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The program is positioned in a really odd and non-helpful bureaucratic location for the stimulation of international investment in the United States. We are giving away too much for too little of a financial investment.

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The regional facilities, with their half-million plans, basically 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, ought to be regarding creating business entities, not easy financial investments. It needs to have to do with creating genuine jobs, not specify estimations regarding the indirect production of jobs, which is now component of the legislation.

Maybe that is among the reasons it has stopped working time after time to get to the legal goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally awkward, and the program is also full of middlemen, both public and personal. The program has even more than its share of detractions, which I will certainly enter later if anyone is interested.

This is a company that loves to state yes to candidates, but as the table in my testament reveals, USCIS police officers have far more difficulty with EB-5 applications than others. I assume that is something that no one has really spoken about a lot. 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 most likely to people who can not get them otherwise and to individuals whose planned investment is in fact much less, according to the Federal Get, than the average mean internet worth of all American households in 2007. Let me increase on among my observations.

My estimate based on the financiers' environment-friendly card applications submitted 2 years after the initial investment-- these are the solid ones that continue to be and are accepted. This is 2009-- was that they had about $191 million confirmed-- that is my quote. USCIS does not give the sort of information that we could use on this.

For every $100 of enhanced international investment that year, the EB program added one penny. Under a far more wobbly analytical base, the preliminary applications of potential immigrant capitalists, USCIS is informing reporters that the level of investment in the just-concluded year was concerning $1.2 billion. Allow us approve that.

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Thank you for paying attention to me. I eagerly anticipate your remarks and inquiries. [The ready statement of David North looks like a submission for the record.] Chairman Leahy. Thank you. 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 method group.

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Divine functioned as Chief Advise of the United States Citizenship and Immigration Solutions from July 2004 up until November 2006, the year in which he was Performing Supervisor, and afterwards Performing Deputy Director. He has worked thoroughly with the EB-5 program secretive method. He was elected, as I comprehend, vice president of the Organization to Invest in United States, the national sector organization of regional facilities.

STATEMENT OF ROBERT C. DIVINE, ATTORNEY, 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, and others.

At most, if all 10,000 slots were made use of, it would be 1 percent of the immigration each year to the United States. It is not near that yet, yet it is growing and obtaining towards that. Specifically as USCIS, the agency that manages the program, has actually been making the rules clearer and the processes more reasonable and clear for the individuals that are arranging financial investments and for the investors that are spending, even more individuals have actually agreed and able to put effort and cash right into the process to discover good jobs and establish them, and then much more investors have wanted to spend their money and take the danger and make use of the cash to create the work that is the point of the program.

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These tasks do not linger for life, and USCIS understands check here that and are attempting to speed the program, speed the procedure - EB5 Regional Center Program. That does not indicate that they are unwinding their analysis, and, as a matter of fact, they prepare to reject applications that are not certifying. And they do so, as was pointed out

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The local facility component of the program is not. It is part of an appropriations expense that was enacted in 1992, and considering that then that program has actually been prolonged five times for 19 years. It is time for it to be irreversible, and it requires to be done now and not nearer to the day of expiry in September.

The procedure takes a great while to develop a job and afterwards to get the capitalists authorized. And they do not want their cash flowing via until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is already discouraging the development of jobs.

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I want to make clear 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 regulation that becomes part of the code. It just is a reality that a lot of the regional centers that are pooling investments have set those instead of high unemployment or in country areas where half- million-dollar investments are permitted, which makes good sense.

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