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The program is positioned in a very strange and non-helpful bureaucratic location for the excitement of international financial investment in the United States. We are offering away as well much for also little of a financial investment.


The local centers, with their half-million plans, basically damaged the extra practical million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they do in Australia, must have to do with developing service entities, not easy investments. It should be concerning creating real tasks, not clarify estimations about the indirect production of jobs, which is currently part of the regulations.


Possibly that is just one of the reasons that it has actually stopped working time after time to reach the legal objective of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is as well loaded with middlemen, both public and exclusive. The program has even more than its share of rumors, which I will obtain into later if anybody is interested.


This is a company that loves to say yes to applicants, but as the table in my testimony reveals, USCIS police officers have a lot more trouble with EB-5 applications than others. I assume that is something that nobody has actually actually discussed a lot. EB5 Regional Center Program. There are high prices of inner denials in this program and completely factor

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Seventh, in this program visas most likely to people who might not obtain them differently and to individuals whose scheduled financial investment is really less, according to the Federal Book, than the average mean net well worth of all American family members in 2007. Allow me increase on among my monitorings.


My quote based on the investors' environment-friendly card applications submitted 2 years after the first investment-- these are the strong ones that stay and are authorized. This is 2009-- was that they had regarding $191 million confirmed-- that is my price quote. USCIS does not supply the type of information that we can use on this.


So for each $100 of boosted international financial investment that year, the EB program added one penny. Under a far more unsteady analytical base, the preliminary applications of potential immigrant capitalists, USCIS is telling journalists that the degree of investment in the just-concluded year was regarding $1.2 billion. Let us accept that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the company's migration method check here team.




Divine functioned as Principal Guidance of the United States Citizenship and Migration Services from July 2004 till November 2006, the year in which he was Performing Director, and after that Performing Replacement Director. He has functioned extensively with the EB-5 program in exclusive technique. He was chosen, as I recognize, vice head of state of the Association to Invest in USA, the national industry organization of local.


Divine, we are thrilled to have you right here. Please proceed, sir. 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, Legislator Grassley, and others. Thank you for having me.


At a lot of, if all 10,000 slots were utilized, it would certainly be 1 percent of the immigration every year to the USA. It is not near that yet, but it is expanding and getting towards that. Particularly as USCIS, the agency that manages the program, has actually been making the rules clearer and the processes more rational and clear for the people that are organizing financial investments and for the capitalists who are spending, more individuals have agreed and able to put effort and cash into the procedure to locate great projects and develop them, and after that a lot more investors have wanted to spend their cash and take the risk and utilize the cash to develop the work that is the point of the program.

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These jobs do not linger for life, and USCIS comprehends that and are attempting to speed the program, speed up the process - EB5 Regional Center Program. That does not imply that they are relaxing their analysis, and, in reality, they prepare to reject applications that are not certifying. And they do so, as was mentioned


The local facility component of the program is not. It becomes part of an appropriations expense that was enacted in 1992, and considering that then that program has actually been prolonged five 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 expiry in September.


The process takes a great while to develop a job and after that to get the capitalists authorized. And they do not desire their cash moving through till they have been approved. And the specter of the expiry of this Regional Center Program in September is currently dissuading the advancement of jobs.

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I want to make clear that the Regional Center Program is not the like the half-million-dollar thing. The concept of half a million or a million is a feature of the regular EB-5 regulation that becomes part of the code. It just is a reality that most of the regional facilities that are pooling investments have established those in locations of high unemployment or in rural areas where half- million-dollar investments are enabled, which makes feeling.