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The program is put in an extremely odd and non-helpful administrative area for the stimulation of global investment in the United States. We are giving away also much for as well small of a financial investment.


The regional facilities, with their half-million plans, basically damaged the more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, should have to do with developing business entities, not passive financial investments. It needs to have to do with creating actual jobs, not clarify calculations regarding the indirect development of work, which is currently part of the legislation.


Possibly that is one of the reasons why it has stopped working year after year to get to the legal goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently clumsy, and the program is as well loaded with middlemen, both public and private. The program has even more than its share of detractions, which I will enter into later if anyone is interested.


This is an agency that enjoys to claim yes to applicants, yet as the table in my testimony reveals, USCIS police officers have a lot a lot more problem with EB-5 applications than others. I assume that is something that no one has actually actually spoken about much. EB5 Regional Center Program. There are high prices of interior rejections in this program and forever reason

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Seventh, in this program visas most likely to people who could not get them differently and to individuals whose scheduled investment is in fact less, according to the Federal Reserve, than the ordinary mean total assets of all American family members in 2007. Let me broaden on one of my observations.


My estimate based on the financiers' permit applications submitted 2 years after the very first investment-- these are the strong ones that stay and are accepted. This is 2009-- was that they had concerning $191 million validated-- that is my estimate. USCIS does not provide the type of data that we can use on this.


For every $100 of enhanced foreign investment that year, the EB program added one penny. Under a much extra wobbly statistical base, the preliminary applications of potential immigrant investors, USCIS is telling reporters that the level of investment in the just-concluded year was concerning $1.2 billion. Let us approve that.

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




Divine worked as Principal Advise of the USA Citizenship and Immigration Solutions from July 2004 until November 2006, the year in which he was Acting Supervisor, and afterwards Acting Replacement Director. He has functioned extensively with the EB-5 program secretive technique. He was elected, as I recognize, vice president of the Organization to Spend in USA, the national sector association of regional.


Divine, we are delighted to have you here. Please go ahead, sir. DECLARATION OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE U.S.A. (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At many, if all 10,000 slots were made use of, it would be 1 percent of the migration annually to the USA. It is not near that yet, yet it is expanding and obtaining toward that. Especially as USCIS, the firm that supervises the program, has been making the rules more clear and the processes a lot more sensible and clear for individuals who are organizing investments and for the financiers who are investing, more individuals have been eager and able to place effort and money into the process to discover great projects and create them, and afterwards much more capitalists have agreed to invest their money and take the risk and make use of the cash to produce the work that is the point of the program.

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These jobs do not wait around permanently, and USCIS recognizes that and are attempting to speed up the program, speed up the process - EB5 Regional Center Program. That does not suggest that they are relaxing their scrutiny, and, in truth, they prepare to deny applications that are not certifying. And they more info do so, as was stated


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


The process takes a great while to develop a project and after that to get the capitalists authorized. And they do not desire their cash streaming with till they have actually been accepted. And the specter of the expiration of this Regional Facility Program in September is currently discouraging the development of projects.

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I wish to clear up that the Regional Center Program is not the same as the half-million-dollar point. The concept of half a million or a million is a feature of the regular EB-5 legislation that is component of the code. It just is a truth that a lot of the local centers that are pooling financial investments have set those instead of high unemployment or in backwoods where fifty percent- million-dollar financial investments are allowed, and that makes good sense.