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The program is positioned in a very odd and non-helpful governmental place for the excitement of worldwide investment in the United States. We are giving away as well much for also little of an investment.

The regional centers, with their half-million plans, essentially undercut the much more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them in all, as they do in Australia, ought to be about creating company entities, not easy investments. It should be concerning developing actual jobs, not elaborate calculations regarding the indirect development of tasks, which is now part of the regulation.


Possibly that is among the reasons that it has stopped working every year to get to the legal goal of 10,000 investment visas. Fifth, the Regional Center Program is inherently awkward, and the program is also full of middlemen, both public and personal. The program has even more than its share of detractions, which I will certainly get into later on if anybody is interested.


This is an agency that enjoys to state yes to candidates, but as the table in my testimony reveals, USCIS officers have a lot more trouble with EB-5 applications than others. I assume that is something that no one has truly spoken about a lot. EB5 Regional Center Program. There are high rates of inner rejections in this program and forever factor

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Seventh, in this program visas most likely to people that could not obtain them otherwise and to individuals whose planned financial investment is really much less, according to the Federal Reserve, than the average mean internet well worth of all American households in 2007. Let me broaden on among my monitorings.


My quote based upon the financiers' permit applications submitted 2 years after the first investment-- these are the strong ones that continue to be and are approved. This is 2009-- was that they had regarding $191 million validated-- that is my estimate. USCIS does not offer the kind of data that we might use on this.


So for each $100 of raised foreign investment that year, the EB program added one penny. Under a a lot more shaky statistical base, the initial applications of would-be immigrant investors, USCIS is telling journalists that the level of financial investment in the just-concluded year had to do with $1.2 billion. Allow 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 team.

Divine acted as Chief Advise of the United States Citizenship and Immigration Providers from July 2004 up until November 2006, the year in which he was Acting Director, and after that Performing Replacement Director. He has functioned extensively with the EB-5 program in personal method. He was look at these guys elected, as I recognize, vice president of the Association to Spend in USA, the national industry association of regional.


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


At a lot of, if all 10,000 slots here are the findings were utilized, it would be 1 percent of the immigration yearly to the United States. It is not near that yet, but it is growing and getting toward that. Particularly as USCIS, the company that supervises the program, has been making the policies clearer and the processes a lot more reasonable and clear for individuals that are organizing investments and for the investors who are investing, more people have actually been willing and able to place initiative and cash right into the process to discover good jobs and create them, and afterwards more investors have actually agreed to invest their cash and take the danger and utilize the cash to produce the work that is the point of the program.

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These tasks do not wait around 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 mean that they are relaxing their examination, and, as a matter of fact, they are prepared to deny applications that are not certifying. And they do so, as was pointed out

The regional facility component of the program is not. It belongs to an appropriations costs that was enacted in 1992, and because then that program has actually been expanded 5 times for 19 years. It is time for it to be permanent, and it 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 task and click here for info after that to obtain the investors approved. And they do not desire their money flowing through until they have been approved. And the specter of the expiration of this Regional Facility Program in September is currently preventing the growth of tasks.

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I would love to clear up 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 becomes part of the code. It simply is a reality that the majority of the regional facilities that are merging financial investments have established those instead of high joblessness or in backwoods where half- million-dollar investments are permitted, and that makes feeling.