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The program is positioned in an extremely odd and non-helpful bureaucratic location for the stimulation of international financial investment in the United States. We are offering away as well much for as well tiny of a financial investment.


The local centers, with their half-million schemes, basically undercut the extra practical million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they carry out in Australia, ought to be concerning developing business entities, not passive financial investments. It should have to do with creating real tasks, not clarify estimations concerning the indirect production of work, which is currently component of the regulation.


Perhaps that is one of the reasons why it has stopped working every year to get to the legal goal of 10,000 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 scandals, which I will certainly enter into later on if any person is interested.


This is a company that likes to state yes to candidates, however as the table in my statement shows, USCIS officers have far more problem with EB-5 applications than others. I think that is something that no one has really discussed a lot. EB5 Regional Center Program. There are high rates of internal denials in this program and forever factor

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Seventh, in this program visas most likely to people that might not get them differently and to people whose scheduled financial investment is really much less, according to the Federal Book, than the average mean total assets of all American families in 2007. Let me expand on among my observations.


My estimate based upon the financiers' copyright applications filed 2 years after the first investment-- these are the solid ones that continue to be and are approved. This is 2009-- was that they had regarding $191 million confirmed-- that is my price quote. USCIS does not give the kind of information that we can utilize on this.


So for each $100 of increased foreign financial investment that year, the EB program contributed one penny. Under a far more wobbly statistical base, the preliminary applications of would-be immigrant investors, USCIS is telling journalists that the degree of financial investment in the just-concluded year was regarding $1.2 billion. Allow us approve that.

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




Divine acted as Principal Advice of the USA Citizenship and Migration Solutions from July 2004 up until November 2006, the year in which he was Acting Director, and after that company website Performing Deputy Supervisor. He has actually worked thoroughly with the EB-5 program secretive method. He was elected, as I understand, vice head of state of the Association to Invest in United States, the nationwide market association of local facilities.


Divine, we are thrilled to have you right here. Please proceed, sir. STATEMENT OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, PURCHASE THE USA (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thanks for having me.


At a lot of, if all 10,000 ports were made use of, it would certainly be 1 percent of the migration annually to the United States. It is not near that yet, but it is expanding and obtaining towards that. Particularly as USCIS, the company that looks after the program, has been making the rules clearer and the processes extra sensible and clear for individuals that are organizing investments and for the investors that are spending, even more individuals have agreed and able to place effort and money right into the procedure to find excellent jobs and create them, and afterwards a lot more financiers have been prepared to invest their money and take the risk and make use of the cash to produce the tasks that is the point of the program.

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These projects do not wait about forever, and USCIS understands that and are attempting to speed the program, speed up the process - EB5 Regional Center Program. That does not mean that they are unwinding their examination, and, actually, they prepare to reject applications that are not qualifying. And they do so, why not try here as was stated


The local facility 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 anonymous needs to be done now and not nearer to the date of expiration in September.


The process takes a great while to function up a project and afterwards to get the investors accepted. And they do not want their money moving with until they have actually been approved. And the specter of the expiry of this Regional Center Program in September is currently discouraging the development of tasks.

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I wish to clarify that the Regional Center Program is not the very same as the half-million-dollar point. The concept of half a million or a million is a function of the routine EB-5 regulation that is part of the code. It simply is a reality that most of the regional centers that are merging financial investments have set those instead of high unemployment or in backwoods where half- million-dollar investments are enabled, which makes feeling.