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The program is positioned in a very weird and non-helpful governmental area for the stimulation of global investment in the United States. We are providing away also much for too little of an investment.


The regional facilities, with their half-million schemes, essentially damaged the much more reasonable million-dollar part 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 producing company entities, not easy financial investments. It must have to do with creating real jobs, not specify estimations about the indirect creation of work, which is now part of the regulation.


Perhaps that is among the reasons why it has actually stopped working every year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is as well full of intermediaries, both public and exclusive. The program has even more than its share of detractions, which I will enter later if any person is interested.


This is an agency that loves to say yes to applicants, but as the table in my statement reveals, USCIS police officers have far more problem with EB-5 applications than others. I assume that is something that nobody has actually really spoken about a lot. EB5 Regional Center Program. There are high prices of inner rejections in this program and completely factor

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Seventh, in this program visas most likely to individuals who might not get them any type of various other way and to people whose planned financial investment is actually much less, according to the Federal Book, than the typical mean internet well worth of all American family members in 2007. Let me increase on among my observations.


My price quote based on the capitalists' copyright applications submitted 2 years after the very first financial investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had about $191 million verified-- that is my quote. USCIS does not provide the kind of data that we could utilize on this.


For every $100 of raised international investment that year, the EB program added one dime. Under a a lot more shaky analytical base, the first applications of prospective immigrant investors, click this USCIS is informing reporters that the degree of financial 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 immigration technique team.




Divine acted as Chief Advice of the United States Citizenship and Migration Solutions from July 2004 up until November 2006, the year in which he was Acting Supervisor, and after that Acting Replacement Director. He has functioned extensively with the EB-5 program secretive practice. He was elected, as I understand, vice president of the Organization to Spend in USA, the national sector association of local.


Divine, we are delighted to have you right here. Please proceed, sir. STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, PURCHASE THE United States (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thank you for having me.


At a lot of, if all 10,000 ports were made use of, it would certainly be 1 percent of the immigration annually to the United States. It is not near that yet, however it is expanding and getting toward that. Specifically as USCIS, the company that supervises the program, has actually been making the guidelines more clear and the procedures more logical and clear for individuals that are organizing investments and for the capitalists that are investing, even more individuals have been prepared and able to put effort and money right into the procedure to find good projects and create them, and after that more investors have wanted to invest their money and take the danger and make use of the cash to develop the tasks that is the point of the program.

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These projects do not linger permanently, and USCIS recognizes that and are attempting to speed the program, speed the process - EB5 Regional Center Program. That does not indicate that they are relaxing their scrutiny, and, in truth, they prepare to deny 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 established in 1992, and because then that program has actually been expanded 5 times for 19 years. It is time for it to be permanent, and it needs to be done currently and not nearer to the day of expiration in September.


The procedure takes an excellent while to work up a job and then to obtain the investors approved. And they do not want their read this money moving this page through up until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is already preventing the development of projects.

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I would certainly such as to make clear that the Regional Facility Program is not the exact same as the half-million-dollar thing. The concept of half a million or a million is a function of the regular EB-5 regulation that becomes part of the code. It simply is a fact that many of the regional centers that are pooling financial investments have established those in areas of high joblessness or in backwoods where half- million-dollar financial investments are permitted, which makes feeling.