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The program is put in a really weird and non-helpful bureaucratic place for the stimulation of worldwide financial investment in the United States. We are giving away too much for also small of an investment.

The local facilities, with their half-million plans, essentially damaged the extra sensible million-dollar part of the EB-5 program. Third, such programs, if we have them whatsoever, as they perform in Australia, ought to be concerning developing business entities, not passive investments. It needs to have to do with creating actual tasks, not clarify calculations about the indirect production of jobs, which is currently component of the regulation.


Maybe that is among the reasons it has failed every year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is inherently clumsy, and the program is as well filled up with intermediaries, both public and exclusive. The program has greater than its share of scandals, which I will enter later if anybody is interested.


This is a firm that likes to state yes to candidates, however as the table in my testament shows, USCIS police officers have a lot more problem with EB-5 applications than others. I assume that is something that no one has actually talked about a lot. EB5 Regional Center Program. There are high rates of internal denials in this program and forever reason

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Seventh, in this program visas most likely to people who can not get them differently and to people whose planned financial investment is actually less, according to the Federal Book, than the average mean total assets of all American family members in 2007. Let me expand on one of my monitorings.


My price quote based on the financiers' copyright applications filed 2 years after the very first financial investment-- these are the strong ones that remain and are authorized. This is 2009-- was that they had regarding $191 million validated-- that is my price quote. USCIS does not offer the type of information that we can make use of on this.


So for every $100 of enhanced international financial investment that year, the EB program added one dime. Under a far more wobbly statistical base, the initial applications of would-be immigrant financiers, USCIS is informing reporters that the degree of investment in the just-concluded year was concerning $1.2 billion. Let us approve that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the firm's migration method group.

Divine functioned as Chief Guidance of the United States Citizenship and Immigration Services from July 2004 until November 2006, the year in which he was Performing Supervisor, and afterwards Performing Deputy Supervisor. He has functioned extensively with the EB-5 program in private practice. He was elected, as I understand, vice head of state of the Organization to Invest in USA, the national sector organization of regional.


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 the majority of, if all 10,000 ports were made use of, it would be 1 percent of the migration each year to the USA. It is not near that yet, however it is growing and obtaining towards that. Specifically as USCIS, the agency that manages the program, has been making the policies clearer and the procedures extra reasonable and clear for individuals who are arranging investments and for the capitalists that are investing, more individuals have been eager and able to put initiative and cash right into the procedure to locate great projects and establish them, and afterwards more capitalists have been willing to spend their money and take the danger and use the cash to create the work that is the factor of the program.

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These jobs do not wait about forever, and USCIS understands that and are trying to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their analysis, and, check here in fact, they prepare to deny applications that are not certifying. And they do so, as was stated

The regional facility component of the program is not. It becomes part of an appropriations expense that was passed in 1992, and ever since that program has been prolonged five times for 19 years. It is time for it to be permanent, and it requires to be done now and not nearer to the date of expiration in September.


The procedure takes an excellent while to develop a project and after that to obtain the investors approved. And they do not desire their money moving via until they have actually been accepted. And the specter of the expiration of this Regional Facility Program in September is already preventing the growth of jobs.

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I would certainly such as to clear up that the Regional Facility Program is not the exact same as the half-million-dollar point. The idea of half a million or a million is a feature of the routine EB-5 legislation that belongs to the code. It simply is a truth that many of the regional centers that are merging investments have established those instead of high unemployment or in backwoods where half- million-dollar financial investments are permitted, and that makes sense.