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The program is put in a very weird and non-helpful bureaucratic place for the stimulation of worldwide 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 a lot more practical million-dollar component of the EB-5 program. Third, such programs, if we have them in any way, as they do in Australia, need to have to do with creating organization entities, not passive financial investments. It must have to do with developing genuine jobs, not clarify calculations concerning the indirect creation of work, which is now component of the regulations.


Perhaps that is just one of the reasons that it has stopped working year after year to get to the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally clumsy, and the program is as well loaded with middlemen, both public and exclusive. The program has even more than its share of rumors, which I will certainly enter into later if anyone is interested.


This is an agency that likes to say yes to applicants, but as the table in my testimony reveals, USCIS police officers have far more difficulty with EB-5 applications than others. I believe that is something that nobody has truly talked about a lot. EB5 Regional Center Program. There are high prices of inner rejections in this program and permanently reason

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Seventh, in this program visas most likely to individuals that can not obtain them any kind of various other method and to individuals whose planned financial investment is actually less, according to the Federal Get, than the average mean internet well worth of all American households in 2007. Let me increase on among my monitorings.


My estimate based on the capitalists' environment-friendly card applications submitted 2 years after the initial investment-- these are the solid ones that remain and are accepted. This is 2009-- was that they had concerning $191 million verified-- that is my estimate. USCIS does not provide the sort of information that we might use on this.


So for every $100 of enhanced foreign investment that year, the EB program added one cent. Under a a lot more wobbly statistical base, the first applications of potential immigrant investors, USCIS is informing journalists that the degree of financial investment in the just-concluded year was about $1.2 billion. Allow us accept that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the company's migration practice group.




Divine offered as Chief Guidance of the USA Citizenship and Immigration Services from July 2004 till November 2006, the year in which he was Performing Supervisor, and after that Performing Deputy Supervisor. He has functioned extensively with the EB-5 program secretive practice. He was chosen, as I comprehend, vice head of state of the Association to Spend in U.S.A., the nationwide market association of local centers.


Divine, we are pleased to have you below. Please proceed, sir. STATEMENT OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE United States (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At most, if all 10,000 ports were used, it would be 1 percent of the migration each year to the United States. It is not near that yet, however it is expanding and obtaining towards that. Specifically as USCIS, the firm that manages the program, has been making the regulations more clear and the processes extra rational and clear for individuals that are organizing financial investments and for the investors who are spending, even more individuals have wanted and able to place effort and money right into the procedure to find great jobs and create them, and afterwards extra investors have actually wanted to invest their cash and take the threat and use the cash to produce the work that is the factor of the program.

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These projects do not linger for life, and USCIS understands that and are trying to speed up the program, speed up the process - EB5 Regional Center Program. That does not imply that they are relaxing their scrutiny, and, as a matter of fact, they prepare to refute applications that are not qualifying. And they do so, as was pointed out


The regional facility component of the program is not. It belongs to an appropriations costs that was enacted in 1992, and given that then that program has been expanded five times for 19 years. It is time for it to be irreversible, and it needs to be done now and not nearer to the day of expiration in September.


The process takes an excellent while to work up a task and afterwards to get the capitalists approved. And they do not desire their website cash flowing with until they have been accepted. And the specter of the expiration of this Regional Facility Program in September is currently dissuading the advancement of tasks.

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I would like to clarify that the Regional Center Program is not the same as the half-million-dollar thing. The idea of half a million or a million is a function of the routine EB-5 legislation that becomes part of the code. It simply is a truth that the majority of the local centers that are pooling investments have set those in places of high unemployment or in backwoods where fifty percent- million-dollar financial investments are enabled, which makes good sense.