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The program is put in an extremely strange and non-helpful bureaucratic location for the stimulation of worldwide financial investment in the United States. We are giving away as well much for too tiny of an investment.


The local facilities, with their half-million plans, essentially damaged the a lot more sensible million-dollar part of the EB-5 program. Third, such programs, if we have them whatsoever, as they do in Australia, need to have to do with developing company entities, not easy financial investments. It should have to do with creating genuine jobs, not clarify estimations concerning the indirect production of work, which is currently part of the legislation.


Possibly that is just one of the reasons it has failed year after year to reach the legal goal of 10,000 financial investment visas. Fifth, the Regional Center Program is naturally awkward, and the program is too loaded with middlemen, both public and personal. The program has even more than its share of rumors, which I will certainly get into later on if anybody is interested.


This is a firm that loves to claim yes to applicants, however as the table in my statement reveals, USCIS officers have far more difficulty with EB-5 applications than others. I think that is something that nobody has actually really discussed much. EB5 Regional Center Program. There are high rates of interior rejections in this program and for great factor

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Seventh, in this program visas go to individuals that can not obtain them differently and to people whose scheduled investment is actually less, according to the Federal Book, than the ordinary mean total assets of all American family members in 2007. Let me broaden on one of my monitorings.


My estimate based upon the capitalists' environment-friendly card applications submitted 2 years after the very first investment-- these are the solid ones that remain and are authorized. This is 2009-- was that they had regarding $191 million validated-- that is my estimate. USCIS does not provide the kind of data that we could use on this.


So for each $100 of enhanced foreign investment that year, the EB program contributed one penny. Under a much extra unsteady analytical base, the initial applications of would-be immigrant capitalists, USCIS is informing reporters that the level of financial investment in the just-concluded year was concerning $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 firm's immigration practice group.




Divine acted as Principal Guidance of the United States Citizenship and Migration Services from July 2004 up until November 2006, the year in which he was Performing Director, and after that Performing Replacement Director. He has worked thoroughly with the EB-5 program in exclusive method. He was chosen, as I understand, vice head of state of the Association to Invest in USA, the national sector association of local.


STATEMENT OF ROBERT C. DIVINE, ATTORNEY, 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, Senator Grassley, and others.


At the majority of, if all 10,000 ports were utilized, it would be 1 percent of the migration every year to the USA. It is not near that yet, however it is growing and obtaining towards that. Particularly as USCIS, the company that supervises the program, has been making the guidelines clearer and the procedures much more sensible and clear for individuals that are arranging investments and for the capitalists who are investing, even more individuals have wanted and able to place effort and money into the process to find excellent jobs and create them, and afterwards a lot more capitalists have actually been willing to spend their money and take the threat and utilize the cash to produce the work that is the point of the program.

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These projects do not wait around permanently, and USCIS understands that and are trying to speed the program, speed the process - EB5 Regional Center Program. That does not suggest that they are relaxing their examination, and, actually, they prepare to deny applications that are not certifying. And they do so, as check here was mentioned


The regional facility component of the program is not. It is component of an appropriations expense that was established in 1992, and ever since that program has actually been extended five times for 19 years. It is time for it to be irreversible, and it requires to be done currently and not nearer to the day of expiry in September.


The procedure takes an excellent while to develop a project and afterwards to obtain the capitalists authorized. And they do not desire their cash streaming via until they have actually been accepted. And the specter of the expiry of this Regional Facility Program in September is currently dissuading the development of tasks.

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I would certainly like to make clear that the Regional Facility Program is not the same as the half-million-dollar point. The idea of half a million or a million is a feature of the routine EB-5 legislation that is component of the code. It just is a reality that the majority of the local facilities that are merging financial investments have actually set those instead of high joblessness or in country locations where half- million-dollar financial investments are enabled, and that makes good sense.