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First, the program is positioned in a very weird and non-helpful administrative place for the stimulation of international financial investment in the USA. Second, its scale is all incorrect. We are handing out too much for also little of a financial investment. Even more, increasing equity capital fifty percent a million dollars a tranche is, to state the least, inefficient.

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The regional facilities, with their half-million schemes, essentially damaged the extra reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they do in Australia, need to be concerning producing company entities, not easy financial investments. It needs to have to do with creating genuine work, not elaborate estimations concerning the indirect production of jobs, which is currently part of the regulation.

Probably that is among the reasons that it has stopped working year after year to reach the legislative goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too loaded with middlemen, both public and private. The program has greater than its share of scandals, which I will certainly get involved in later if anyone is interested.

This is an agency that loves to say yes to candidates, but as the table in my testament shows, USCIS officers have a lot more problem with EB-5 applications than others. I think that is something that no one has actually really discussed much. EB5 Regional Center Program. There are high rates of inner denials in this program and permanently reason

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

My estimate based upon the capitalists' copyright applications submitted 2 years after the very first financial investment-- these are the solid ones that stay and are accepted. This is 2009-- was that they had about $191 million confirmed-- that is my estimate. USCIS does not supply the sort of information that we might utilize on this.

For every $100 of raised international financial investment that year, the EB program contributed one penny. Under a a lot more wobbly statistical base, the preliminary applications of prospective immigrant capitalists, USCIS is telling reporters that the degree of investment in the just-concluded year was regarding $1.2 billion. Allow us accept that.

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Thank you for listening to me. Chairman Leahy. He is the head of the company's migration technique group.

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Divine served as Chief Guidance of the United States Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Acting Supervisor, and after that Acting Replacement Director. He has functioned extensively with the EB-5 program secretive practice. He was elected, as I comprehend, vice head of state of the Association to Spend in USA, the nationwide sector organization of regional.

STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE U.S.A. (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.

At most, if all 10,000 ports were used, it would certainly be 1 percent of the immigration annually to the United States. It is not near that yet, but it is growing and obtaining towards that. Particularly as USCIS, the agency that oversees the program, has been making the guidelines more clear and the processes a lot more sensible and clear for individuals that are arranging investments and for the financiers that are spending, more individuals have agreed and able to place effort and cash into the procedure to find great jobs and establish them, and afterwards a lot more financiers have actually been eager to invest their cash and take the threat and use the money to develop the work that is the point of the program.

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These projects do not linger for life, and USCIS understands that and are trying to speed the program, speed the process - EB5 Regional Center Program. That does not indicate that they are unwinding their scrutiny, and, actually, they prepare to refute applications that are not qualifying. And they do so, as was stated

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The regional facility component of the program is not. It is component of an appropriations bill that was established in 1992, and ever since that program has actually been extended 5 times for 19 years. It is time for it to be permanent, and it needs to be done now and more info not nearer to the day of expiration in September.

The process takes a good while to function up a project and after that to get the capitalists approved. And they do not want their cash flowing with until they have been approved. And the specter of the expiration of this Regional Facility Program in September is currently discouraging the growth of projects.

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I wish to clear up 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 normal EB-5 regulation that belongs to the code. It simply is a reality that a lot of the local facilities that are merging investments have established those instead of high unemployment or in country areas where fifty percent- million-dollar financial investments are allowed, and that makes good sense.

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