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The law claims you have actually obtained to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings place on by USCIS, I asked a concern: Have you done any type of research study on just how much money stays beyond the 2 years? And the solution was no


Legislator Grassley. Thanks, Mr. Chairman. I would love to have a 2nd round. Chairman Leahy. . Let me simply ask, Mr. Divine, you hear this objection that the cash just has to stay invested for 2 years. Has that been your experience? Mr. Divine. If money gets put right into a resort, as I was starting to explain earlier, the programmer of that project would certainly need to be able to find somebody to buy the resort or would certainly have to be able to find somebody to refinance it with various other cash.






It is not any simpler always than when it was in the problems that brought about the international investors being the most effective choice for financing the thing to begin with. Hi there, if it is a successful task, it makes money, and it can be offered, I do not see any factor why the project ought to not be able to be marketed and for the investor to be able to recognize the return of his financial investment, perhaps obtain on his investment, just like every various other investor.

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If you have a project that is moneyed directly via the Immigrant Financier Program and it is believed to be using undocumented workers, Immigration and Traditions Enforcement could investigate the company, could they not? Mr. Divine.


Chairman Leahy. However that would certainly be the exact same with any firm. Mr. Divine. Every one of these companies is required to finish the I-9 type, however USCIS goes an action even more and does a check of some kind that led to the situation that has actually been discussed. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I imply, I advise that all of you really-- Mr. North, in your case, go out from inside the Beltway and go up there and speak with several of these EB5 Regional Center Program individuals. For one thing, you do not have way too many unlawful immigrants that fairly have the Vermont accent you hear around there, particularly when they chat concerning their grandparents that live there, and parents and more.


They will certainly claim, "We have obtained about 9 of us below, and we have been here considering that 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not quite what an illegal alien could be claiming. In truth, I think Mr. Stenger would claim that a person of his British capitalists was thinking, "Are most of us speaking the very same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a former firm official. What does it do if Congress maintains tasting a last-minute reauthorization? In this instance it would certainly be, I believe, September of following year, September of 2012. What does that do to an agency trying to carry out a program if Congress waits until the last few days to reauthorize it? What is the functional result? Mr.

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I imply, the firm essentially is-- USCIS is a fee-funded firm, so it is basically sort of running a service and has to cover its expenditures with the income that is produced. To run this program correctly, USCIS needs to staff up in a big means, taking care of the quantity that is currently there and preparing for the boosted volume of more financial investment as we obtain even near fifty percent of the 10,000 visas that are offered in this group.

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I imply, that has actually got to seem like a clashing situation, and you would picture that it is mosting likely to hold somebody back. Now, I am not claiming that they are holding back, and I understand that they are attempting to staff up due to the fact that I make certain they think and really hope that the program will certainly be reauthorized for the advantage of the Country.


And is that actually where they are going to be able to invest their time and sources in trying to improve the guidelines of this program to make sure that everyone knows whether they can certify or otherwise and which kinds of tasks are going to qualify and so forth? We need that constantly.


And, Mr. Stenger, we in Vermont-- again, a little State, however we have the State federal government included with the Vermont Regional. Mr. Stenger.