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First, the program is placed in a very strange and non-helpful administrative location for the excitement of global investment in the United States. Second, its scale is all incorrect. We are providing away too much for also little of an investment. Even more, elevating financial backing fifty percent a million bucks a tranche is, to state the least, ineffective.

The regional facilities, with their half-million schemes, essentially undercut the extra sensible 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 passive financial investments. It must have to do with producing actual tasks, not clarify computations about the indirect production of jobs, which is now part of the legislation.


Possibly that is one of the reasons it has failed every year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally awkward, and the program is also loaded with intermediaries, both public and exclusive. The program has greater than its share of scandals, which I will certainly enter later if anybody is interested.


This is a firm that enjoys to state yes to applicants, yet as the table in my testament reveals, USCIS policemans have a lot more trouble with EB-5 applications than others. I think that is something that no one has actually actually spoken about a lot. EB5 Regional Center Program. There are high rates of inner rejections in this program and forever reason

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Seventh, in this program visas most likely to individuals who could not obtain them differently and to people whose scheduled financial investment is actually much less, according to the Federal Get, than the typical mean total assets of all American family members in 2007. Let me expand on one of my monitorings.


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


For every $100 of enhanced international financial investment that year, the EB program added one penny. Under a far more shaky analytical base, the first applications of potential immigrant financiers, USCIS is informing reporters that the degree of financial investment in the just-concluded year had to do with $1.2 billion. Let us accept 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 functioned as Principal Guidance of the USA Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Replacement Director. He has actually worked extensively with the EB-5 program secretive method. He was elected, as I recognize, vice president of the Organization to Spend in United States, the national market association of local.


Divine, we are pleased to have you right here. Please go on, sir. STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, PURCHASE THE U.S.A. (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others. Thank you for having me.


At many, if all 10,000 ports were made use of, it would certainly be 1 percent of the migration every year to the USA. It is not near that yet, but it is growing and getting toward that. Particularly as USCIS, the agency that supervises the program, has been making the guidelines clearer and the processes much more reasonable and clear for the individuals that are organizing financial investments and for the financiers who are spending, even more people have been eager and able to place effort and money into the process to find good projects and develop weblink them, and afterwards more investors have wanted to spend their cash and take the risk and utilize the cash to create the work that is the point of the program.

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These projects do not wait about permanently, and USCIS understands that and are attempting to speed the program, speed the procedure - EB5 Regional Center Program. That does not imply that they are relaxing their scrutiny, and, actually, they are ready to reject applications that are not certifying. And they do so, as was pointed out

The regional facility component of the program is not. It is component of an appropriations costs that was established in 1992, and given that then that program has been prolonged 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 date of expiration in September.


The process takes a great while to work up a task and afterwards to obtain the capitalists accepted. And they do not desire their cash moving via until Source they have been accepted. And the specter of the expiration of this Regional Center Program in September is currently inhibiting the advancement of jobs.

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I would such as to clear up that the Regional Facility Program is not the exact same as the half-million-dollar thing. The concept 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 reality that the majority of the regional facilities that are pooling investments have actually established those instead of high joblessness or in backwoods where half- million-dollar financial Recommended Site investments are allowed, and that makes feeling.