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The program is put in a really strange and non-helpful bureaucratic location for the stimulation of international investment in the United States. We are offering away too much for too little of an investment.

The regional centers, with their half-million systems, basically damaged the extra practical million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, must be about creating organization entities, not passive investments. It ought to have to do with developing real work, not clarify calculations about the indirect production of tasks, which is currently part of the legislation.

Probably that is among the reasons it has failed time after time to reach the legal objective of 10,000 investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is also filled with intermediaries, both public and exclusive. The program has greater than its share of detractions, which I will enter into later on if anyone is interested.

This is an agency that likes to claim yes to candidates, but as the table in my statement reveals, USCIS policemans have far more trouble with EB-5 applications than others. I believe that is something that no one has truly discussed a lot. EB5 Regional Center Program. There are high prices of internal denials in this program and permanently reason

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Seventh, in this program visas go to people who might not get them differently and to people whose planned financial investment is really much less, according to the Federal Reserve, than the average mean total assets of all American families in 2007. Let me expand on one of my monitorings.

My quote based upon the investors' permit applications submitted 2 years after the very first investment-- these are the solid ones that stay and are approved. This is 2009-- was that they had regarding $191 million confirmed-- that is my price quote. USCIS does not offer the sort of information that we might utilize on this.

So for every single $100 of raised international investment that year, the EB program contributed one dime. Under a much extra unsteady statistical base, the first applications of prospective immigrant investors, USCIS is telling journalists that the degree of investment in the just-concluded year had to do with $1.2 billion. Allow us approve that.

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

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Divine functioned as Chief Counsel of the USA Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Acting Supervisor, and afterwards Performing Deputy Supervisor. He has actually functioned extensively with the EB-5 program in private method. He was elected, as I recognize, vice head of state of the Association to Invest in U.S.A., the nationwide market association of local.

Divine, we are pleased to have you here. Please go on, sir. 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. Thanks, Mr. Chairman, Legislator Grassley, and others. Thank you for having me.

At many, if all 10,000 slots were made use of, it would be 1 percent of the migration annually to the USA. It is not near that yet, but it is growing and obtaining toward that. Specifically as USCIS, the agency that looks after the program, has been making the regulations clearer and the procedures much more reasonable and clear for individuals that are arranging investments and for the financiers that are investing, more people have been prepared and able to place initiative and money right into the procedure to discover good projects and develop them, and afterwards a lot more financiers have agreed to invest their cash and take the threat and use the cash to create the jobs that is the factor this content of the program.

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These projects do not wait around forever, and USCIS recognizes that and are trying to speed up the program, speed the process - EB5 Regional Center Program. That does not mean that they are relaxing their examination, and, in fact, they prepare to reject 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 passed in 1992, and ever since that program has actually been prolonged five times for 19 years. It is time for it to be long-term, and it requires to be done now and not nearer to the date of expiration in September.

The process takes a great while to work up a job and after that to get the financiers approved. And they do not desire their money streaming with till they have actually been accepted. And the specter of the expiry of this Regional Center Program in September is already dissuading go to this web-site the advancement of tasks.

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I want to clarify that the Regional Center Program is not the same as the half-million-dollar point. The idea of half a million or a million is a function of the routine EB-5 regulation that is component of the code. It just is a fact that a lot of the local facilities that are pooling financial investments have actually set those in areas of high joblessness or in rural areas where fifty percent- million-dollar financial investments are allowed, and that makes sense.

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