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The program is positioned in a very odd and non-helpful bureaucratic place for the excitement of worldwide financial investment in the United States. We are providing away too much for as well tiny of an investment.


The regional centers, with their half-million schemes, essentially damaged the much more practical million-dollar part of the EB-5 program. Third, such programs, if we have them whatsoever, as they carry out in Australia, must be regarding developing business entities, not passive investments. It ought to be about developing actual tasks, not elaborate calculations regarding the indirect development of work, which is currently part of the regulation.


Probably that is just one of the reasons that it has failed year after year to reach the legal objective of 10,000 investment visas. Fifth, the Regional Facility Program is inherently clumsy, and the program is too loaded with middlemen, both public and personal. The program has even more than its share of detractions, which I will obtain into later if any person is interested.


This is an agency that enjoys to say yes to applicants, yet as the table in my testimony reveals, USCIS policemans have far more difficulty with EB-5 applications than others. I think that is something that nobody has really discussed a lot. 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 individuals that might not get them otherwise and to people whose scheduled investment is in fact less, according to the Federal Book, than the average mean internet well worth of all American family members in 2007. Let me broaden on among my observations.


My quote based on the financiers' permit applications submitted 2 years after the very first financial investment-- these are the strong ones that remain and are approved. This is 2009-- was that they had about $191 million verified-- that is my quote. USCIS does not give the sort of information that we could utilize on this.


So for each $100 of enhanced international investment that year, the EB program contributed one dime. Under a far more shaky analytical base, the preliminary applications of prospective immigrant investors, USCIS is telling reporters that the degree of investment in the just-concluded year was about $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 company's immigration practice team.




Divine worked as Principal Guidance of the United States Citizenship and Migration Providers from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Deputy Director. He has actually worked thoroughly with the EB-5 program in exclusive technique. He was elected, as I comprehend, vice head of state of the Association to Purchase United States, the nationwide market organization of local centers.


Divine, we are delighted to have you right here. Please go ahead, sir. STATEMENT OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others. Thank you for having me.


At most, if all 10,000 ports were utilized, it would certainly be 1 percent of the migration annually to the United States. It is not near that yet, yet it is growing and obtaining towards that. Especially as USCIS, the firm that supervises the program, has been making the policies more clear and the procedures extra logical and clear for the people that are arranging investments and for the capitalists that are investing, more people have wanted and able to place initiative and money right into the procedure to find great jobs and develop them, and after that extra EB5 Regional Center Program investors have been eager to spend their money and take the danger and use the money to develop the jobs that is the factor of the program.

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These projects do not wait around forever, and USCIS recognizes that and are trying to speed the program, speed up the process - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, in fact, they prepare to reject applications that are not qualifying. And they do so, as was pointed out


The local facility part of the program is not. It belongs to an appropriations costs that was established in 1992, and ever since 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 currently and not nearer to the day of expiration in September.


The procedure takes a great while to develop a task and after that to obtain the capitalists approved. And they do not want their cash moving via until they have been authorized. And the specter of the expiration of this Regional Facility Program in September is already preventing the advancement of projects.

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I want to clarify that the Regional Facility Program is not the same as the half-million-dollar point. The idea of half a million or a million is a feature of the routine EB-5 regulation that is part of the code. It just is a reality that a lot of the local facilities that are pooling financial investments have set those instead of high joblessness or in backwoods where fifty percent- million-dollar investments are enabled, which makes feeling.