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The program is positioned in a very strange and non-helpful administrative area for the excitement of worldwide financial investment in the United States. We are providing away also much for too tiny of an investment.


The regional centers, with their half-million plans, basically undercut the 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, need to be concerning creating business entities, not easy investments. It needs to be regarding developing actual jobs, not clarify calculations concerning the indirect creation of jobs, which is now part of the regulations.


Probably that is among the reasons why it has stopped working year after year to reach the legal goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is also filled with intermediaries, both public and personal. The program has more than its share of detractions, which I will obtain into later if any person is interested.


This is a company that enjoys to state yes to candidates, yet as the table in my testament shows, USCIS police officers have much more problem 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 rates of internal rejections in this program and for great reason

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Seventh, in this program visas go to people that can not obtain them otherwise and to individuals whose scheduled financial investment is in fact less, according to the Federal Book, than the average mean total assets of all American family members in 2007. Let me broaden on among my observations.


My estimate based on the investors' permit applications submitted 2 years after the initial financial investment-- these are the strong ones that stay and are authorized. This is 2009-- was that they had regarding $191 million verified-- that is my quote. USCIS does not give the sort of data that we could use on this.


So for each $100 of raised international financial investment that year, the EB program contributed one cent. Under a far more shaky analytical base, the preliminary applications of prospective immigrant investors, USCIS is informing journalists that the degree of investment in the just-concluded year was about $1.2 billion. Let us approve that.

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




Divine offered as Principal Advice of the USA Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Acting Director, and afterwards Performing Deputy Supervisor. He has actually functioned thoroughly with the EB-5 program in exclusive technique. He was chosen, as I comprehend, vice head of state of the Association to Buy United States, the nationwide market association of regional centers.


DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF my site STATE, INVEST IN THE USA (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At many, if all 10,000 slots were utilized, it would certainly be 1 percent of the migration yearly to the United States. It is not near that yet, but it is growing and getting towards that. Especially as USCIS, the firm that supervises the program, has been making the rules more clear and the processes a lot more reasonable and clear for the individuals who are arranging investments and for the investors that are investing, more people have been prepared and able to put initiative and money into the procedure to locate good projects and establish them, and after that much more investors have actually agreed to invest their money and take the risk and make use of the cash to produce the work that is the point of the program.

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These projects do not wait about internet permanently, and USCIS recognizes that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not suggest that they are relaxing their scrutiny, and, in truth, they prepare to deny applications that are not qualifying. And they do so, as was discussed


The regional center part of the program is not. It belongs to an appropriations costs that was enacted in 1992, and because then that program has actually been prolonged 5 times for 19 years. It is time for it to be long-term, and it requires to be done currently and not nearer to the day of expiration in September.


The process takes a good while to work up a job and after that to obtain the financiers approved. And they do not desire their cash flowing with till they have been authorized. And the specter of the expiry of this Regional Facility Program in September is currently preventing the growth of jobs.

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I want to clarify that the Regional Center Program is not the like the half-million-dollar point. The idea of half a million or a million is a feature of the regular EB-5 law that becomes part of the code. It simply is a fact that the majority of the regional facilities that page are merging financial investments have set those instead of high joblessness or in country locations where fifty percent- million-dollar financial investments are allowed, and that makes sense.