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The program is placed in a really weird and non-helpful administrative location for the stimulation of worldwide financial investment in the United States. We are providing away also much for too small of an investment.


The local centers, with their half-million systems, essentially damaged the much more reasonable million-dollar part of the EB-5 program. Third, such programs, if we have them in any way, as they carry out in Australia, must be concerning producing business entities, not passive financial investments. It should have to do with developing actual jobs, not specify estimations about the indirect development of jobs, which is currently component of the regulations.


Perhaps that is among the reasons why it has fallen short every year to reach the legislative objective of 10,000 investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too loaded with middlemen, both public and exclusive. The program has more than its share of scandals, which I will certainly get involved in later on if any person is interested.


This is a company that enjoys to claim yes to candidates, but as the table in my testament reveals, USCIS police officers have a lot more problem with EB-5 applications than others. I assume that is something that no one has truly spoken about a lot. EB5 Regional Center Program. There are high rates of inner denials in this program and permanently factor

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Seventh, in this program visas go to individuals who could not obtain them differently and to individuals whose organized financial investment is actually less, according to the Federal Book, than the average mean total assets of all American households in 2007. Let me expand on one of my observations.


My estimate based on the investors' permit applications filed 2 years after the initial investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had concerning $191 million confirmed-- that is my quote. USCIS does not give the kind of data that we could utilize on this.


So for each $100 of increased international investment that year, the EB program added one penny. Under a much more unsteady statistical base, the preliminary applications of would-be immigrant investors, USCIS is informing reporters that the degree of investment in the just-concluded year was regarding $1.2 billion. Let us approve that.

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Thank you for listening to me. Chairman Leahy. more info He is the head of the company's immigration practice team.




Divine served as Chief Guidance of the United States Citizenship and Immigration Solutions from July 2004 up until November 2006, the year in which he was Acting Director, and after that Performing Replacement Supervisor. He has worked extensively with the EB-5 program secretive practice. He was elected, as I recognize, vice president of the Organization to Spend in United States, the nationwide sector association of local.


Divine, we are delighted to have you below. Please go in advance, sir. DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE U.S.A. (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Legislator Grassley, and others. Thank you for having me.


At the majority of, if all 10,000 ports were made use of, it would be 1 percent of the immigration annually to the United States. It is not near that yet, yet it is growing and getting toward that. Specifically as USCIS, the company that supervises the program, has actually been making the policies clearer and the processes much more logical and clear for individuals who are arranging investments and for the capitalists who are spending, even more people have actually been willing and able to place initiative and money right into the procedure to locate good projects and create them, and after that more investors have actually agreed to spend their cash and take the risk and use the cash to produce the jobs that is the point of the program.

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These jobs do not linger for life, and USCIS recognizes that and are attempting to speed up the program, speed the procedure - EB5 Regional Center Program. That does not suggest 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 center component of the program is not. It becomes part of an appropriations costs 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 requires to be done currently and not nearer to the date of expiration in September.


The procedure takes a great while to work up a task and then to get the financiers accepted. And they do not desire their cash streaming through up until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is already inhibiting the development of jobs.

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I want to make clear that the Regional Facility Program is not the like the half-million-dollar thing. The concept of half a million or a million is a feature of the normal EB-5 regulation that is part of the code. It just is a truth that the majority of the local facilities that are merging financial investments have actually set those instead of high unemployment or in country areas where half- million-dollar investments are permitted, which makes sense.