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The program is put in a really strange and non-helpful bureaucratic area for the stimulation of worldwide financial investment in the United States. We are offering away as well much for also tiny of an investment.


The local facilities, with their half-million systems, basically undercut the more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they perform in Australia, should be regarding producing company entities, not passive investments. It needs to have to do with creating real tasks, not clarify computations regarding the indirect production of work, which is now part of the regulations.


Maybe that is just one of the reasons why it has actually fallen short year after year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently clumsy, and the program is also full of intermediaries, both public and exclusive. The program has greater than its share of scandals, which I will certainly obtain into later if anyone is interested.


This is a firm that likes to say yes to applicants, however as the table in my statement reveals, USCIS policemans have a lot extra difficulty with EB-5 applications than others. I believe that is something that no one has really discussed much. EB5 Regional Center Program. There are high rates of inner denials in this program and forever reason

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Seventh, in this program visas go to individuals who could not get them otherwise and to individuals whose scheduled investment is actually much less, according to the Federal Book, than the average mean web well worth of all American family members in 2007. Allow me broaden on among my observations.


My estimate based on the capitalists' eco-friendly card applications submitted 2 years after the initial financial investment-- these are the strong ones that remain and are authorized. This is 2009-- was that they had regarding $191 million verified-- that is my estimate. USCIS does not give the kind of information that we might use on this.


So for every single $100 of enhanced foreign investment that year, the EB program contributed one penny. Under a a lot more shaky statistical base, the preliminary applications of prospective 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. Chairman Leahy. He is the head of the company's migration method group.




Divine acted as Principal Advise of the United States Citizenship and Migration Services from July 2004 up until November 2006, the year in which he was Performing Supervisor, and afterwards Performing Replacement Supervisor. He has worked extensively with the EB-5 program secretive practice. He was elected, as I understand, vice head of state of the Organization to Invest in United States, the nationwide market association of local.


DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At the majority of, if all 10,000 ports were utilized, it would certainly be 1 percent of the migration annually to the United States. It is not near that yet, but it is growing and obtaining towards that. Particularly as USCIS, the firm that oversees the program, has been making the guidelines more clear and the procedures a lot more reasonable and clear for individuals that are arranging investments and for the financiers that are investing, more people have actually been eager and able to put initiative and cash why not try this out into the procedure to locate great tasks and create them, and after that much more investors have agreed to invest their cash and take the risk and use useful reference the cash to create the work that is the point 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 imply that they are relaxing their analysis, and, actually, they prepare to refute applications that are not qualifying. And they do so, as was stated


The local facility component of the program is not. It belongs to an appropriations expense that was passed 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 requires to be done now and not nearer to read here the day of expiration in September.


The process takes a good while to function up a job and afterwards to get the investors approved. And they do not want their money streaming through up until they have been authorized. And the specter of the expiry of this Regional Facility Program in September is already inhibiting the advancement of jobs.

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I want to make clear that the Regional Center Program is not the same as the half-million-dollar thing. The concept of half a million or a million is a feature of the regular EB-5 law that belongs to the code. It simply is a reality that a lot of the local facilities that are merging financial investments have actually set those instead of high joblessness or in rural areas where half- million-dollar investments are permitted, and that makes feeling.