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The program is placed in an extremely strange and non-helpful bureaucratic location for the stimulation of global investment in the United States. We are offering away too much for too small of an investment.


The local facilities, with their half-million schemes, essentially damaged the more reasonable million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, should have to do with producing organization entities, not easy financial investments. It ought to have to do with producing genuine tasks, not clarify calculations regarding the indirect production of work, which is currently component of the regulation.


Perhaps that is one of the reasons it has failed time after time to get to the legal goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently clumsy, and the program is also full of middlemen, both public and private. The program has even more than its share of detractions, which I will enter later on if any person is interested.


This is a company that loves to say yes to applicants, but as the table in my statement shows, USCIS police officers have a lot more problem with EB-5 applications than others. I assume that is something that nobody has actually truly spoken about a lot. EB5 Regional Center Program. There are high rates of inner denials in this program and completely 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 investment is actually less, according to the Federal Book, than the average mean total assets of all American families in 2007. Let me increase on among my observations.


My estimate based upon the investors' permit applications submitted 2 years after the first 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 price quote. USCIS does not provide the sort of information that we might utilize on this.


For every $100 of boosted foreign investment that year, the EB program added one dime. Under a far more shaky analytical base, the preliminary applications of potential immigrant financiers, USCIS is telling reporters 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 paying attention to me. Chairman Leahy. He is the head of the firm's migration technique group.




Divine acted as Principal Advise of the USA Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Acting Director, and after that Acting Replacement Supervisor. He has functioned extensively with the EB-5 program in exclusive technique. He was chosen, as I understand, vice president of the Organization to Invest in USA, the national industry association of regional.


DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, INVEST IN THE USA (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At the majority of, if all 10,000 slots were used, it would certainly be 1 percent of the migration annually to the USA. It is not near that yet, however it is growing and obtaining toward that. Especially as USCIS, the agency that supervises the program, has been making the policies more clear and the processes extra reasonable and clear for individuals who are organizing financial investments and for the capitalists who are investing, even more people have actually agreed and able to put initiative and cash into the procedure to find excellent jobs and develop them, and after that a lot more financiers have actually wanted to invest their cash and take the danger and use the cash to produce the work that is the point of the program.

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These jobs do not wait about forever, and USCIS understands that and are trying to speed up the program, speed the process - EB5 Regional Center Program. That does not suggest that they are relaxing their analysis, and, in truth, they prepare to refute applications more info that are not qualifying. And they do so, as was pointed out


The local center part of the program is not. It becomes part of an appropriations expense that was established in 1992, and ever since that program has been expanded 5 times for 19 years. It is time for it to be permanent, and it requires to be done now and not nearer to the day of expiration in September.


The process takes a good while to develop a project and after that to obtain the financiers accepted. And they do not want their money streaming through until they have been approved. And the specter of the expiry of this Regional Center Program in September is currently dissuading the growth of tasks.

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I want to make clear that the Regional Center Program is not the like the half-million-dollar thing. The idea of half a million or a million is a function of the routine EB-5 legislation that is component of the code. It just is a truth that the majority of the local centers that are merging financial investments have set those instead of high unemployment or in backwoods where half- million-dollar investments are allowed, which makes feeling.