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The legislation states you have actually got to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders conferences put on by USCIS, I asked a concern: Have you done any study on just how much money stays past the 2 years? And the solution was no

Legislator Grassley. Thanks, Mr. Chairman. I wish to have a second round. Chairman Leahy. Definitely. Let me just ask, Mr. Divine, you hear this criticism that the cash just has actually to stay invested for 2 years. Has that been your experience? Mr. Divine. If money obtains taken into a hotel, as I was beginning to explain earlier, the developer of that task would certainly have to be able to find someone to get the hotel or would need to have the ability to discover somebody to refinance it with various other money.




It is none less complicated always than when it was in the conditions that brought about the foreign capitalists being the finest option for funding things in the initial place. Hey, if it is a successful task, it makes money, and it can be offered, I do not see any kind of reason why the job need to not be able to be sold and for the financier to be able to understand the return of his investment, perhaps gain on his investment, simply like every various other investor.

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If you have a project that is moneyed straight with the Immigrant Investor Program and it is thought to be utilizing undocumented workers, Migration and Customs Enforcement could investigate the company, could they not? Mr. Divine. They could. I suggest, I believe what we need to understand likewise is that the instance that is being mentioned as evidence that occasionally these jobs have worked with an unauthorized employee is one in which USCIS did some type of monitoring and determined that the employee was not authorized and quit it.

Chairman Leahy. But that would certainly coincide with any kind of company. Mr. Divine. Every one of these companies is required to finish the I-9 kind, but USCIS goes an action even more and does a check of some kind that brought about the case that has actually been mentioned. Chairman Leahy. I am not a witness below, but I am so struck by Mr.

I imply, I recommend that every one of you in fact-- Mr. North, in your situation, go out from inside the Beltway and increase there and speak with some of these individuals. For something, you do not have also numerous prohibited immigrants that quite have the Vermont accent you hear around there, specifically when they speak about their grandparents who live there, and moms and dads and more.

They will say, "We have actually got concerning 9 people right here, and we have actually been here given that 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not fairly what an illegal immigrant could be claiming. In truth, I assume Mr. Stenger would claim that one of his British investors was thinking, "Are we all speaking the same language below?" Mr.

I asked Mr. Stenger this. Allow me ask you what your experience is as a former firm authorities. What does it do if Congress keeps meeting a last-minute reauthorization? In this situation it would be, I think, September of following year, September of 2012. What does that do to a firm attempting to provide a program if Congress waits up until the last few days to reauthorize it? What is the useful this impact? Mr.

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I imply, the company in impact is-- USCIS is a fee-funded company, so it is essentially kind of running an organization and needs to cover its expenditures with the revenue that is generated. To run this program properly, USCIS requires to staff up in a large way, handling the volume that is currently there and anticipating the why not try these out boosted volume of even more financial investment as we get back at near half of the 10,000 visas that are offered in this category.

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I indicate, that has reached seem like a contrasting circumstance, and you would visualize that it is going to hold someone back. Now, I am not stating that they are keeping back, and I know that they are attempting to staff up because I am certain they think and wish that the program will be reauthorized for the benefit of the Nation.

And is that actually where they are mosting website here likely to have the ability to invest their time and resources in attempting to clean up the regulations of this program to ensure that everyone knows whether they can certify or not and which kinds of projects are mosting likely to qualify etc? We require that continually.

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

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