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The program is positioned in a very strange and non-helpful governmental location for the stimulation of global financial investment in the United States. We are giving away too much for as well little of a financial investment.


The local facilities, with their half-million systems, basically undercut the more sensible million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, must have to do with producing business entities, not passive financial investments. It should be concerning producing real tasks, not specify computations about the indirect production of tasks, which is now component of the legislation.


Maybe that is among the reasons why it has actually failed year after year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is as well loaded with middlemen, both public and exclusive. The program has more than its share of rumors, which I will get involved in later if any person is interested.


This is a company that enjoys to say yes to candidates, yet as the table in my statement reveals, USCIS officers have a lot more trouble with EB-5 applications than others. I assume that is something that no one has actually talked around much. EB5 Regional Center Program. There are high prices of interior denials in this program and completely reason

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Seventh, in this program visas most likely to individuals that might not obtain them any various other means and to people whose scheduled financial investment is actually much less, according to the Federal Reserve, than the ordinary mean web worth of all American households in 2007. Let me broaden on one of my monitorings.


My estimate based upon the investors' eco-friendly card applications submitted 2 years after the first financial investment-- these are the solid ones that remain and are accepted. This is 2009-- was that they had about $191 million confirmed-- that is my price quote. USCIS does not supply the sort of information that we might utilize on this.


For every $100 of enhanced foreign financial investment that year, the EB program added one penny. Under a far more unsteady statistical base, the preliminary applications of potential immigrant financiers, USCIS is informing journalists that the level of financial investment in the just-concluded year had to do with $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 team.




Divine functioned as Principal Advice of the USA Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Performing Director, and afterwards Performing Replacement Director. He has actually functioned thoroughly with the EB-5 program in exclusive technique. He was chosen, as I comprehend, vice head of state of the Association to Invest in United States, the nationwide sector association of local facilities.


Divine, we are pleased to link have you 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 many, if all 10,000 slots were used, it would be 1 percent of the migration yearly to the United States. It is not near that yet, yet it is growing and obtaining toward that. Specifically as USCIS, the company that oversees the program, has actually been making the rules more clear and the processes extra logical and clear for individuals that are organizing financial investments and for the financiers who are spending, more individuals have actually agreed and able to place effort and cash right into the procedure to locate excellent tasks and create them, and after that much more investors have actually wanted to invest their cash and take the threat and use the cash to produce the tasks that is the factor of the program.

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These jobs do not wait about permanently, and USCIS comprehends that and are attempting to speed 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 prepared to refute applications that are not certifying. And they do so, as was mentioned


The local center component of the program is not. It is component of an appropriations bill that was established in 1992, and considering that then that program has actually been expanded five times for 19 years. It is time for it to be permanent, and it needs to be done now and not nearer to the see page day of expiry in September.


The procedure takes a good while to develop a job and blog after that to get the capitalists accepted. And they do not want their cash moving through till they have been authorized. And the specter of the expiry of this Regional Center Program in September is already inhibiting the growth of tasks.

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I would like to clarify 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 function of the normal EB-5 regulation that becomes part of the code. It simply is a truth that many of the local facilities that are pooling financial investments have set those instead of high unemployment or in backwoods where fifty percent- million-dollar financial investments are enabled, which makes feeling.