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

The regional centers, with their half-million systems, basically undercut the much more sensible million-dollar part of the EB-5 program. Third, such programs, if we have them in any way, as they perform in Australia, must be regarding developing service entities, not easy investments. It needs to be about producing actual jobs, not clarify computations concerning the indirect production of work, which is now part of the regulation.


Maybe that is just one of the reasons it has actually failed time after time to reach the legal objective of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too loaded with middlemen, both public and private. The program has greater than its share of detractions, which I will certainly enter into later on if anyone is interested.


This is an agency that likes to say yes to applicants, yet as the table in my testament shows, USCIS policemans have far more difficulty with EB-5 applications than others. I think that is something that nobody has actually truly discussed a lot. EB5 Regional Center Program. There are high prices of interior denials in this program and permanently factor

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Seventh, in this program visas go to individuals that could not get them differently and to individuals whose planned investment is really much less, according to the Federal Book, than the ordinary mean net well worth of all American family members in 2007. Let me increase on one of my observations.


My price quote based on the financiers' copyright applications filed 2 years after the first investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had concerning $191 million confirmed-- that is my price quote. USCIS does not give the type of information that we might use on this.


So for every single $100 of enhanced international investment that year, the EB program added one dime. Under a a lot more wobbly statistical base, the first applications of prospective immigrant investors, USCIS is telling journalists that the level of financial investment in the just-concluded year was regarding $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 migration technique group.

Divine functioned as Chief Guidance of the United States Citizenship and Migration Solutions from July 2004 up until November 2006, the year in which he was Performing Supervisor, and after that Acting Replacement Supervisor. He has worked extensively with the EB-5 program in exclusive practice. He was chosen, as I understand, vice president of the Association to Purchase USA, the nationwide industry organization of regional facilities.


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


At most, if all 10,000 ports were used, it would certainly be 1 percent of the migration every year to the United States. It is not near that yet, but it is growing and getting towards that. Specifically as USCIS, the company that looks after the program, has actually been making the guidelines more clear and the processes extra logical and clear for the people that are organizing investments and for the capitalists that are investing, even more people have actually been prepared and able to put effort and cash right into the procedure to locate great jobs and create them, and then more investors have agreed to invest their money and take the danger and utilize the money to produce the work that is the point of the program.

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These jobs do not wait about forever, and USCIS recognizes that and are trying to speed the program, speed up the procedure - EB5 Regional Center Program. That does not indicate that they are unwinding their examination, and, as a matter of fact, they prepare to refute applications that are not qualifying. And they do so, as was mentioned

The local center component of the program is not. It belongs to an appropriations bill that was established in 1992, and considering that then that program has been prolonged five times for 19 years. It is time for it to be permanent, and it requires to be done now and not nearer to the day of expiration in September.


The process takes a great while to work up a project and after that to get the financiers authorized. And they do not want their money streaming via till they have actually been accepted. And the specter of the expiry of this Regional Facility Program in September is currently inhibiting the growth of projects.

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I want to make clear that the Regional Facility Program is not the like the half-million-dollar thing. The concept of half a million or a useful reference million is a feature of the normal EB-5 legislation that becomes part of the code. It just is a reality that many of the regional centers that are merging financial investments have set those instead of high joblessness or in backwoods where half- million-dollar financial investments are enabled, which makes feeling.