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The program is put in an extremely weird and non-helpful governmental location for the stimulation of international financial investment in the United States. We are offering away as well much for too tiny of an investment.


The regional facilities, with their half-million plans, essentially damaged the a lot more practical million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they perform in Australia, ought to be regarding producing organization entities, not passive investments. It ought to have to do with developing genuine work, not clarify calculations concerning the indirect creation of tasks, which is currently part of the regulation.


Maybe that is one of the reasons it has failed year after year to get to the legal objective of 10,000 investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too filled up with intermediaries, both public and private. The program has greater than its share of rumors, which I will certainly enter into later on if anyone is interested.


This is a company that enjoys to claim yes to candidates, but as the table in my testimony reveals, USCIS police officers have a lot a lot more problem with EB-5 applications than others. I believe that is something that no one has really spoken about much. EB5 Regional Center Program. There are high prices of interior rejections in this program and permanently reason

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Seventh, in this program visas most likely to people who could not get them any kind of other means and to individuals whose scheduled financial investment is in fact less, according to the Federal Get, than the ordinary mean internet well worth of all American households in 2007. Let me expand on among my monitorings.


My estimate based on the investors' copyright applications filed 2 years after the very first financial investment-- these are the solid ones that continue to be and are authorized. This is 2009-- was that they had concerning $191 million verified-- that is my price quote. USCIS does not provide the kind of information that we might use on this.


For every $100 of raised international investment that year, the EB program contributed one cent. Under a far more unsteady analytical base, the initial applications of potential immigrant investors, USCIS is informing reporters that the degree of financial 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. I eagerly anticipate your comments and concerns. [The ready declaration of David North appears as an entry for the document.] Chairman Leahy. Thank you. Our next witness is Robert Divine. He is an investor of Baker, Donelson, Bearman, Caldwell, and Berkowitz. He is the head of the company's immigration practice group.




Divine acted as Principal Guidance of the United States Citizenship and Immigration Providers from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Deputy Director. He has actually functioned extensively with the EB-5 program secretive practice. He was chosen, as I comprehend, vice head of state of the Organization to Spend in USA, the national sector organization of regional.


Divine, we are pleased to have you right here. Please go on, sir. DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF STATE, more info PURCHASE THE United States (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At most, if all 10,000 slots were utilized, it would be 1 percent of the migration yearly to the USA. It is not near that yet, however it is expanding and getting toward that. Particularly as USCIS, the agency that manages the program, has been making the policies clearer and the processes much more rational and clear for individuals who are organizing investments and for the capitalists who are spending, more people have been prepared and able to place effort and cash right into the process to discover great tasks and develop them, and after that extra investors have actually agreed to invest their money and take the threat and use the money to produce the work that is the point of the program.

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These projects do not wait around permanently, and USCIS comprehends that and are attempting to speed up the program, speed up the procedure - EB5 Regional Center Program. That does not suggest that they are unwinding their scrutiny, and, as a matter of fact, they are prepared to reject applications that are not certifying. And they do so, as was stated


The local facility part of the program is not. It belongs to an appropriations costs that was established in 1992, and because then that program has actually been extended five 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 good while to function up a project and afterwards to get the capitalists authorized. And they do not desire their money moving with until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is already discouraging 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 concept of half a million or a million is a feature of the regular EB-5 law that is component of the code. It simply is a fact that the majority of the regional centers that are pooling financial investments have actually established those instead of high joblessness or in backwoods where half- million-dollar investments are enabled, and that makes feeling.