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The program is put in a very weird and non-helpful governmental place for the excitement of global investment in the United States. We are giving away also much for as well little of a financial investment.


The regional facilities, with their half-million systems, basically damaged 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, must have to do with creating business entities, not easy investments. It should have to do with creating genuine jobs, not clarify computations regarding the indirect production of tasks, which is now component of the regulations.


Maybe that is one of the reasons that it has stopped working time after time to get to the legislative objective of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is too full of middlemen, both public and exclusive. The program has even more than its share of scandals, which I will enter into later if anyone is interested.


This is an agency that likes to say yes to applicants, yet as the table in my statement shows, USCIS policemans have a lot a lot more difficulty with EB-5 applications than others. I assume that is something that no one has truly spoken about a lot. EB5 Regional Center Program. There are high prices of interior rejections in this program and permanently reason

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Seventh, in this program visas go to people that might not obtain them differently and to individuals whose scheduled investment is really much less, according to the Federal Get, than the ordinary mean total assets of all American families in 2007. Allow me increase on one of my observations.


My price quote based on the investors' eco-friendly card applications filed 2 years after the very first investment-- these are the solid ones that remain and are authorized. This is 2009-- was that they had concerning $191 million verified-- that is my quote. USCIS does not give the kind of information that we could make use of on this.


So for every single $100 of enhanced international investment that year, the EB program contributed one penny. Under a much more unsteady analytical base, the initial applications of prospective immigrant investors, USCIS is informing reporters that the degree of investment in the just-concluded year was concerning $1.2 billion. Let us approve that.

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Thank you for browse this site paying attention to me. Chairman Leahy. He is the head of the firm's migration practice team.




Divine functioned as Principal Advise of the USA Citizenship and Immigration Services from July 2004 up until November 2006, the year in which he was Performing Director, and after that Performing Deputy Director. He has actually functioned extensively with the EB-5 program secretive method. He was elected, as I understand, vice head of state of the Association to Spend in U.S.A., the national industry organization of regional.


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


At a lot of, if all 10,000 ports were used, it would certainly be 1 percent of the immigration each year to important link the USA. It is not near that yet, however it is growing and obtaining towards that. Especially as USCIS, the firm that looks after the program, has actually been making the regulations clearer and the processes more reasonable and clear for the people who are organizing investments and for the investors who are investing, more people have wanted and able to place effort and money into the process to locate good jobs and create them, and after that much more investors have actually wanted to spend their cash and take the threat and utilize the cash to develop the jobs that is the point of the program.

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These jobs do not linger forever, and USCIS understands that and are attempting to speed up the program, speed up the process - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, in reality, they are ready to refute applications that are not qualifying. And they do so, as was discussed


The local facility component of the program is not. It is part of an appropriations expense that was passed in 1992, and because then that program has been expanded five times for 19 years. It is time for it to be irreversible, and it requires to be done currently and not nearer to the date of expiry in September.


The procedure takes a great while to function up a project and afterwards to obtain the capitalists accepted. And they do not desire their cash flowing via till they have been authorized. And the specter of the expiry of this Regional Facility Program click over here now in September is already preventing the growth of projects.

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I want to clarify that the Regional Facility Program is not the same as the half-million-dollar point. The concept of half a million or a million is a function of the normal EB-5 law that becomes part of the code. It just is a fact that most of the regional centers that are pooling financial investments have established those instead of high joblessness or in rural locations where fifty percent- million-dollar investments are enabled, and that makes feeling.