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The program is placed in an extremely strange and non-helpful administrative place for the stimulation of global financial investment in the United States. We are providing away also much for also tiny of a financial investment.


The local centers, with their half-million schemes, basically undercut the much more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they do in Australia, must be about developing business entities, not easy financial investments. It must have to do with developing actual jobs, not specify calculations concerning the indirect development of jobs, which is now component of the regulation.


Probably that is among the factors why it has fallen short every year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is as well full of middlemen, both public and personal. The program has greater than its share of scandals, which I will get involved in later if anyone is interested.


This is a company that likes to state yes to candidates, however as the table in my statement shows, USCIS officers have a lot a lot more trouble with EB-5 applications than others. I think that is something that no one has actually actually discussed a lot. EB5 Regional Center Program. There are high prices of interior rejections 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 people whose scheduled financial investment is actually much less, according to the Federal Book, than the average mean total assets of all American families in 2007. Allow me increase on one of my monitorings.


My estimate based on the capitalists' permit applications submitted 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 regarding $191 million confirmed-- that is my estimate. USCIS does not supply the type of information that we can make use of on this.


So for each $100 of boosted international financial investment that year, the EB program contributed one dime. Under a much extra shaky analytical base, the preliminary applications of potential immigrant investors, USCIS is telling reporters that the level of investment in the just-concluded year had to do with $1.2 billion. Let us approve that.

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




Divine offered as Principal Guidance of the United States Citizenship and Migration Providers from July 2004 till November 2006, the year in which he was Performing Director, and afterwards Performing Replacement Director. He has functioned extensively with the EB-5 program secretive method. He was elected, as I recognize, vice president of the Organization to Invest in United States, the national market 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, INVEST IN THE United States (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Legislator Grassley, and others. Thank you for having me.


At most, if all 10,000 slots were made use of, it would certainly 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 as USCIS, the agency that supervises the program, has been making the policies clearer and the processes a lot more logical and clear for individuals that are organizing financial investments and for the investors who are investing, more people have agreed and able to put initiative and cash into the process to locate good tasks and develop them, and after that extra investors have actually been ready to invest their money and take the danger and use the cash to develop the tasks that is the factor of the program.

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These projects do not wait around forever, and USCIS recognizes that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not imply that they are unwinding their scrutiny, and, in reality, they are ready to refute 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 enacted 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 the day of expiration in September.


The process takes a great while to function up a project and after that to obtain the financiers authorized. And they do not want their money flowing through up until they have actually been authorized. And the specter of the expiration of this Regional Facility Program in September is currently inhibiting the growth of jobs.

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I would love to clarify that the Regional Facility Program is not the exact same as the half-million-dollar point. The concept of half a million or a million is a feature of the regular EB-5 law that is part of the code. It just is a truth that the majority of the local centers that are pooling investments have actually set those instead of high unemployment or in backwoods where half- million-dollar financial investments are enabled, which makes feeling.