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The program is placed in a really odd and non-helpful administrative location for the excitement of international investment in the United States. We are offering away too much for as well tiny of a financial investment.


The local centers, with their half-million systems, basically damaged the more practical million-dollar component of the EB-5 program. Third, such programs, if we have them in any way, as they do in Australia, should be about developing business entities, not passive financial investments. It should have to do with producing genuine work, not elaborate computations regarding the indirect development of tasks, which is now part of the legislation.


Probably that is one of the reasons why it has stopped working time after time to get to the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is also full of middlemen, both public and personal. The program has even more than its share of scandals, which I will certainly enter into later on if anyone is interested.


This is a company that loves to state yes to candidates, but as the table in my testament reveals, USCIS officers have a lot more problem with EB-5 applications than others. I think that is something that no one has actually discussed much. EB5 Regional Center Program. There are high prices of inner rejections in this program and completely reason

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Seventh, in this program visas most likely to individuals that could not get them any kind of other method and to people whose scheduled investment is really much less, according to the Federal Book, than the average mean total assets of all American family members in 2007. Let me broaden on one of my monitorings.


My quote based on the capitalists' permit applications submitted 2 years after the initial financial investment-- these are the solid ones that stay and are authorized. This is 2009-- was that they had regarding $191 million confirmed-- that is my price quote. USCIS does not offer the kind of data that we could utilize on this.


For every $100 of increased international financial investment that year, the EB program contributed one penny. Under a far more unsteady statistical base, the first applications of prospective immigrant capitalists, USCIS is informing reporters that the degree of investment in the just-concluded year was about $1.2 billion. Allow us accept that.

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




Divine functioned as Principal Advise of the United States Citizenship and Immigration Solutions from July 2004 until November 2006, the year in which he was Acting Director, and after that Acting Deputy Supervisor. He has actually functioned extensively with the EB-5 program secretive practice. He was elected, as website I understand, vice president of the Association to Spend in U.S.A., the national market association of local.


Divine, we are delighted to have you below. Please go on, sir. STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF STATE, BUY THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At many, if all 10,000 ports were used, it would be 1 percent of the immigration annually to the United States. It is not near that yet, however it is expanding and getting towards that. Particularly as USCIS, the agency that looks after the program, has been making the rules clearer and the processes much more rational and clear for individuals that are arranging financial investments and for the capitalists that are investing, more people have wanted and able to place initiative and money right into the procedure to discover excellent jobs and create them, and afterwards more investors have actually been ready to invest their money and take the danger and make use of the money to create the tasks that is the factor of the program.

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These projects do not linger permanently, and USCIS understands that and are attempting to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their analysis, and, in reality, they are all set to deny applications that are not qualifying. And they do so, as was discussed


The regional facility component of the program is not. It is part of an appropriations bill that was enacted in 1992, and ever since that program has actually been extended 5 times for 19 years. It is time for it to be permanent, and it requires to be done now and not nearer to the date of expiration in September.


The procedure takes an excellent while to develop a project and after that to get the capitalists authorized. And they do not desire their money flowing via up until they have actually been authorized. And the specter of the expiry of this Regional Facility Program in September is currently discouraging the advancement of jobs.

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I would like to clarify that the Regional Facility Program is not the same as the half-million-dollar point. The concept of half a million or a million is a function of the regular EB-5 law that belongs to the code. It just is a reality that the majority of the local facilities that are pooling financial investments have actually established those in areas of high unemployment or in backwoods where half- million-dollar financial investments are allowed, which makes feeling.