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The program is placed in a very odd and non-helpful bureaucratic area for the excitement of international financial investment in the United States. We are offering away also much for as well small of an investment.

The regional facilities, with their half-million plans, basically undercut the extra practical million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they do in Australia, ought to have to do with producing company entities, not passive investments. It should have to do with producing real jobs, not specify estimations regarding the indirect creation of work, which is now component of the legislation.

Probably that is just one of the reasons it has stopped working time after time to get to the legal objective of 10,000 investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is as well full of middlemen, both public and private. The program has even more than its share of rumors, which I will certainly enter into later if anybody is interested.

This is a firm that loves to say yes to candidates, however as the table in my statement shows, USCIS police officers have a lot more problem with EB-5 applications than others. I think that is something that nobody has actually really discussed a lot. EB5 Regional Center Program. There are high rates of internal rejections in this program and completely reason

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Seventh, in this program visas go to individuals that could not get them differently and to individuals whose scheduled investment is in fact much less, according to the Federal Book, than the ordinary mean total assets of all American family members in 2007. Let me increase on one of my observations.

My estimate based upon the capitalists' eco-friendly card applications filed 2 years after the very first financial investment-- these are the solid ones that remain and are accepted. This is 2009-- was that they had concerning $191 million validated-- that is my price quote. USCIS does not supply the kind of data that we might utilize on this.

So for each $100 of increased international investment that year, the EB program contributed one penny. Under a far more unsteady analytical base, the first applications of potential immigrant investors, USCIS is telling journalists that the degree of financial 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 firm's migration technique group.


Divine worked as Chief Advice of the USA Citizenship and Migration Providers from July 2004 until November 2006, the year in which he was Performing Supervisor, and after that Performing Replacement Supervisor. He has functioned extensively with the EB-5 program secretive technique. He was elected, as I understand, vice president of the Organization to Buy USA, the national sector organization of local centers.

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

At most, if all 10,000 ports were used, it would be 1 percent of the immigration annually to the United States. It is not near that yet, however it is expanding and getting toward that. Especially as USCIS, the company that oversees the program, has actually been making the guidelines clearer and the processes a lot more sensible and clear for the people who are organizing investments and for the investors that are spending, more people have agreed and able to place initiative and money right into the process to locate excellent projects and establish them, and afterwards more investors have wanted to invest their cash and take the threat and make use of the money to produce the jobs that is the factor of the program.

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These projects do not wait around permanently, and USCIS understands that and view are trying to speed the program, speed the procedure - EB5 Regional Center Program. That does not mean that they are unwinding their scrutiny, and, actually, they are ready to deny applications that are not qualifying. And they do so, as was discussed

The local center part of the program is not. It belongs to an appropriations bill that was established in 1992, and ever since that program has been extended five times for 19 years. It is time for it to be permanent, and it needs to be done now and not nearer to the date of expiry in September.

The process takes a good while to develop a task and then to get the capitalists authorized. And they do not want their cash streaming with up until they have actually been approved. And the specter of the expiry of this Regional Facility Program in September is already discouraging the growth of projects.

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I want to make clear that the Regional Center Program is not the click here for more info same as the half-million-dollar thing. The concept of half a million or a million is a feature of the routine EB-5 legislation that is part of the code. It simply is a truth that most of the local facilities that are merging investments have actually established those instead of high unemployment or in country areas where fifty percent- million-dollar financial investments are enabled, and that makes good sense.

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