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The program is placed in a very weird and non-helpful administrative place for the excitement of worldwide investment in the United States. We are offering away as well much for also tiny of a financial investment.


The local centers, with their half-million schemes, essentially undercut the a lot more reasonable million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they perform in Australia, ought to be regarding creating organization entities, not passive financial investments. It should have to do with producing genuine tasks, not clarify calculations about the indirect creation of tasks, which is currently part of the legislation.


Probably that is one of the reasons that it has failed every year to reach the legal goal of 10,000 investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is as well full of intermediaries, both public and exclusive. The program has greater than its share of rumors, which I will certainly enter into later on if any person is interested.


This is a firm that loves to claim yes to candidates, yet as the table in my testimony shows, USCIS policemans have much more trouble with EB-5 applications than others. I assume that is something that nobody has actually really spoken about much. EB5 Regional Center Program. There are high prices of inner rejections in this program and forever factor

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Seventh, in this program visas most likely to individuals that could not obtain them otherwise and to people whose organized financial investment is in fact much less, according to the Federal Reserve, than the average mean total assets of all American family members in 2007. Let me expand on one of my observations.


My estimate based on the financiers' environment-friendly card applications filed 2 years after the initial financial investment-- these are the strong ones that continue to be and are accepted. This is 2009-- was that they had regarding $191 million validated-- that is my estimate. USCIS does not give the kind of data that we might use on this.


For every $100 of boosted foreign financial investment that year, the EB program contributed one dime. Under a much more unsteady statistical base, the first applications of potential immigrant financiers, USCIS is telling reporters that the degree 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 is the head of the company's immigration practice group.




Divine acted as Principal Advice of the United States Citizenship and Immigration Solutions from July 2004 until November 2006, the year in which he was Performing Director, and after that Performing Deputy Director. He has worked extensively with the EB-5 program secretive technique. He was chosen, as I understand, vice president of the Association to Purchase USA, the nationwide sector organization of regional facilities.


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


At the majority of, if all 10,000 slots were utilized, it would be 1 percent of the migration every year to the United States. It is not near that yet, yet it is expanding and getting towards that. Particularly as USCIS, the company that supervises the program, has actually been making the regulations clearer and the procedures much more logical and clear for individuals who are arranging investments and for the financiers that are spending, even more individuals have wanted and able to put effort and money right into the procedure to locate great tasks and create them, and after that more capitalists have wanted to invest their money and take the danger and use the cash to create the tasks that is the factor of the program.

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These projects do not wait around for life, and USCIS understands that and are trying to speed up the program, speed up click here the procedure - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, in reality, they prepare to reject applications that are not qualifying. And they do so, as was pointed out


The local center part of the program is not. It belongs to an appropriations costs that was passed in 1992, and ever since that program has been prolonged five times for 19 years. It is time for it to be long-term, and it requires to be done currently and not nearer to the day of expiration in September.


The process takes a great while to develop a task and after that to get the financiers accepted. And they do not desire their money streaming with till they have been accepted. And the specter of the expiration of this Regional Center Program in September is already discouraging the growth of jobs.

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I would certainly like to clarify that the Regional Center Program is not the very same as the half-million-dollar thing. The idea of half a million or a million is a function of the regular EB-5 law that belongs to the code. It just is a reality that the majority of the regional centers that are pooling investments have set those instead of high joblessness or in backwoods where half- million-dollar investments are permitted, which makes good sense.