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The program is placed in a really weird and non-helpful administrative area for the stimulation of global investment in the United States. We are offering away also much for as well little of an investment.


The regional facilities, with their half-million plans, essentially damaged the a lot more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them at all, as they do in Australia, must have to do with developing business entities, not easy financial investments. It must be about producing genuine tasks, not elaborate computations about the indirect production of work, which is currently component of the regulations.


Probably that is just one of the reasons it has actually stopped working year after year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is inherently awkward, and the program is as well full of middlemen, both public and personal. The program has even more than its share of detractions, which I will certainly get involved in later if anybody is interested.


This is a company that loves to say yes to candidates, however as the table in my statement reveals, USCIS police officers have a lot more trouble with EB-5 applications than others. I assume that is something that nobody has actually really talked about much. EB5 Regional Center Program. There are high rates of internal rejections in this program and completely factor

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Seventh, in this program visas go to people that might not get them any other way and to individuals whose organized investment is in fact much less, according to the Federal Book, than the ordinary mean internet well worth of all American families in 2007. Let me broaden on one of my monitorings.


My estimate based on the financiers' copyright applications submitted 2 years after the very first investment-- these are the solid ones that remain and are approved. This is 2009-- was that they had concerning $191 million confirmed-- that is my estimate. USCIS does not provide the kind of information that we could make use of on this.


For every $100 of enhanced foreign investment that year, the EB program contributed one dime. Under a far more shaky statistical base, the preliminary applications of prospective 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 accept that.

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Thank you for paying attention to me. Chairman Leahy. He is the head check here of the company's immigration method team.




Divine offered as Principal Advise of the United States Citizenship and Migration Solutions from July 2004 until November 2006, the year in which he was Acting Supervisor, and afterwards Acting Deputy Director. He has actually worked extensively with the EB-5 program in private method. He was elected, as I understand, vice president of the Organization to Spend in USA, the national industry organization of local.


Divine, we are happy to have you below. Please go on, sir. 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. Thanks, Mr. Chairman, Legislator Grassley, and others. Thanks for having me.


At the majority of, if all 10,000 slots were used, it would certainly be 1 percent of the immigration every year to the USA. It is not near that yet, but it is growing and obtaining toward that. Particularly as USCIS, the agency that looks after the program, has been making the policies clearer and the processes more rational and clear for individuals who are arranging investments and for the financiers that are investing, more people have actually been willing and able to place effort and money right into the procedure to discover excellent tasks and develop them, and after that extra financiers have agreed to spend their cash and take the danger and make use of the money to create the jobs that is the factor of the program.

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These tasks do not wait about forever, and USCIS understands that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not imply that they are unwinding their examination, and, as a matter of fact, they are prepared to reject applications that are not qualifying. And they do so, as was stated


The local facility component of the program is not. It is component of an appropriations costs 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 expiry in September.


The process takes a great while to develop a project and afterwards to obtain the financiers authorized. And they do not want their money streaming through until they have actually been authorized. And the specter of the expiration of this Regional Facility Program in September is already preventing the growth of tasks.

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I wish to clarify 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 feature of the routine EB-5 law that becomes part of the code. It just is a reality that most of the local centers that are merging investments have established those in places of high unemployment or in backwoods where fifty percent- million-dollar investments are permitted, and that makes good sense.