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The program is put in a really strange and non-helpful governmental location for the excitement of worldwide investment in the United States. We are providing away also much for too little of a financial investment.


The regional centers, with their half-million plans, essentially damaged the extra practical million-dollar component of the EB-5 program. Third, such programs, if we have them in any way, as they do in Australia, must have to do with creating business entities, not easy financial investments. It needs to have to do with creating genuine jobs, not clarify estimations regarding the indirect production of jobs, which is currently component of the regulation.


Probably that is one of the reasons it has actually fallen short year after year to get to the legislative goal of 10,000 financial investment visas. Fifth, the Regional Center Program is inherently clumsy, and the program is as well loaded with middlemen, both public and private. The program has greater than its share of scandals, which I will certainly obtain into later if anyone is interested.


This is a company that loves to state yes to applicants, but as the table in my testament shows, USCIS police officers have much a lot more problem with EB-5 applications than others. I assume 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 excellent factor

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Seventh, in this program visas go to people who can not get them differently and to individuals whose organized financial investment is really less, according to the Federal Reserve, than the average mean net well worth of all American families in 2007. Allow me increase on among my observations.


My quote based upon the capitalists' eco-friendly card applications submitted 2 years after the first investment-- these are the strong ones that continue to be and are authorized. This is 2009-- was that they had concerning $191 million verified-- that is my quote. USCIS does not offer the sort of data that we can use on this.


For every $100 of enhanced foreign financial investment that year, the EB program added one dime. Under a much extra unsteady analytical base, the initial applications of would-be immigrant investors, USCIS is telling reporters that the degree of financial investment in the just-concluded year had to do with $1.2 billion. Let us approve that.

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




Divine served as Chief Advice of the United States Citizenship and Migration Providers from July 2004 until November 2006, the year in which he was Acting Director, and after that Acting Deputy Director. He has worked extensively with the EB-5 program secretive method. He was elected, as I comprehend, vice head of state of the Association to Buy United States, the national industry organization of regional centers.


Divine, we are delighted to have you here. Please go in advance, sir. STATEMENT OF ROBERT C. DIVINE, ATTORNEY, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF STATE, PURCHASE THE United States (IIUSA) Mr. Divine. Thanks, Mr. Chairman, Senator Grassley, and others. Thank you for having me.


At the majority of, if all 10,000 ports were used, it would certainly be 1 percent of the migration every year to the USA. It is not near that yet, but it is growing and obtaining toward that. Specifically as USCIS, the firm that oversees the program, has actually been making the guidelines clearer website and the procedures much more rational and clear for the people that are organizing financial investments and for the capitalists who are investing, more people have wanted and able to place effort and money into the procedure to discover excellent projects and create them, and then more capitalists have wanted to spend their cash and take the danger and utilize the money to develop the jobs that is the point of the program.

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These tasks do not wait about permanently, and USCIS understands that and are trying to speed up the program, speed the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their analysis, and, actually, they are prepared to refute applications that are not qualifying. And they do so, as was stated


The regional center part of the program is not. It becomes part of an appropriations expense that was passed in 1992, and given that then that program has been extended five 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 expiry in September.


The procedure takes a good while to develop a project and after that to get the investors accepted. And they do not want their money flowing with until they have actually been accepted. And the specter of the expiry of this Regional Center Program in September is currently discouraging the growth of tasks.

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I wish to clear up 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 function of the routine EB-5 law that becomes part of the code. It just is a truth that the majority of the regional centers that are merging investments have actually established those instead of high unemployment or in rural areas where half- million-dollar investments are allowed, which makes feeling.