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The program is put in a very odd and non-helpful governmental area for the excitement of global investment in the United States. We are offering away as well much for as well small of a financial investment.


The regional facilities, with their half-million systems, basically undercut the more reasonable million-dollar part of the EB-5 program. Third, such programs, if we have them at all, as they do in Australia, ought to have to do with developing organization entities, not easy investments. It ought to have to do with creating actual jobs, not clarify calculations about the indirect creation of jobs, which is currently part of the regulation.


Maybe that is one of the reasons it has stopped working every year to reach the legislative objective of 10,000 investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is also loaded with intermediaries, both public and private. The program has greater than its share of detractions, which I will enter later on if any person is interested.


This is a firm that loves to state yes to applicants, yet as the table in my statement shows, USCIS police officers have a lot more trouble with EB-5 applications than others. I think that is something that no one has actually really spoken about much. EB5 Regional Center Program. There are high rates of interior rejections in this program and for excellent factor

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Seventh, in this program visas most likely to people who might not obtain them any kind of other means and to individuals whose organized financial investment is really much less, according to the Federal Get, than the average mean total assets of all American family members in 2007. Let me expand on among my monitorings.


My quote based upon the financiers' eco-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 about $191 million verified-- that is my quote. USCIS does not provide the kind of information that we might utilize on this.


For every $100 of raised international financial investment that year, the EB program added one penny. Under a much extra wobbly statistical base, the initial applications of prospective immigrant financiers, USCIS internet is informing journalists that the degree 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 paying attention to me. Chairman Leahy. He is the head of the company's migration practice group.




Divine functioned as Chief Advise of the United States Citizenship and Immigration Providers from July 2004 until November 2006, the year in which he was Performing Director, and after that Acting Replacement Director. He has actually worked extensively with the EB-5 program in private practice. He was elected, as I understand, vice president of the Association to Buy U.S.A., the nationwide sector association of local facilities.


Divine, we are happy to have you right here. Please go in advance, 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. Thank you, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At many, if all 10,000 ports were made use of, it would certainly be 1 percent of the immigration each year to the USA. It is not near that yet, yet it is expanding and obtaining toward Bonuses that. Particularly as USCIS, the agency that manages the program, has been making the guidelines clearer and the procedures a lot more rational and clear for the individuals that are arranging investments and for the financiers who are spending, more people have wanted and able to place initiative and cash right into the process to find excellent tasks and create them, and after that extra capitalists have actually agreed to invest their cash and take the threat and utilize the cash to produce the jobs that is the factor of the program.

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These jobs do not linger for life, and USCIS comprehends that and are attempting to speed up the program, speed up the process - EB5 Regional Center Program. That does not indicate that they are relaxing their analysis, and, actually, they are prepared to deny applications that are not qualifying. And they do so, as was mentioned


The local center component of the program is not. It is part of an appropriations costs that was passed in 1992, and since then that program has been prolonged 5 times for 19 years. It is time for it to be long-term, and it needs to be done now and not nearer to the date of expiration in September.


The process takes an excellent while to work up a task and afterwards to get the investors accepted. And they do not desire their money flowing through until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is read what he said already preventing the development of tasks.

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I would love to make clear that the Regional Center Program is not the like the half-million-dollar point. The idea of half a million or a million is a function of the normal EB-5 law that becomes part of the code. It simply is a reality that a lot of the local facilities that are pooling financial investments have actually set those in locations of high joblessness or in rural locations where half- million-dollar financial investments are permitted, which makes good sense.