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The program is positioned in a very odd and non-helpful governmental area for the excitement of global financial investment in the United States. We are giving away also much for too little of an investment.


The regional facilities, with their half-million systems, essentially undercut the extra practical million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, must have to do with developing company entities, not easy financial investments. It should have to do with creating real work, not specify estimations concerning the indirect creation of work, which is currently component of the regulation.


Perhaps that is just one of the reasons it has stopped working every year to reach the legislative objective of 10,000 financial investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is also full of middlemen, both public and exclusive. The program has more than its share of detractions, which I will certainly enter later if anybody is interested.


This is an agency that loves to say yes to candidates, however as the table in my testament shows, USCIS policemans have a lot more problem with EB-5 applications than others. I think that is something that nobody has actually discussed a lot. EB5 Regional Center Program. There are high prices of inner denials in this program and for excellent reason

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Seventh, in this program visas go to people who might not get them otherwise and to individuals whose scheduled investment is in fact much less, according to the Federal Get, than the ordinary mean total assets of all American family members in 2007. Allow me broaden on one of my monitorings.


My estimate based on the capitalists' environment-friendly card applications submitted 2 years after the very first financial investment-- these are the strong ones that stay and are authorized. This is 2009-- was that they had about $191 million confirmed-- that is my price quote. USCIS does not offer the type of data that we can utilize on this.


So for every $100 of increased international financial investment that year, the EB program added one dime. Under a a lot more unsteady statistical base, the first applications of prospective immigrant investors, USCIS is telling reporters that the degree of financial investment in the just-concluded year was concerning $1.2 billion. Let us approve that.

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Thanks for paying attention to me. I eagerly anticipate your comments and concerns. [The prepared statement of David North looks like a submission for the document.] Chairman Leahy. Thanks. Our following witness is Robert Divine. He is a shareholder of Baker, Donelson, Bearman, Caldwell, and Berkowitz. He is the head of the company's migration practice group.




Divine acted as Principal Advice of the United States Citizenship and Immigration Providers from July 2004 up until November 2006, the year in which he was Acting Director, and after that Acting Deputy Supervisor. He has actually worked extensively with the EB-5 program secretive method. He was chosen, as I recognize, vice president of the Organization to Buy USA, the national industry association of regional facilities.


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


At most, if all 10,000 slots were made use of, it would certainly be 1 percent of the immigration annually to the United States. It is not near that yet, but it is expanding and obtaining toward that. Especially as USCIS, the firm that supervises the program, has linked here actually been making the rules more clear and the processes a lot more reasonable and clear for the people that are organizing financial investments and for the financiers that are investing, even more individuals have agreed and able to place initiative and cash into the process to discover great tasks and create them, and then a lot more capitalists have actually agreed to spend their cash and take the threat and utilize the money to develop the tasks that is the factor of the program.

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These tasks do not wait about for life, and USCIS understands that and are attempting to speed up the program, speed the process - EB5 Regional Center Program. That does not mean that they are unwinding their analysis, and, actually, they are prepared to deny applications that are not qualifying. And they do so, as was pointed out


The local facility part of the program is not. It is part of an appropriations bill that was established in 1992, and ever since that program has actually been expanded 5 times for 19 years. It is time for it to be long-term, and it needs to be done now and not nearer to the day of expiration in September.


The process takes a great while to function up a task and after that to get the financiers approved. And they do not want their money streaming with until they have actually been authorized. And the specter of the expiration of this Regional Center Program in September is currently dissuading the advancement of tasks.

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I want to clear up that the Regional Facility Program is not the like the half-million-dollar point. The idea read this post here of half a million or a million is a feature of the normal EB-5 law that is component of the code. It simply is a fact that many of the local facilities that are pooling financial investments have established those instead of high unemployment or in rural areas where half- million-dollar investments are allowed, which makes feeling.