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The program is put in an extremely odd and non-helpful administrative area for the excitement of global investment in the United States. We are offering away also much for also little of an investment.


The regional facilities, with their half-million schemes, basically undercut the more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they carry out in Australia, should have to do with creating business entities, not easy financial investments. It must have to do with developing actual work, not elaborate estimations about the indirect production of work, which is now component of the regulation.


Maybe that is just one of the reasons it has stopped working year after year to reach the legislative goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is inherently clumsy, and the program is also full of middlemen, both public and exclusive. The program has greater than its share of rumors, which I will certainly enter into later on if any person is interested.


This is an agency that enjoys to say yes to applicants, yet as the table in my statement reveals, USCIS officers have a lot more difficulty with EB-5 applications than others. I believe that is something that no one has actually truly discussed a lot. EB5 Regional Center Program. There are high prices of interior rejections in this program and completely reason

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Seventh, in this program visas go to individuals that could not obtain them differently and to individuals whose scheduled financial investment is in fact less, according to the Federal Book, than the ordinary mean net well worth of all American households in 2007. Let me increase on among my monitorings.


My price quote based on the investors' copyright applications submitted 2 years after the first 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 sort of information that we can utilize on this.


So for each $100 of increased foreign investment that year, the EB program contributed one penny. Under a far more wobbly statistical base, the preliminary applications of would-be immigrant capitalists, USCIS is informing journalists 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 listening to me. Chairman Leahy. He is the head of the firm's migration method group.




Divine worked as Chief Advise of the United States Citizenship and Migration Services from July 2004 till November 2006, the year in which he was Acting Director, and after that Acting Deputy Director. He has worked extensively with the EB-5 program in personal practice. He was elected, as I comprehend, vice head of state of the Association to Invest in United States, the nationwide sector organization of local.


Divine, we are official statement thrilled to have check my source you below. Please go in advance, sir. STATEMENT 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, Legislator Grassley, and others. Thanks for having me.


At most, if all 10,000 slots were made use of, it would certainly be 1 percent of the migration every year to the United States. It is not near that yet, yet it is expanding and obtaining towards that. Particularly as USCIS, the agency that oversees the program, has been making the rules clearer and the procedures much more logical and clear for the individuals who are arranging financial investments and for the investors that are spending, more individuals have actually wanted and able to put effort and cash right into the process to find great tasks and develop them, and then more capitalists have wanted to spend their money and take the danger and use the cash to produce the tasks that is the point of the program.

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These projects do not wait around forever, and USCIS understands that and are trying to speed up the program, speed up the process - EB5 Regional Center Program. That does not mean that they are relaxing their scrutiny, and, as a matter of fact, they are ready to deny applications that are not qualifying. And they do so, as was mentioned


The local center component of the program is not. It belongs to an appropriations costs that was passed 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 requires to be done now and not nearer to the date of expiry in September.


The process takes a good while to develop a job and after that to obtain the capitalists authorized. And they do not desire their money flowing with till they have actually been helpful resources accepted. And the specter of the expiry of this Regional Center Program in September is already discouraging the development of jobs.

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I wish to clarify that the Regional Facility Program is not the like the half-million-dollar point. The concept of half a million or a million is a feature of the routine EB-5 law that becomes part of the code. It just is a truth that the majority of the regional centers that are merging financial investments have actually set those instead of high joblessness or in backwoods where fifty percent- million-dollar financial investments are permitted, and that makes feeling.