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The program is positioned in a very strange and non-helpful administrative area for the stimulation of international investment in the United States. Second, its range is all incorrect. We are giving away excessive for as well little of an investment. Even more, increasing endeavor resources half a million dollars a tranche is, to say the least, inefficient.


EB5 Regional Center ProgramEB5 Regional Center Program
The regional facilities, with their half-million plans, essentially undercut the much more practical million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they carry out in Australia, need to be about producing business entities, not easy investments. It needs to be concerning creating actual tasks, not elaborate computations concerning the indirect development of jobs, which is currently part of the regulation.


Possibly that is just one of the reasons that it has actually failed year after year to get to the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is also full of middlemen, both public and exclusive. The program has more than its share of rumors, which I will certainly get involved in later on if anyone is interested.


This is an agency that likes to claim yes to applicants, but as the table in my statement reveals, USCIS policemans have a lot a lot more problem with EB-5 applications than others. I think that is something that no one has truly spoken about a lot. EB5 Regional Center Program. There are high prices of inner denials in this program and completely reason


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Seventh, in this program visas most likely to individuals who might not get them any kind of various other means and to individuals whose planned financial investment is actually less, according to the Federal Reserve, than the ordinary mean internet worth of all American households in 2007. Let me increase on among my monitorings.


My quote based upon the financiers' eco-friendly card applications filed 2 years after the very first investment-- these are the strong ones that remain and are approved. This is 2009-- was that they had concerning $191 million validated-- that is my estimate. USCIS does not provide the kind of information that we could use on this.


So for every $100 of increased foreign investment that year, the EB program contributed one penny. Under a much more shaky analytical base, the preliminary this link applications of would-be immigrant investors, USCIS is informing reporters that the level of investment in the just-concluded year was regarding $1.2 billion. Let us approve that.


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Thank you for paying attention to me. I look forward to your comments and concerns. [The prepared statement of David North looks like an entry for the document.] Chairman Leahy. Thanks. Our next witness is Robert Divine. He is an investor of Baker, Donelson, Bearman, Caldwell, and Berkowitz. He is the head of the company's migration practice group.


EB5 Regional Center ProgramEB5 Regional Center Program


Divine worked as Chief Guidance of the USA Citizenship and Migration Services from July 2004 up until November 2006, the year in which he was Performing Director, and after that Acting Replacement Supervisor. He has worked thoroughly with the EB-5 program secretive method. He was elected, as I recognize, vice head address of state of the Association to Spend in United States, the national market organization of local.


Divine, we are happy to have you right here. Please go ahead, sir. DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE PRESIDENT, BUY THE U.S.A. (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thanks for having me.


At the majority of, if all 10,000 slots were made use of, it would certainly be 1 percent of the immigration each year to the USA. It is not near that yet, however it is expanding and getting towards that. Especially as USCIS, the agency that looks after the program, has been making the regulations more clear and the procedures a lot more rational and clear for individuals who are arranging investments and for the financiers who are spending, more people have been prepared and able to place initiative and cash into the procedure to locate great projects and create them, and after that a lot more investors have actually been prepared to spend their money and take the risk and use the cash to create the tasks that is the factor of the program.


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These tasks do not linger for life, and USCIS understands that and are trying to speed the program, speed the process - EB5 Regional Center Program. That does not indicate that they are unwinding their examination, and, as a matter of fact, they are ready to refute applications that are not qualifying. And they do so, click to read as was mentioned


EB5 Regional Center ProgramEB5 Regional Center Program
The local center component of the program is not. It belongs to an appropriations costs that was passed in 1992, and because then that program has been extended 5 times for 19 years. It is time for it to be irreversible, and it needs to be done currently and not nearer to the date of expiry in September.


The process takes a great while to work up a project and after that to get the investors accepted. And they do not want their cash flowing with until they have actually been approved. And the specter of the expiration of this Regional Facility Program in September is already discouraging the advancement of tasks.


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I would certainly such as to make clear that the Regional Center Program is not the like the half-million-dollar thing. The concept of half a million or a million is a function of the normal EB-5 regulation that is part of the code. It simply is a truth that the majority of the regional facilities that are pooling financial investments have established those instead of high joblessness or in country locations where fifty percent- million-dollar financial investments are allowed, and that makes sense.

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