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The program is put in an extremely strange and non-helpful governmental place for the stimulation of global investment in the United States. We are offering away as well much for also little of an investment.


The local facilities, with their half-million systems, essentially damaged the much more practical million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they do in Australia, ought to be regarding developing business entities, not easy financial investments. It must be about producing actual jobs, not elaborate calculations about the indirect creation of work, which is currently part of the legislation.


Perhaps that is among the factors why it has failed time after time to reach the legal goal of 10,000 investment visas. Fifth, the Regional Facility Program is inherently 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 certainly get into later if anyone is interested.


This is an agency that likes to claim yes to candidates, yet as the table in my testimony shows, USCIS policemans have a lot more trouble with EB-5 applications than others. I think that is something that nobody has truly spoken about much. EB5 Regional Center Program. There are high prices of interior denials in this program and permanently reason

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Seventh, in this program visas go to people that could not get them differently and to individuals whose planned investment is actually less, according to the Federal Get, than the average mean net well worth of all American family members in 2007. Let me increase on among my observations.


My price quote based on the investors' environment-friendly card applications submitted 2 years after the initial investment-- these are the solid ones that continue to be and are accepted. This is 2009-- was that they had regarding $191 million verified-- that is my quote. USCIS does not supply the type of data that we could make use of on this.


So for every $100 of raised international investment that year, the EB program contributed one penny. Under a far more unsteady statistical base, the look at this web-site initial applications of would-be immigrant investors, USCIS is telling journalists that the level of financial investment in the just-concluded year was regarding $1.2 billion. Let us approve that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the company's immigration practice team.




Divine worked as Chief Guidance of the USA Citizenship and Immigration Providers from July 2004 until November 2006, the year in which he was Performing Director, and after that Performing Deputy Director. He has worked thoroughly with the EB-5 program link in personal practice. He was elected, as I recognize, vice head of state of the Organization to Invest in United States, the national industry association of local.


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


At many, if all 10,000 slots were used, it would be 1 percent of the immigration each year to the United States. It is not near that yet, yet it is expanding and obtaining towards that. Specifically as USCIS, the firm that looks after the program, has actually been making the rules more clear and the processes a lot more sensible and clear for the people who are organizing financial investments and for the investors who are investing, even more people have actually been willing and able to put effort and cash into the process to find good projects and develop them, and afterwards extra financiers have wanted to spend their cash and take the threat and make use of the money to produce the work that is the factor of the program.

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These tasks do not wait around for life, and USCIS understands that and are trying to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their scrutiny, and, as a matter of fact, they prepare to refute applications that are not qualifying. And they do so, as was pointed out


The local facility component of the program is not. It becomes part of an appropriations costs that was enacted in 1992, and ever since that program has been expanded five times for 19 years. It is time for it to be irreversible, and it requires to be top article done currently and not nearer to the day of expiry in September.


The procedure takes an excellent while to function up a job and after that to obtain the investors authorized. And they do not desire their cash moving with till they have actually been approved. And the specter of the expiry of this Regional Facility Program in September is currently inhibiting the development of projects.

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I would love to make clear that the Regional Center Program is not the exact same as the half-million-dollar point. The concept of half a million or a million is a feature of the normal EB-5 regulation that belongs to the code. It just is a truth that most of the regional facilities that are pooling financial investments have actually set those instead of high unemployment or in backwoods where fifty percent- million-dollar financial investments are permitted, which makes sense.