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The program is placed in an extremely odd and non-helpful administrative place for the excitement of international financial investment in the United States. We are offering away too much for too little of an investment.


The regional centers, with their half-million schemes, basically undercut the a lot more practical million-dollar part of the EB-5 program. Third, such programs, if we have them at all, as they perform in Australia, ought to have to do with creating organization entities, not easy financial investments. It must have to do with creating actual tasks, not specify computations concerning the indirect development of work, which is now component of the legislation.


Possibly that is one of the factors why it has stopped working every year to reach the legal objective of 10,000 investment visas. Fifth, the Regional Facility Program is naturally awkward, and the program is too filled up with intermediaries, both public and private. The program has greater than its share of rumors, which I will certainly get involved in later if anybody is interested.


This is a firm that loves to state yes to candidates, yet as the table in my testimony shows, USCIS policemans have far more trouble with EB-5 applications than others. I assume that is something that no one has truly spoken about a lot. 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 individuals who might not get them differently and to individuals whose scheduled financial investment is in fact much less, according to the Federal Book, than the typical mean total assets of all American family members in 2007. Allow me broaden on one of my monitorings.


My quote based upon the financiers' eco-friendly card applications submitted 2 years after the first investment-- these are the solid ones that stay and are approved. This is 2009-- was that they had regarding $191 million validated-- that is my quote. USCIS does not provide the type of information that we could make use of on this.


So for each $100 of raised international investment that year, the EB program contributed one dime. Under a a lot more wobbly analytical base, the preliminary applications of would-be immigrant capitalists, USCIS is informing reporters that the level 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 listening to me. Chairman Leahy. He is the head of the company's migration method group.




Divine functioned as Principal Counsel of the United States Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Acting Supervisor, and after that Performing Deputy Director. He has worked thoroughly with the EB-5 program secretive practice. He was chosen, as I understand, vice head of state of the Organization to Spend in USA, the nationwide industry organization of regional.


STATEMENT OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE U.S.A. (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At many, if all 10,000 slots were made use of, it would be 1 percent of the migration every year to the USA. It is not near that yet, however it is expanding and obtaining towards that. Particularly as USCIS, the agency that oversees the program, has website link actually been making the rules more clear and the procedures more logical and clear for individuals that are arranging financial investments see here and for the investors who are investing, more individuals have wanted and able to put effort and cash into the process to discover good projects and create them, and after that a lot more capitalists have agreed to spend their cash and take the risk and use the money to develop the work that is the point of the program.

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These tasks do not wait about forever, and USCIS comprehends that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, actually, they are ready to refute applications that are not certifying. And they do so, as was stated


The local center part of the program is not. It belongs to an appropriations expense that was established in 1992, and ever since that program has been prolonged five times for 19 years. It is time for it to be irreversible, and it needs to be done currently and not nearer to the date of expiration in September.


The procedure takes an excellent while to develop a job and afterwards to obtain the capitalists authorized. And they do not want their money flowing through until they have actually been accepted. And the specter of the expiration of this Regional Center Program in September is currently dissuading the growth of projects.

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I would certainly such as to clear up that the Regional Center Program is not the like the half-million-dollar point. The idea of Homepage half a million or a million is a function of the regular EB-5 law that is part of the code. It just is a truth that a lot of the local facilities that are merging investments have set those in places of high unemployment or in backwoods where half- million-dollar financial investments are permitted, which makes feeling.