Navajo Nation Receives Eb-5 Immigrant Investor Funds
The Navajo Nation, the largest Native American tribal community in the United States which covers more than 27,000 miles over three states (Arizona, New Mexico, and Utah), is poised to become the first American-Indian tribe to exercise the EB-5 initiative in order to improve their economic plight and to revitalize their reservation.Â While the EB-5 program has been operating since 1990, it was not until President Obama’s first term in office that Native American territories were made eligible to participate. The Navajo Nation is the first and only reservation to begin utilizing the program wherein the immigrant investors who create or preserve at least 10 full-time jobs will, in return, be granted permanent residency status.
Navajo Nation President Ben Shelley, in his recent press release, highlighted his enthusiastic support of the program and the hopeful possibility of a fiscal upswing due to immigrant investors, particularly given the high poverty rates seen in most Native American communities. “It is time we use the EB-5 designation to create jobs and accelerate our tribal economy from outside investors,” Shelley said.
At the Shulman Law Group, LLC, we work diligently to stay apprised of all new EB-5 immigrant investor sites so that we can educate our clients about their various options. Investing in the Indian Reservation revitalization of the Navajo Nation has already proved fruitful for both the struggling tribal community and the immigrant investors. Â According to Albert Damon, the Navajo Nation’s Director of Economic Development, thus far through the EB-5 program, a water bottling company and a resort hotel chain have made strides in developing new facilities.Â We invite interested immigrant investors to consult with our firm to discuss the suitability of this program to their situation, to discuss the details of the Navajo Nation investor site option, and to review the requirements of the EB-5 investor visa.