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The program is placed in an extremely odd and non-helpful governmental place for the excitement of international investment in the United States. We are offering away as well much for also small of an investment.

The regional facilities, with their half-million systems, essentially damaged the more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they perform in Australia, should have to do with producing service entities, not passive investments. It must be regarding producing real jobs, not elaborate computations about the indirect creation of tasks, which is currently component of the legislation.

Maybe that is one of the reasons it has stopped working every year to reach the legal goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is too filled up with middlemen, both public and personal. The program has greater than its share of scandals, which I will certainly get right into later if anyone is interested.

This is a firm that enjoys to state yes to candidates, however 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 truly discussed much. EB5 Regional Center Program. There are high prices of interior rejections in this program and for good factor

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Seventh, in this program visas go to people who can not get them differently and to individuals whose organized financial investment is in fact less, according to the Federal Get, than the average mean total assets of all American family members in 2007. Allow me broaden on one of my monitorings.

My estimate based on the capitalists' environment-friendly card applications filed 2 years after the first investment-- these are the strong ones that stay and are accepted. This is 2009-- was that they had concerning $191 million validated-- that is my price quote. USCIS does not provide the kind of data that we can use on this.

For every $100 of boosted foreign financial investment that year, the EB program contributed one penny. Under a far more shaky analytical base, the first applications of would-be immigrant investors, USCIS is telling journalists that the level of investment in the just-concluded year had to do with $1.2 billion. Let us accept that.

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


Divine worked as Chief Guidance of the USA Citizenship and Migration Services from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Replacement Director. He has worked extensively with the EB-5 program in personal method. He was elected, as I comprehend, vice head of state of the Organization to Invest in U.S.A., the nationwide market association of local.

Divine, we are pleased to have you below. Please proceed, sir. 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. Thanks, Mr. Chairman, Senator Grassley, and others. Thank you for having me.

At a lot of, if all 10,000 ports were utilized, it would be 1 percent of the migration annually to the USA. It is not near that yet, but it is growing and obtaining toward that. Especially as USCIS, the agency that looks after the program, has been making the guidelines more clear and the processes more logical and clear for the individuals who are arranging investments and for the investors that are investing, more individuals have actually agreed and able to place effort and money right into the process to find great tasks and create them, and after that a lot more capitalists have actually been ready to invest their money and take the risk and utilize the cash to develop the jobs that is the point of the program.

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These tasks do not linger permanently, and USCIS recognizes that and are attempting to speed the program, speed the procedure - EB5 Regional Center Program. That does not suggest that they are unwinding their examination, and, actually, they are ready to deny applications that are not qualifying. And they do so, as was stated

The local facility component of the program is not. It is click here component of an appropriations bill that was enacted in 1992, and because then that program has been prolonged five times for 19 years. It is time for it to be permanent, and it needs to be done now and not nearer to the date of expiration in September.

The process takes a great while to develop a job and after that to obtain the investors authorized. And they do not desire their cash moving with till they have been authorized. And the specter of the expiry of this Regional Center Program in September is currently discouraging the advancement of jobs.

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I would certainly such as to clear up that the Regional Center Program is not the exact same as the half-million-dollar thing. 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 truth that a lot of the regional facilities that are merging investments have actually established those in places of high joblessness or in rural locations where half- million-dollar financial investments are permitted, which makes sense.

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