australia, should have to do with developing organization entities, not easy financial investments. It should be about developing actual tasks, not specify computations about the indirect creation of work, which is now part of the legislation.


Perhaps that is one of the factors why it has actually fallen short time after time to get to the legislative goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is too filled with middlemen, both public and personal. The program has greater than its share of rumors, which I will get involved in later on if any person is interested.


This is an agency that likes to state yes to applicants, but as the table in my statement reveals, USCIS police officers have far more trouble with EB-5 applications than others. I assume that is something that no one has really spoken about a lot. EB5 Regional Center Program. There are high rates of internal rejections in this program and completely reason

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Seventh, in this program visas most likely to people who can not get them differently and to individuals whose organized investment is really less, according to the Federal Get, than the average mean total assets of all American families in 2007. Let me increase on among my observations.


My price quote based on the capitalists' environment-friendly card applications filed 2 years after the initial investment-- these are the strong ones that stay and are accepted. This is 2009-- was that they had about $191 million verified-- that is my price quote. USCIS does not provide the type of information that we could use on this.


For every $100 of increased foreign financial investment that year, the EB program added one dime. Under a a lot more wobbly statistical base, the preliminary applications of prospective immigrant capitalists, USCIS is informing reporters that the level of investment in the just-concluded year had to do with $1.2 billion. Allow us accept that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the firm's migration method group.




Divine acted as Chief Advice of the USA Citizenship and Immigration Solutions from July 2004 till November 2006, the year in which he was Acting Director, and afterwards Acting Replacement Director. He has actually functioned extensively with the EB-5 program in private technique. He was chosen, as I comprehend, vice president of the Organization to Purchase USA, the nationwide industry organization of local facilities.


Divine, we are happy to have you right here. Please go in advance, sir. DECLARATION OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE USA (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Legislator Grassley, and others. Thanks visit their website for having me.


At a lot of, if all 10,000 ports were utilized, it would certainly be 1 percent of the migration every year to the USA. It is not near that yet, yet it is growing and getting toward that. Particularly as USCIS, the company that looks after the program, has been making the regulations more clear and the procedures more reasonable and clear for individuals that are organizing financial investments and for the investors that are spending, more people have actually wanted and able to place initiative and money into the process to find excellent tasks and develop them, and after that a lot more financiers have actually agreed to invest their cash and take the danger and use the money to develop the work that is the factor of the program.

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These projects do not linger forever, and USCIS comprehends that and are attempting to speed the program, speed up the procedure - EB5 Regional Center Program. That does not imply that explanation they are unwinding their scrutiny, and, in reality, they are ready to reject applications that are not certifying. And they do so, as was discussed


The regional facility part of the program is not. It is part of an appropriations bill that was passed in 1992, and given that then that program has actually been expanded 5 times for 19 years. It is time for it to be irreversible, and it requires to be done currently and not nearer to the day of expiration in September.


The process his comment is here takes an excellent while to work up a job and after that to obtain the capitalists accepted. And they do not want their money streaming with till they have actually been authorized. And the specter of the expiration of this Regional Center Program in September is already inhibiting the growth of jobs.

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I wish to make clear that the Regional Center Program is not the like the half-million-dollar thing. The concept of half a million or a million is a function of the normal EB-5 law that belongs to the code. It just is a fact that a lot of the local centers that are merging financial investments have established those in locations of high joblessness or in backwoods where half- million-dollar financial investments are allowed, and that makes feeling.