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The program is put in a very weird and non-helpful administrative place for the excitement of international investment in the United States. We are providing away as well much for as well little of an investment.


The regional centers, with their half-million plans, essentially undercut the more sensible million-dollar part of the EB-5 program. Third, such programs, if we have them at all, as they do in Australia, should have to do with creating company entities, not passive financial investments. It needs to be regarding creating real tasks, not clarify estimations about the indirect development of jobs, which is now part of the legislation.


Perhaps that is just one of the reasons it has stopped working time after time to reach the legislative goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is also loaded with intermediaries, both public and personal. The program has greater than its share of detractions, which I will certainly enter later if any person is interested.


This is an agency that likes to claim yes to applicants, but as the table in my testimony reveals, USCIS police officers have a lot more problem with EB-5 applications than others. I assume that is something that nobody has actually spoken about much. EB5 Regional Center Program. There are high rates of interior denials in this program and completely factor

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Seventh, in this program visas most likely to people that could not get them any type of other means and to people whose scheduled financial investment is in fact much less, according to the Federal Get, than the ordinary mean total assets of all American families in 2007. Allow me expand on one of my observations.


My price quote based on the capitalists' environment-friendly card applications filed 2 years after the initial financial investment-- these are the solid ones that continue to be and are approved. This is 2009-- was that they had concerning $191 million validated-- that is my quote. USCIS does not give the type of information that we could utilize on this.


For every $100 of raised international investment that year, the EB program contributed one dime. Under a far more wobbly analytical base, the initial applications of would-be immigrant capitalists, USCIS is telling reporters that the level of investment in the just-concluded year had to do with $1.2 billion. Let us accept that.

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




Divine functioned as Principal Advise of the USA Citizenship and Immigration Services from July 2004 up until November 2006, the year in which he was Performing Supervisor, and after that Performing Deputy Supervisor. He has actually functioned extensively with the EB-5 program secretive method. He was elected, as I understand, vice president of the Organization to Invest in U.S.A., the national sector association of local.


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


At most, if all 10,000 slots were used, it would certainly click to read more be 1 percent of the migration every year to the United States. It is not near that yet, yet it is expanding and getting toward that. Especially as USCIS, the company that looks after the program, has been making the guidelines clearer and the procedures much more logical and clear for individuals who are organizing investments and for the investors who are spending, even more individuals have actually wanted and official source able to place initiative and cash into the process to find great tasks and create them, and afterwards more financiers have actually been eager to spend their money and take the danger and utilize the cash to develop the work that is the factor of the program.

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These jobs do not linger for life, and USCIS comprehends that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not imply that they are unwinding their examination, and, actually, they are ready to reject applications that are not certifying. And they do so, as was mentioned


The regional facility component of the program is not. It is part of an appropriations expense that was established in 1992, and given that then that program has been extended 5 times for 19 years. It is time for it to be irreversible, and it needs to be done currently and not nearer to the day of expiration in September.


The process takes an excellent while to develop a job and after that to get the investors authorized. And they do not want their cash moving through until they have been approved. And the specter of the expiry of this Regional Center Program in September is already preventing the development of projects.

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I wish 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 routine EB-5 legislation that belongs to the code. It simply is a fact that a lot of the regional centers that are pooling investments have actually established those instead of high unemployment or in backwoods where fifty percent- million-dollar financial investments are permitted, and that makes feeling.