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The program is put in a very strange and non-helpful administrative place for the excitement of global investment in the United States. We are offering away too much for also small of an investment.


The local facilities, with their half-million schemes, basically damaged the much more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they carry out in Australia, must have to do with creating company entities, not passive financial investments. It needs to be regarding developing genuine jobs, not specify calculations regarding the indirect development of work, which is now component of the regulations.


Perhaps that is among the reasons it has actually fallen short every year to get to the legal goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is as well filled with intermediaries, both public and personal. The program has greater than its share of rumors, which I will enter into later if any person is interested.


This is an agency that loves to state yes to applicants, however as the table in my testimony shows, USCIS officers have much a lot more trouble with EB-5 applications than others. I believe that is something that nobody has actually truly spoken about much. EB5 Regional Center Program. There are high rates of inner denials in this program and completely reason

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Seventh, in this program visas go to individuals who can not obtain them any kind of various other method and to individuals whose planned investment is actually less, according to the Federal Get, than the average mean total assets of all American family members in 2007. Allow me increase on one of my monitorings.


My quote based on the investors' eco-friendly card applications submitted 2 years after the first investment-- these are the solid ones that continue to be and are accepted. This is 2009-- was that they had about $191 million confirmed-- that is my estimate. USCIS does not give the sort of data that we can make use of on this.


So for each $100 of raised international investment that year, the EB program contributed one penny. Under a a lot more shaky statistical base, the initial applications of would-be immigrant investors, USCIS is informing journalists that the degree of financial investment in the just-concluded year was regarding $1.2 billion. Let us approve 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 served as Chief Advice of the United States Citizenship and Immigration Providers from July 2004 until November 2006, the year in which he was Acting Supervisor, and afterwards Performing Deputy Supervisor. He has worked extensively with the EB-5 program secretive practice. He was elected, as I understand, vice president of the Organization to Buy United States, the national sector organization of regional facilities.


Divine, we are pleased to have you below. Please go in advance, sir. DECLARATION OF ROBERT C. DIVINE, LAWYER, 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. Thanks for having me.


At many, if all 10,000 slots were made use of, it would certainly be 1 company website percent of the immigration every year to the United States. It is not near that yet, but it is growing and getting toward that. Particularly as USCIS, the agency that looks after the program, has actually been making the policies more clear and the procedures more sensible and clear for individuals that are organizing financial investments and for the financiers who are investing, more individuals have actually agreed and able to put effort and cash right into the procedure to locate good projects and establish them, and afterwards more financiers have actually been ready to invest their money and take the danger and make use of the cash to create the tasks that is straight from the source the factor of the program.

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These jobs do not wait about permanently, and USCIS understands that and are trying to speed the program, speed the procedure - EB5 Regional Center Program. That does not indicate that they are unwinding their scrutiny, and, as a matter of fact, they are ready to refute applications that are not certifying. And they do so, as was mentioned


The regional facility component of the program is not. It belongs to an appropriations costs that was enacted in 1992, and considering that then that program has been extended five times for 19 years. It is time for it to be permanent, and it needs to be done currently and not nearer to the date of expiration in September.


The process review takes a good while to develop a project and after that to get the capitalists approved. And they do not desire their cash streaming with until they have been accepted. And the specter of the expiration of this Regional Facility Program in September is already dissuading the growth of tasks.

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I would certainly such as to make clear that the Regional Facility Program is not the like the half-million-dollar point. The idea of half a million or a million is a function of the regular EB-5 law that becomes part of the code. It simply is a fact that a lot of the local facilities that are merging financial investments have established those in locations of high unemployment or in country areas where fifty percent- million-dollar financial investments are allowed, which makes good sense.