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First, the program is put in an extremely odd and non-helpful administrative place for the excitement of worldwide investment in the United States. Second, its scale is all wrong. We are handing out way too much for as well tiny of an investment. Further, raising endeavor funding half a million bucks a tranche is, to claim the least, ineffective.


The local facilities, with their half-million schemes, essentially undercut the a lot 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, ought to be regarding producing business entities, not easy investments. It must have to do with creating genuine work, not elaborate computations regarding the indirect creation of tasks, which is now part of the legislation.


Perhaps that is just one of the factors why it has fallen short time after time to get to the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is as well loaded with middlemen, both public and personal. The program has greater than its share of rumors, which I will certainly enter into later on if anyone is interested.


This is a company that loves to say yes to applicants, but as the table in my testimony shows, USCIS policemans have a lot more problem with EB-5 applications than others. I think that is something that no one has actually actually chatted around much. EB5 Regional Center Program. There are high rates of interior rejections in this program and forever factor

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Seventh, in this program visas most likely to individuals who might not get them any kind of other means and to individuals whose organized investment is actually much less, according to the Federal Get, than the typical mean internet worth of all American family members in 2007. Let me increase on one of my observations.


My estimate based upon the financiers' copyright applications filed 2 years after the initial investment-- these are the solid ones that stay and are accepted. This is 2009-- was that they had regarding $191 million confirmed-- that is my quote. USCIS does not supply the kind of information that we could use on this.


For every $100 of increased foreign financial investment that year, the EB program added one dime. Under a far more wobbly analytical base, the first applications of prospective immigrant capitalists, USCIS is informing journalists that the level of investment in the just-concluded year had to do with $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 immigration method group.




Divine offered as Principal Guidance of the USA Citizenship and Immigration Solutions from July 2004 till November 2006, the year in which he was Acting Director, and then Performing Replacement Supervisor. He has functioned extensively with the EB-5 program secretive practice. He was elected, as I understand, vice head of state of the Association to Spend in USA, the national sector association of regional.


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


At many, if all 10,000 slots were utilized, it would be 1 percent of the immigration yearly to the USA. It is not near that yet, but it is growing and getting toward that. Particularly as USCIS, the agency that looks after the program, has actually been look at this site making the policies clearer and the processes a lot more logical and clear for individuals who are arranging financial investments and for the capitalists who are spending, more individuals have actually wanted and able to put effort and cash into the procedure to locate excellent tasks and create them, and afterwards more capitalists have agreed to spend their cash and take the threat and make use of the money to develop the jobs that is the factor of the program.

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These projects do not linger permanently, and USCIS understands that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not imply that they are relaxing their analysis, and, as a matter of fact, they are prepared to reject applications that are not certifying. And they do so, as was discussed


The regional center part of the program is not. It becomes part of an appropriations costs that was established in 1992, and ever since that program has been prolonged five times for 19 years. It is time for it to be permanent, and it needs to be done now and not nearer to the date of expiration in September.


The process takes an excellent while to function up a project and then their website to obtain the capitalists authorized. And they do not want their money flowing with up until they have been approved. And the specter of the expiration of this Regional Center Program in September is already preventing the growth of projects.

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I wish to clear up that the Regional Center Program is not the exact same as the half-million-dollar thing. The idea of half a million or a million is a function of the routine EB-5 regulation that is part of the code. It simply is a reality that a lot of the local centers that are merging financial investments have set those instead of high unemployment or in country locations where half- million-dollar financial investments are enabled, which makes good sense.