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The program is placed in a very weird and non-helpful bureaucratic area for the stimulation of worldwide investment in the United States. We are offering away as well much for as well small of a financial investment.


The local facilities, with their half-million plans, essentially undercut the a lot more sensible million-dollar component of the EB-5 program. Third, such programs, if we have them whatsoever, as they carry out in Australia, ought to have to do with developing business entities, not easy financial investments. It should have to do with producing genuine work, not specify estimations about the indirect development of work, which is currently part of the regulations.


Maybe that is just one of the reasons that it has failed every year to reach the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is too loaded with intermediaries, both public and exclusive. The program has greater than its share of rumors, which I will enter later on if anyone is interested.


This is a firm that loves to say yes to applicants, but as the table in my testament shows, USCIS police officers have a lot a lot more difficulty with EB-5 applications than others. I assume that is something that no one has actually spoken around a lot. EB5 Regional Center Program. There are high prices of inner rejections in this program and completely reason

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Seventh, in this program visas most likely to people who can not obtain them differently and to individuals whose scheduled investment is really much less, according to the Federal Reserve, than the average mean total assets of all American households in 2007. Let me expand on among my monitorings.


My quote based upon the financiers' copyright applications filed 2 years after the initial financial investment-- these are the solid ones that stay and are approved. This is 2009-- was that they had about $191 million verified-- that is my estimate. USCIS does not supply the sort of information that we could make use of on this.


For every $100 of enhanced international investment that year, the EB program added one dime. Under a much extra shaky statistical base, the preliminary applications of potential immigrant investors, USCIS is informing journalists that the level of financial investment in the just-concluded year was concerning $1.2 billion. Allow us approve that.

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Thanks for listening to me. I eagerly anticipate your remarks and inquiries. [The prepared statement of David North looks like an entry for the record.] Chairman Leahy. Thanks. Our following witness is Robert Divine. He is a shareholder of Baker, Donelson, Bearman, Caldwell, and Berkowitz. He is the head of the firm's migration technique group.




Divine offered as Chief Advice of the USA Citizenship and Immigration Services from July 2004 till November 2006, the year in which he was Acting Supervisor, and afterwards Performing Deputy Supervisor. He has worked extensively with the EB-5 program secretive technique. He was elected, as I recognize, vice head of state of the Organization to Invest in USA, the nationwide sector association of regional.


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


At a lot of, if all 10,000 slots were utilized, it would be 1 percent of the migration each year to the USA. It is not near that yet, yet it is growing and obtaining towards that. Specifically as USCIS, the agency that looks after the program, has been making the rules clearer and the procedures extra logical and clear for the individuals that are organizing investments and for the investors that are investing, more people have wanted and able to place effort and money into the procedure to locate excellent jobs and create them, and after that more investors have agreed to invest their money and take the threat and make use of the cash to create the jobs that is the factor of the program.

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These tasks do not wait around forever, and USCIS recognizes that and are attempting to speed up the program, speed the procedure - EB5 Regional Center Program. That does not mean that they are relaxing their scrutiny, and, as a matter of fact, they prepare to refute applications that are not qualifying. And they do so, as was mentioned


The local center part of the program is not. It becomes part of an appropriations costs that was enacted in 1992, and given that then that program has been extended five times for 19 years. It is time for it to be long-term, and it needs to be done now and not nearer to the date of expiry in September.


The procedure takes an excellent while to work up a task and after that to obtain the investors authorized. And they do not want their money streaming website with up until they have been authorized. And the specter of the expiration of this Regional Center Program in September is already dissuading the advancement of projects.

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I want to clarify that the Regional Facility Program is not the like the half-million-dollar thing. The concept of half a million or a million is a feature of the normal EB-5 regulation that becomes part of the code. It just is a fact that a lot of the local facilities that are merging financial investments have established those in areas of high joblessness or in country areas where half- million-dollar financial investments are enabled, which makes feeling.