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The program is put in a really odd and non-helpful administrative place for the stimulation of worldwide investment in the United States. We are providing away too much for too small of an investment.


The regional facilities, with their half-million schemes, basically undercut the a lot more sensible million-dollar part of the EB-5 program. Third, such programs, if we have them at all, as they perform in Australia, should have to do with developing service entities, not passive investments. It should have to do with creating real work, not specify estimations concerning the indirect production of work, which is now part of the legislation.


Possibly that is among the reasons it has failed year after year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is too full of intermediaries, both public and private. The program has more than its share of detractions, which I will get into later if any person is interested.


This is a firm that enjoys to state yes to candidates, however as the table in my testimony shows, USCIS officers have much extra difficulty with EB-5 applications than others. I believe that is something that no one has actually actually spoken about much. EB5 Regional Center Program. There are high rates of internal rejections in this program and completely factor

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Seventh, in this program visas go to people who can not obtain them differently and to people whose scheduled financial investment is actually less, according to the Federal Book, than the average mean total assets of all American family members in 2007. Allow me expand on among my observations.


My price quote based upon the financiers' copyright applications filed 2 years after the initial financial investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had about $191 million validated-- that is my quote. USCIS does not supply the sort of information that we could utilize on this.


So for every $100 of boosted international investment that year, the EB program added one dime. Under a a lot more wobbly statistical base, the preliminary applications of would-be immigrant investors, USCIS is informing reporters that the degree of investment in the just-concluded year had to do with $1.2 billion. Let us approve that.

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




Divine acted as Principal Advise of the USA Citizenship and Immigration Solutions from July 2004 up until November 2006, the year in which he was Performing Supervisor, and afterwards Performing Replacement Supervisor. He has worked extensively with the EB-5 program in private method. He was elected, as I comprehend, vice president of the Organization to Spend in United States, the national market association of local facilities.


STATEMENT OF ROBERT C. DIVINE, ATTORNEY, 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, Senator Grassley, and others.


At the majority of, if all 10,000 slots were made use of, it would be 1 percent of the migration each year to the USA. It is not near that yet, yet it is growing and getting toward that. Especially as USCIS, find here the agency that looks after the program, has actually been making the rules clearer and the processes extra reasonable and clear for individuals who are arranging investments and for the capitalists who are spending, more individuals have wanted and able to place effort and money into the procedure to find excellent jobs and create them, and after that extra capitalists have wanted to spend their cash and take the threat and utilize the cash 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 attempting Your Domain Name to speed the program, speed the process - EB5 Regional Center Program. That does not imply that they are relaxing their examination, and, in fact, they are ready to refute applications that are not qualifying. And they do so, as was mentioned


The local facility component of the program is not. It belongs to an appropriations bill that was passed in 1992, and because then that program has been prolonged 5 times for 19 years. It is time for it to be irreversible, and it needs to be done now and not nearer to the date of expiration in September.


The process takes an excellent while to work up a task and after that to get the investors approved. And they do not want their cash streaming through up until they have been authorized. And the specter of the expiration of this Regional Facility Program in September is already discouraging the advancement of jobs.

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I would certainly like to clear up 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 becomes part of the code. It simply is a truth that the majority of the regional centers that are merging investments have established those instead of high joblessness or in backwoods where fifty percent- million-dollar investments are enabled, and that makes sense.