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The program is placed in a really odd and non-helpful bureaucratic location for the excitement of worldwide investment in the United States. We are giving away as well much for also little of a financial investment.


The regional facilities, with their half-million schemes, essentially undercut the extra practical million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they do in Australia, need to have to do with creating service entities, not passive financial investments. It must be regarding creating actual jobs, not clarify computations regarding the indirect production of tasks, which is currently part of the regulation.


Probably that is just one of the reasons it has stopped working time after time to reach the legal objective of 10,000 investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is as well filled with intermediaries, both public and personal. The program has greater than its share of detractions, which I will certainly obtain into later if anybody is interested.


This is a firm that enjoys to claim yes to applicants, however as the table in my testament shows, USCIS police officers have far more difficulty with EB-5 applications than others. I think that is something that no one has truly discussed much. EB5 Regional Center Program. There are high rates of internal denials in this program and for excellent factor

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Seventh, in this program visas most likely to people who might not get them differently and to people whose planned investment is actually much less, according to the Federal Book, than the typical mean total assets of all American family members in 2007. Allow me expand on among my observations.


My quote based on the capitalists' permit applications filed 2 years after the first financial investment-- these are the strong ones that continue to be and are authorized. This is 2009-- was that they had regarding $191 million confirmed-- that is my estimate. USCIS does not supply the kind of information that we might use on this.


For every $100 of boosted foreign financial investment that year, the EB program contributed one penny. Under a far more unsteady statistical base, the first applications of potential immigrant investors, USCIS is informing journalists that the level of financial investment in the just-concluded year had to do with $1.2 billion. Allow us approve that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the firm's immigration method group.




Divine functioned as Principal Guidance of the United States Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Performing Director, and more info afterwards Performing Deputy Supervisor. He has functioned extensively with the EB-5 program in private technique. He was elected, as I recognize, vice president of the Organization to Spend in U.S.A., the national sector association of local centers.


DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At many, if all 10,000 ports were used, it would be 1 percent of the migration yearly to the United States. It is not near that yet, however it is growing and getting towards that. Particularly as USCIS, the company that oversees the program, has been making the regulations clearer and the processes a lot more rational and clear for the people who are organizing financial investments and for the financiers that are spending, more individuals have wanted and able to put initiative and cash right into the process to discover excellent projects and establish them, and afterwards a lot more investors have actually been willing to invest their cash and take the risk and make use of the money to develop the jobs that is the point of the program.

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These tasks 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 suggest that they are unwinding their analysis, and, actually, they prepare to reject applications that are not qualifying. And they do so, as was discussed


The local center component of the program is not. It belongs to an appropriations expense that was enacted in 1992, and given that then that program has been expanded five times for 19 years. It is time for it to be irreversible, and it needs to be done currently and not nearer to the date of expiration in September.


The procedure takes a good while to develop a job and afterwards to obtain the investors authorized. And they do not want their cash streaming through till they have been approved. And the specter of the expiry of this Regional Facility Program in September is already discouraging the growth of projects.

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I would like to make clear that the Regional Facility Program is not the like the half-million-dollar thing. The idea of half a million or a million is a function of the regular EB-5 legislation that becomes part of the code. It simply is a fact that many of the local centers that are pooling financial investments have set those instead of high unemployment or in backwoods where fifty percent- million-dollar financial investments are allowed, and that makes good sense.