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The program is positioned in a really strange and non-helpful bureaucratic area for the stimulation of worldwide investment in the United States. We are giving away also much for too tiny of an investment.


The regional facilities, with their half-million schemes, essentially damaged the more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they perform in Australia, must be regarding producing service entities, not easy investments. It needs to be about producing actual tasks, not specify estimations about the indirect development of work, which is now component of the regulation.


Maybe that is among the factors why it has actually stopped working every year to get to the legislative objective of 10,000 financial investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is too filled with middlemen, both public and exclusive. The program has greater than its share of rumors, which I will enter into later on if anybody is interested.


This is an agency that likes to state yes to candidates, however as the table in my testimony reveals, USCIS policemans have far more problem with EB-5 applications than others. I think that is something that nobody has actually discussed much. EB5 Regional Center Program. There are high rates of internal rejections in this program and permanently reason

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Seventh, in this program visas most likely to people who could not get them otherwise and to individuals whose planned investment is really less, according to the Federal Book, than the ordinary mean total assets of all American households in 2007. Let me expand on among my observations.


My estimate based upon the financiers' eco-friendly card applications submitted 2 years after the first investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had concerning $191 million confirmed-- that is my estimate. USCIS does not provide the sort of information that we might use on this.


So for every single $100 of boosted international investment that year, the EB program contributed one cent. Under a a lot more wobbly statistical base, the first applications of prospective immigrant capitalists, USCIS is telling journalists that the level of investment in the just-concluded year had to do with $1.2 billion. Allow us approve that.

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Thank you for listening to me. Chairman Leahy. He is the head of the company's migration method group.




Divine functioned as Chief Guidance of the United States Citizenship and Immigration Solutions from July 2004 up until November 2006, the year in which he was Performing Director, and afterwards Performing Deputy Director. He has functioned extensively with the EB-5 program in personal method. He was chosen, as I comprehend, vice head of state of the Association to Spend in United States, the national sector organization of regional.


Divine, we are pleased to have you here. Please go ahead, sir. STATEMENT 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. Thank you for having me.


At many, if all 10,000 ports were used, it would be 1 percent of the immigration yearly to the United States. It is not near that yet, yet it is expanding and obtaining towards that. Especially as USCIS, the firm that looks after the program, has been making the guidelines clearer and the processes extra logical and clear for individuals that are organizing investments and for the investors that are investing, even more people have agreed and able to put initiative and money into the process to locate good projects and establish them, and then a lot more capitalists have wanted to spend their cash and take the threat and use the cash to produce the tasks that is the factor of EB5 Regional Center Program the program.

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These projects do not linger for life, and USCIS recognizes that and are attempting to speed the program, speed the process - EB5 Regional Center Program. That does not mean that they are unwinding their analysis, and, in truth, they are prepared to reject applications that are not qualifying. And they do so, as was discussed


The regional facility part of the program is not. It belongs to an appropriations bill that was established in 1992, and ever since that program has been prolonged 5 times for 19 years. It is time for it to be permanent, and it requires to be done currently and not nearer to the date of expiry in September.


The procedure takes a good while to develop a project and afterwards to obtain the investors authorized. And they do not desire their money streaming with up until they have actually been approved. And the specter of the expiry of this Regional Facility Program in September is currently preventing the growth of projects.

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I would like to clarify that the Regional Center Program is not the same as the half-million-dollar thing. The idea of half a million or a million is a feature of the regular EB-5 regulation that belongs to the code. It simply is a fact that many of the local facilities that are merging financial investments have actually set those instead of high joblessness or in country locations where fifty percent- million-dollar financial investments are permitted, which makes feeling.