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The program is positioned in a very odd and non-helpful bureaucratic location for the stimulation of international financial investment in the United States. We are offering away also much for too small of an investment.


The local centers, with their half-million systems, essentially undercut the more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them in any way, as they do in Australia, must have to do with producing business entities, not passive investments. It must be concerning creating actual tasks, not specify calculations concerning the indirect development of work, which is currently component of the legislation.


Maybe that is just one of the reasons why it has fallen short time after time to get to the legislative objective of 10,000 investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is as well filled up with middlemen, both public and private. The program has more than its share of scandals, which I will certainly enter into later on if anyone is interested.


This is a company that likes to say yes to candidates, but as the table in my testimony shows, USCIS officers have far more difficulty with EB-5 applications than others. I believe that is something that nobody has actually truly spoken about a lot. EB5 Regional Center Program. There are high prices of internal rejections in this program and for great factor

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Seventh, in this program visas go to individuals who can not obtain them any kind of various other way and to individuals whose scheduled financial investment is actually less, according to the Federal Get, than the average mean total assets of all American families in 2007. Allow me broaden on among my monitorings.


My estimate based on the financiers' permit applications filed 2 years after the initial investment-- these are the solid ones that continue to be and are authorized. This is 2009-- was that they had about $191 million confirmed-- that is my estimate. USCIS does not give the sort of information that we can use on this.


So for each $100 of raised foreign financial investment that year, the EB program contributed one cent. Under a far more shaky statistical base, the first applications of potential immigrant capitalists, USCIS is informing journalists that the degree of financial investment in the just-concluded year was concerning $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 company's migration practice group.




Divine acted as Principal Counsel of the United States Citizenship and Migration Services from July 2004 up until November 2006, the year in which he was Acting Supervisor, and after that Performing Deputy Supervisor. He has worked thoroughly with the EB-5 program in exclusive method. He was chosen, as I recognize, vice head of state of the Organization to Invest in USA, the national sector association of local.


STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Legislator Grassley, and others.


At the majority of, if all 10,000 ports were made use of, it would certainly be 1 percent of the immigration every year to the United States. It is not near that yet, however it is growing and getting toward that. Especially as hop over to here USCIS, the agency that browse around here supervises the program, has actually been making the policies more clear and the procedures a lot more logical and clear for the people that are organizing financial investments and for the capitalists that are spending, more individuals have been willing and able to put effort and cash right into the process to find excellent jobs and establish them, and after that much more capitalists have actually agreed to invest their money and take the risk and utilize the cash to create the tasks that is the point of the program.

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These tasks do not linger forever, and USCIS understands that and are trying to speed the program, speed up the process - EB5 Regional Center Program. That does not imply that they are relaxing their examination, and, actually, they are all set to refute applications that are not certifying. And they do so, as was mentioned


The regional facility part of the program is not. It is component of an appropriations bill that was enacted in 1992, and because then that program has actually been expanded 5 times for 19 years. It is time for it Learn More Here to be irreversible, and it requires to be done now and not nearer to the day of expiry in September.


The procedure takes a good while to develop a task and after that to obtain the capitalists accepted. And they do not desire their cash streaming with up until they have been approved. And the specter of the expiry of this Regional Center Program in September is already dissuading the advancement of jobs.

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I would love to make clear that the Regional Center Program is not the like the half-million-dollar thing. The idea of half a million or a million is a function of the normal EB-5 regulation that belongs to the code. It simply is a truth that a lot of the local facilities that are merging investments have actually set those in places of high unemployment or in backwoods where fifty percent- million-dollar financial investments are permitted, and that makes good sense.