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The program is put in a very weird and non-helpful administrative location for the stimulation of worldwide investment in the United States. We are giving away too much for as well small of a financial investment.


The regional facilities, with their half-million systems, basically undercut the more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them in any way, as they carry out in Australia, must have to do with producing organization entities, not passive financial investments. It should have to do with producing real tasks, not specify calculations regarding the indirect creation of tasks, which is now part of the legislation.


Probably that is one of the reasons that it has failed time after time to get to the legislative goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is too loaded with intermediaries, both public and exclusive. The program has more than its share of rumors, which I will certainly enter into later if any person is interested.


This is an agency that likes to state yes to candidates, yet as the table in my testament reveals, USCIS police officers have far more problem with EB-5 applications than others. I believe that is something that nobody has actually actually discussed a lot. EB5 Regional Center Program. There are high rates of internal denials in this program and for good factor

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Seventh, in this program visas go to individuals who can not get them otherwise and to individuals whose organized financial investment is actually much less, according to the Federal Book, than the average mean total assets of all American family members in 2007. Let me broaden on among my monitorings.


My price quote based on the capitalists' permit applications submitted 2 years after the first investment-- these are the strong ones that remain and are accepted. This is 2009-- was that they had concerning $191 million verified-- that is my estimate. USCIS does not supply the sort of data that we might utilize on this.


So for each $100 of enhanced foreign financial investment that year, the EB program contributed one cent. Under a far more unsteady statistical base, the preliminary applications of would-be immigrant capitalists, USCIS is telling journalists that the level of 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 immigration method team.




Divine worked as Chief Advice of the USA Citizenship and Immigration Providers from July 2004 until November 2006, the year in which he was Performing Supervisor, and after that Acting Replacement Director. He has worked extensively with the EB-5 program secretive technique. He was elected, as I recognize, vice head of state of the Organization to Buy United States, the nationwide sector organization of local facilities.


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


At most, if all 10,000 ports were used, it would be 1 percent of the immigration yearly to the USA. It is not near that yet, yet it is expanding and obtaining toward that. Particularly as USCIS, the firm that looks after the program, has actually been making the rules clearer and the processes more logical and clear for the individuals who are organizing investments and for the investors that are spending, more individuals have been ready and able to put more info initiative and cash into the procedure to find good projects and create them, and then more investors have actually wanted to spend their money and take the risk and make use of the money to create the work that is the factor of the program.

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These jobs do not wait around for life, and USCIS comprehends that and are attempting to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not indicate that they are unwinding their analysis, and, as a matter of fact, they are all set to deny applications that are not certifying. And they do so, as was discussed


The regional facility component of the program is not. It belongs to an appropriations costs that was established in 1992, and ever since 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 day of expiration in September.


The procedure takes a good while to work up a project and after that to obtain the investors approved. And they do not want their cash flowing via till they have actually been accepted. And the specter of the expiry of this Regional Center Program in September is already inhibiting the growth of jobs.

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I would such as 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 function of the normal EB-5 regulation that is component of the code. It simply is a fact that a lot of the regional facilities that are pooling investments have actually set those in areas of high unemployment or in country areas where fifty percent- million-dollar investments are allowed, and that makes feeling.