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The program is positioned in a very odd and non-helpful bureaucratic location for the excitement of worldwide financial investment in the United States. We are offering away also much for too little of a financial investment.

The local facilities, with their half-million schemes, basically damaged the more practical million-dollar part of the EB-5 program. Third, such programs, if we have them at all, as they perform in Australia, ought to be regarding creating organization entities, not easy investments. It should be regarding producing real jobs, not specify calculations about the indirect development of jobs, which is currently part of the regulations.

Perhaps that is just one of the reasons it has actually stopped working year after year to reach the legislative objective of 10,000 investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is also loaded with intermediaries, both public and personal. The program has greater than its share of scandals, which I will certainly obtain right into later if anyone is interested.

This is a company that loves to claim yes to candidates, but as the table in my testimony shows, USCIS officers have a lot extra problem with EB-5 applications than others. I believe that is something that nobody has actually discussed a lot. EB5 Regional Center Program. There are high prices of internal rejections in this program and completely factor

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Seventh, in this program visas most likely to people that can not obtain them otherwise and to people whose planned financial investment is in fact much less, according to the Federal Reserve, than the typical mean total assets of all American families in 2007. Let me expand on one of my monitorings.

My price quote based on the capitalists' copyright applications submitted 2 years after the very first financial investment-- these are the solid ones that stay and are authorized. This is 2009-- was that they had concerning $191 million confirmed-- that is my quote. USCIS does not provide the type of information that we could use on this.

So for each $100 of increased foreign investment that year, the EB program added one dime. Under a far more unsteady statistical base, the initial applications of potential immigrant financiers, USCIS is informing reporters that the degree of investment in the just-concluded year was about $1.2 billion. Let us accept that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the company's migration method group.


Divine functioned as Chief Guidance of the United States Citizenship and Migration Providers from July 2004 till November 2006, the year in which he was Performing Supervisor, and afterwards Acting Replacement Director. He has actually worked extensively with the EB-5 program in exclusive technique. He was chosen, as I comprehend, vice president of the Organization to Buy United States, the national industry association of local centers.

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

At a lot of, if all 10,000 slots were used, it would certainly be 1 percent of the immigration 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 oversees the program, has been making the policies clearer and the procedures more logical and clear for the people who are organizing investments and for the investors who are spending, more people have actually agreed and able to place effort and cash into the process to discover great jobs and establish them, and after that a lot more capitalists have wanted to spend their cash and take the threat and use the cash to create the work that is the point of the program.

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These jobs do not wait around forever, and USCIS understands that and are trying to speed the program, click here speed the procedure - EB5 Regional Center Program. That does not indicate that they are relaxing their examination, and, actually, they prepare to deny applications that are not certifying. And they do so, as was discussed

The local facility component of the program is not. It becomes part of an appropriations expense that was enacted in 1992, and since then that program has been prolonged 5 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 procedure takes a great while to develop a task and after that to get the financiers accepted. And they do not want their cash moving with up until they have actually been authorized. And the specter of the expiration of this Regional Center Program in September is currently inhibiting the development of jobs.

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I wish to make clear 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 normal EB-5 regulation that is component of the code. It just is a fact that the majority of the regional centers that are pooling financial investments have set those instead of high joblessness or in rural locations where half- million-dollar investments are permitted, and that makes good sense.

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