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The program is placed in a very weird and non-helpful governmental place for the stimulation of international investment in the United States. Second, its range is all incorrect. We are handing out too much for as well little of an investment. Even more, increasing equity capital fifty percent a million bucks a tranche is, to claim the least, ineffective.

The local facilities, with their half-million systems, essentially undercut the much more reasonable million-dollar part of the EB-5 program. Third, such programs, if we have them whatsoever, as they do in Australia, need to be about creating company entities, not easy financial investments. It ought to be about developing actual work, not elaborate estimations concerning the indirect development of jobs, which is now component of the regulations.

Possibly that is one of the reasons it has fallen short every year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Facility Program is naturally awkward, and the program is too loaded with intermediaries, both public and exclusive. The program has greater than its share of rumors, which I will enter into later if anybody is interested.

This is a company that likes to claim yes to applicants, however as the table in my statement reveals, USCIS police officers have a lot more difficulty with EB-5 applications than others. I believe that is something that nobody has really spoken about much. EB5 Regional Center Program. There are high prices of inner denials in this program and forever factor

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Seventh, in this program visas go to individuals who can not obtain them differently and to individuals whose planned financial investment is really less, according to the Federal Book, than the ordinary mean total assets of all American family members in 2007. Allow me broaden on one of my observations.

My quote based upon the financiers' permit applications submitted 2 years after the first financial investment-- these are the strong ones that stay and are authorized. This is 2009-- was that they had regarding $191 million confirmed-- that is my price quote. USCIS does not supply the kind of information that we might utilize on this.

So for every single $100 of enhanced foreign financial investment that year, the EB program added one dime. Under a far more wobbly statistical base, the preliminary applications of potential immigrant financiers, USCIS is informing journalists that the level of investment in the just-concluded year had to do with $1.2 billion. Let us accept that.

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Thanks for listening to me. I expect your comments and questions. [The ready statement of David North looks like an entry 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 immigration method team.


Divine functioned as Chief Advise of the United States Citizenship and Migration Services from July 2004 up until November 2006, the year in which he was Acting Director, and after that Acting Replacement Director. He has functioned thoroughly with the EB-5 program secretive method. He was chosen, as I comprehend, vice president of the Organization to Spend in United States, the national industry association of regional.

Divine, we are thrilled to have you here. Please go on, sir. STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, PURCHASE THE USA (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.

At many, if all 10,000 slots were used, it would be 1 percent of the immigration yearly to the USA. It is not near that yet, yet it is growing and getting toward that. Especially More Bonuses as USCIS, the firm that oversees the program, has actually been making the guidelines clearer and the procedures extra rational and clear for Web Site individuals that are organizing investments and for the capitalists who are spending, even more people have actually agreed and able to put effort and money into the process to discover great tasks and develop them, and after that much more capitalists have actually been eager to invest their cash and take the risk and utilize the cash to create the tasks that is the factor of the program.

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These tasks do not linger forever, and USCIS understands that and are trying to speed the program, speed up the process - EB5 Regional Center Program. That does not suggest that they are relaxing their scrutiny, and, in fact, they are ready to deny applications that are not qualifying. And they do so, as was stated

The local center part 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 permanent, and it requires to be done currently and not nearer to the date of expiration in September.

The procedure takes an excellent while to function up a job and after that to get the capitalists approved. And they do not want their cash moving with up until they have actually been authorized. And the specter of the expiration of this Regional Facility Program in September is currently inhibiting the advancement of projects.

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I want to clarify that the Regional Center Program is not go to my site the exact same as the half-million-dollar point. The concept of half a million or a million is a feature of the normal EB-5 law that is component of the code. It just is a reality that the majority of the local facilities that are merging financial investments have set those in areas of high unemployment or in country areas where fifty percent- million-dollar investments are permitted, and that makes good sense.

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