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The program is put in an extremely weird and non-helpful administrative area for the stimulation of international investment in the United States. We are giving away as well much for also tiny of an investment.


The local centers, with their half-million schemes, basically undercut the much more practical million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they carry out in Australia, must be concerning creating service entities, not easy financial investments. It needs to be concerning developing real jobs, not clarify computations about the indirect development of tasks, which is now part of the legislation.


Maybe that is just one of the reasons why it has fallen short time after time to get to the legislative objective of 10,000 investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too full of intermediaries, both public and exclusive. The program has greater than its share of rumors, which I will enter later on if any person is interested.


This is an agency that enjoys to claim yes to candidates, but as the table in my statement reveals, USCIS police officers have far more difficulty with EB-5 applications than others. I think that is something that nobody has really talked around a lot. EB5 Regional Center Program. There are high prices of inner rejections in this program and for excellent factor

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Seventh, in this program visas go to individuals who might not get them otherwise and to individuals whose organized investment is actually less, according to the Federal Get, than the ordinary mean internet worth of all American households in 2007. Let me broaden on among my observations.


My quote based upon the capitalists' eco-friendly card applications filed 2 years after the first financial investment-- these are the strong ones that continue to be and are approved. This is 2009-- was that they had about $191 million confirmed-- that is my quote. USCIS does not give the type of information that we could use on this.


For every $100 of raised international investment that year, the EB program contributed one cent. Under a much extra wobbly statistical base, the preliminary applications of potential immigrant capitalists, USCIS is informing reporters that the degree of investment in the just-concluded year was about $1.2 billion. Allow us approve that.

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




Divine worked as Chief Counsel of the United States Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Deputy Supervisor. He has functioned extensively with the EB-5 program in exclusive practice. He was chosen, as I recognize, vice head of state of the Organization to Spend in United States, the national market organization of regional.


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


At many, if all 10,000 ports were used, it would certainly be 1 percent of the migration annually to the USA. It is not near that yet, however it is growing and obtaining toward that. Especially as USCIS, the company that manages the program, has been making the guidelines clearer and the processes extra reasonable and clear for the individuals that website are arranging financial investments and for the investors who are investing, even more individuals have actually wanted and able to place effort and money into the process to find great jobs and create them, and then more investors have wanted to invest their money and take the risk and use the cash to create the work that is the factor of the program.

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These jobs do not linger permanently, and USCIS comprehends that and are attempting to speed up the program, speed the process - EB5 Regional Center Program. That does not imply that they are unwinding their examination, and, actually, they prepare to deny applications that are not certifying. And they do so, as was stated


The regional center component of the program is not. It is component of an appropriations costs that was enacted in 1992, and given that then that program has actually been expanded 5 times for 19 years. It is time for it to be irreversible, and it needs to be done now and not nearer to the day of expiration in September.


The procedure takes an excellent while to work up a task and afterwards to obtain the financiers accepted. And they do not want their cash flowing through until they have been approved. And the specter of the expiration of this Regional Center Program in September is currently dissuading the development of jobs.

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I would certainly like to make clear that the Regional Facility Program is not the very same as the half-million-dollar thing. The concept of half a million or a million is a function of the routine EB-5 regulation that is component of the code. It just is a truth that the majority of the regional centers that are merging financial investments have set those instead of high joblessness or in country locations where half- million-dollar financial investments are allowed, and that makes feeling.