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

The local centers, with their half-million plans, essentially undercut the more practical million-dollar part of the EB-5 program. Third, such programs, if we have them in any way, as they perform in Australia, ought to have to do with creating company entities, not passive financial investments. It must be regarding producing actual tasks, not elaborate estimations concerning the indirect development of jobs, which is currently component of the legislation.


Perhaps that is just one of the reasons it has failed time after time to get to the legislative objective of 10,000 investment visas. Fifth, the Regional Facility Program is inherently clumsy, and the program is also full of intermediaries, both public and private. The program has greater than its share of detractions, which I will certainly enter later if anyone is interested.


This is an agency that enjoys to say yes to candidates, but as the table in my statement reveals, USCIS policemans have a lot more difficulty with EB-5 applications than others. I think that is something that nobody has actually really spoken about much. EB5 Regional Center Program. There are high prices of internal rejections in this program and permanently factor

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Seventh, in this program visas go to people who might not obtain them otherwise and to people whose organized financial investment is in fact much less, according to the Federal Get, than the ordinary mean total assets of all American families in 2007. Let me expand on one of my observations.


My price quote based on the investors' permit applications filed 2 years after the first investment-- these are the solid ones that remain and are approved. This is 2009-- was that they had concerning $191 million validated-- that is my estimate. USCIS does not supply the kind of data that we could use on this.


So for every $100 of increased foreign financial investment that year, the EB program added one dime. Under a a lot more shaky analytical base, the first applications of prospective immigrant financiers, USCIS is telling journalists that the degree of financial investment in the just-concluded year was about $1.2 billion. Let us accept that.

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

Divine served as Chief Guidance of the United States Citizenship and Migration Providers from July 2004 till November 2006, the year in which he was Performing Supervisor, and afterwards Acting Deputy Supervisor. He has worked extensively with the EB-5 program in private practice. He was elected, as I comprehend, vice head of state of the Organization to Buy U.S.A., the nationwide market organization of regional centers.


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


At most, if all 10,000 look at this now ports were used, it would certainly be 1 percent of the immigration each year to the United States. It is not near that yet, yet it is growing and obtaining toward that. Especially as USCIS, the agency that oversees the program, has actually been making the policies clearer and the procedures a lot more logical and clear for the people that are organizing financial investments and for the capitalists who are spending, more individuals have actually wanted and able to place effort and cash right into the process to find great tasks and develop them, and afterwards extra capitalists have been willing to spend their money and take the threat and make use of the money to create the work that is the point of the program.

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These tasks do not wait around permanently, and USCIS recognizes that and are trying to speed the program, speed the process - EB5 Regional Center Program. That does not imply that they are unwinding their examination, and, in reality, they prepare to refute applications that are not certifying. And they do so, as was discussed

The regional facility component of the program is not. It becomes part of an appropriations costs that was passed in 1992, and ever since that program has been prolonged five times for 19 years. It is time for it to be long-term, and it requires to be done now and not nearer to the day of expiration in September.


The procedure takes a great while to function up a job and after that to get the financiers approved. And they do not want their cash flowing with until they have been accepted. And the specter of the expiration click over here of this helpful site Regional Facility Program in September is already dissuading the growth of projects.

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I would certainly such as to clarify that the Regional Center Program is not the exact same as the half-million-dollar point. The idea of half a million or a million is a feature of the normal EB-5 law that becomes part of the code. It just is a fact that a lot of the regional centers that are pooling financial investments have set those in locations of high unemployment or in rural areas where fifty percent- million-dollar financial investments are allowed, and that makes good sense.