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The program is positioned in a really weird and non-helpful governmental place for the stimulation of global investment in the United States. We are offering away too much for too small of an investment.


The regional facilities, with their half-million schemes, basically undercut the more practical million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they perform in Australia, should have to do with creating business entities, not easy investments. It needs to have to do with developing real tasks, not clarify estimations regarding the indirect production of work, which is currently part of the regulations.


Perhaps that is just one of the factors why it has failed year after year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is too loaded with intermediaries, both public and private. The program has more than its share of rumors, which I will get involved in later on if any person is interested.


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

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Seventh, in this program visas go to individuals that might not get them otherwise and to individuals whose organized financial investment is really much less, according to the Federal Reserve, than the ordinary mean total assets of all American families in 2007. Let me broaden on among my monitorings.


My estimate based upon the capitalists' permit applications filed 2 years after the very first investment-- these are the solid ones that remain and are accepted. This is 2009-- was that they had about $191 million verified-- that is my estimate. USCIS does not give the kind of information that we can make use of on this.


For every $100 of raised foreign financial investment that year, the EB program contributed one penny. Under a a lot more wobbly analytical base, the preliminary applications of potential immigrant investors, USCIS is telling reporters that the degree of investment in the just-concluded year was regarding $1.2 billion. Let us approve that.

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




Divine acted as Principal Advice of the United States Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Performing Supervisor, and after that Performing Deputy Supervisor. He has functioned extensively with the EB-5 program secretive technique. He was chosen, as I understand, vice head of state of the Organization to Buy United States, the nationwide market association of local centers.


Divine, we are pleased to have you right here. Please go ahead, sir. DECLARATION OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF STATE, PURCHASE THE USA (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thanks for having me.


At most, if all 10,000 ports were used, it would be 1 percent of the migration yearly to the USA. It is not near that yet, yet it is growing click here and obtaining towards that. Particularly as USCIS, the firm that manages the program, has been making the regulations more clear and the procedures a lot more rational and clear for individuals who are arranging financial investments and for the investors who are investing, even more individuals have actually been prepared and able to place effort and cash right into the procedure to discover excellent projects and develop them, and after that much more capitalists have actually been willing to invest their cash and take the danger and utilize the cash to develop 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 suggest that they are relaxing their scrutiny, and, in reality, they are all set to refute applications that are not certifying. And they do so, as was mentioned


The local center component of the program is not. It belongs to an appropriations bill that was passed in 1992, and ever since that program has actually been prolonged 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 expiry in September.


The procedure takes a good while to develop a task and afterwards to obtain the financiers accepted. And they do not want their cash moving through till they have been authorized. And the specter of the expiry of this Regional Center Program in September is already discouraging the advancement of jobs.

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I would love to make clear that the Regional Facility Program is not the same as the half-million-dollar thing. The idea of half a million or a million is a function of the normal EB-5 law that is component of the code. It just is a truth that most of the regional facilities that are merging financial investments have actually established those in areas of high joblessness or in country locations where half- million-dollar financial investments are enabled, and that makes sense.