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The program is put in an extremely odd and non-helpful bureaucratic place for the stimulation of global financial investment in the United States. We are giving away as well much for too small of a financial investment.

The regional facilities, with their half-million plans, essentially damaged the much more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they perform in Australia, should be concerning producing business entities, not easy investments. It should have to do with developing actual work, not specify calculations regarding the indirect creation of tasks, which is currently component of the regulations.

Maybe that is among the reasons why it has stopped working time after time to reach the legislative objective of 10,000 financial investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is as well filled up with middlemen, both public and personal. The program has even more than its share of scandals, which I will certainly get involved in later on if anybody is interested.

This is a company that likes to say yes to applicants, yet as the table in my statement shows, USCIS policemans have far more problem with EB-5 applications than others. I believe that is something that nobody has actually discussed much. EB5 Regional Center Program. There are high prices of interior denials in this program and for good reason

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Seventh, in this program visas go to people who could not get them any type of other method and to people whose scheduled investment is actually less, according to the Federal Get, than the ordinary mean net well worth of all American families in 2007. Let me increase on among my observations.

My estimate based on the investors' permit applications filed 2 years after the initial financial investment-- these are the strong ones that stay and are authorized. This is 2009-- was that they had concerning $191 million confirmed-- that is my price quote. USCIS does not offer the kind of information that we can utilize on this.

For every $100 of increased foreign investment that year, the EB program contributed one penny. Under a a lot more wobbly statistical base, the preliminary applications of prospective immigrant financiers, USCIS is informing journalists that the level of investment in the just-concluded year was about $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 EB5 Regional Center Program the firm's immigration method group.


Divine acted as Chief Advice of the USA Citizenship and Migration Providers from July 2004 till November 2006, the year in which he was Performing Supervisor, and then Acting Deputy Director. He has functioned thoroughly with the EB-5 program secretive method. He was chosen, as I comprehend, vice head of state of the Organization to Buy United States, the national industry association of regional centers.

Divine, we are pleased to have you here. Please proceed, sir. DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE U.S.A. (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thanks for having me.

At most, if all 10,000 ports were made use of, it would certainly be 1 percent of the immigration yearly to the United States. It is not near that yet, but it is expanding and getting towards that. Especially as USCIS, the firm that looks after the program, has been making the rules more clear and the processes more sensible and clear for individuals that are arranging financial investments and for the capitalists that are investing, even more people have been willing and able to put effort and money into the process to find good jobs and create them, and afterwards much more capitalists have wanted to spend their cash and take the danger and make use of the cash to develop the jobs that is the point of the program.

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These projects do not linger for life, and USCIS understands that and are trying to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their scrutiny, and, as a matter of fact, they are all set to reject applications that are not qualifying. And they do so, as was stated

The local facility part of the program is not. It belongs to an appropriations bill that was passed in 1992, and considering that then that program has been extended 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 expiry in September.

The procedure takes a great while to function up a project and after that to obtain the financiers approved. And they do not want their cash streaming via till they have actually been approved. And the specter of the expiration of this Regional Center Program in September is already dissuading the growth of tasks.

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I want to clarify that the Regional Center Program is not the like the half-million-dollar thing. The concept of half a million or a million is a feature of the regular EB-5 law that becomes part of the code. It just is a reality that the majority of the local centers that are pooling investments have established those in areas of high unemployment or in rural locations where half- million-dollar financial investments are allowed, and that makes good sense.

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