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The program is put in a very strange and non-helpful bureaucratic area for the stimulation of worldwide investment in the United States. We are providing away as well much for as well little of an investment.


The local centers, with their half-million schemes, essentially damaged the more practical million-dollar part of the EB-5 program. Third, such programs, if we have them whatsoever, as they do in Australia, should be concerning producing organization entities, not easy financial investments. It should be about developing real jobs, not elaborate computations regarding the indirect development of jobs, which is currently part of the regulations.


Probably that is among the reasons it has actually fallen short time after time to reach the legal objective of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is also full of middlemen, both public and personal. The program has more than its share of rumors, which I will certainly get involved in later on if any person is interested.


This is a company that loves to state yes to applicants, but as the table in my testimony reveals, USCIS officers have a lot a lot more problem with EB-5 applications than others. I think that is something that nobody has really spoken about a lot. EB5 Regional Center Program. There are high rates of internal denials in this program and permanently reason

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Seventh, in this program visas most likely to people who can not get them differently and to people whose planned investment is actually much less, according to the Federal Reserve, than the average mean total assets of all American households in 2007. Let me broaden on among my monitorings.


My price quote based upon the investors' eco-friendly card applications submitted 2 years after the very first investment-- these are the solid ones that continue to be and are accepted. This is 2009-- was that they had regarding $191 million validated-- that is my estimate. USCIS does not provide the kind of information that we could use on this.


So for every $100 of increased foreign investment that year, the EB program added one cent. Under a much extra unsteady analytical base, the first applications of potential immigrant financiers, USCIS is telling reporters that the degree of investment in the just-concluded year was about $1.2 billion. Let us accept that.

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Thanks for paying attention to me. I look forward to your comments and inquiries. [The ready statement of David North looks like an entry for the document.] Chairman Leahy. Thank you. Our following witness is Robert Divine. He is a shareholder of Baker, Donelson, Bearman, Caldwell, and Berkowitz. He is the head of the firm's immigration technique team.




Divine acted as Principal Advise of the United States Citizenship and Migration Solutions from July 2004 till November 2006, the year in which he was Performing Supervisor, and after that Performing Deputy Director. He has functioned thoroughly with the EB-5 program in personal practice. He was elected, as I recognize, vice head of state of the Organization to Spend in United States, the nationwide sector association of local.


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


At the majority of, if all 10,000 slots were made use of, it would be 1 percent of the migration yearly to the USA. It is not near that yet, but it is growing and obtaining toward that. Particularly as USCIS, the agency that supervises the program, has actually been making the policies clearer and the processes much more sensible and clear for the individuals that are organizing investments and for the capitalists that are spending, even more individuals have wanted and able to put initiative and money into the process to locate excellent jobs and establish them, and after that extra financiers have agreed to invest their money and take the risk and use the cash to develop the jobs that is the point of the program.

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These tasks do not wait about for life, and USCIS recognizes that and are trying to speed the program, speed the process - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, as a matter of fact, they prepare to refute applications that are not qualifying. And they do so, as was mentioned


The regional facility part of the program is not. It becomes part of an appropriations expense that was passed in 1992, and considering that then that program has actually been prolonged five times for 19 years. It is time for it to be irreversible, and it needs to be done currently and not nearer to the date of expiry in September.


The procedure takes an excellent while to work up a job and afterwards to obtain the financiers approved. And they do not want their money streaming through up until they have been approved. And the specter of the expiry of this Regional Facility Program in September is currently discouraging the growth of projects.

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I wish to clear up that the Regional Center Program is not the same as the half-million-dollar thing. The concept here of half a million or a million is a feature of the regular EB-5 regulation that belongs to the code. It simply is a fact that the majority of the local centers that are merging financial investments have actually set those in areas of high unemployment or in backwoods where half- million-dollar financial investments are enabled, which makes good sense.