E-2 Visa: The Complete Guide for Treaty Investors (2026)

The E-2 visa is a U.S. nonimmigrant visa for citizens of treaty countries who invest a substantial amount of their own capital in a real U.S. business and come to the United States to develop and direct it. There is no minimum dollar figure in the law, no lottery and no cap, and status can be renewed for as long as the business keeps operating and stays more than marginal.

This guide covers the whole E-2 picture in one place: who qualifies, how much to invest, what kind of business works, how the application runs at a consulate or through USCIS, what it costs, what your family can do, and where the visa can lead. Each section links to a detailed page if you want to go deeper.

What is the E-2 visa?

The E-2 treaty investor classification comes from section 101(a)(15)(E)(ii) of the Immigration and Nationality Act. It exists because the United States has treaties of commerce and navigation, or bilateral investment treaties, with about 80 countries. Those treaties promise each other’s investors a way to enter and run the businesses they put money into.

Three features define the category:

• It is tied to a business, not a job offer. The visa exists because of your investment in an enterprise that you control.
• It is temporary but renewable. Each admission is for up to two years, and there is no limit on extensions while you keep qualifying.
• It is nonimmigrant. You must intend to leave the United States when your E-2 status ends. The visa does not lead to a green card by itself.

The rules are set out in the regulations at 8 CFR 214.2(e) and, for consular officers, in the Foreign Affairs Manual at 9 FAM 402.9 (last revised February 17, 2026). USCIS applies the same standards when it decides a change of status or extension inside the country.

The E-2 has a sibling, the E-1 treaty trader visa, which is based on substantial trade between the United States and the treaty country rather than investment. We compare the two in E-1 vs E-2.

Who qualifies for an E-2 visa?

An E-2 investor must meet every element below. Officers weigh them together, and a strong case on one point does not make up for a gap on another. Our page on E-2 visa requirements explains each element with the typical evidence, and the E-2 eligibility checker lets you test your own situation in a few minutes.

1. Treaty nationality. You hold citizenship of a treaty country, and at least 50% of the business is owned by nationals of that same country.
2. An investment. You have invested, or are actively in the process of investing, capital that is at risk and irrevocably committed.
3. Substantial. The amount is substantial in relation to the cost of the business and enough to make it work.
4. Lawful source. You can show the funds came from a legal source and that you control them.
5. A real, operating enterprise. The business produces goods or services for profit. It is not a passive holding.
6. Not marginal. The business has the capacity to do more than provide a minimal living for you and your family.
7. Develop and direct. You control the business through at least 50% ownership or operational control.
8. Intent to depart. You intend to leave the United States when your E-2 status ends.

Which countries are eligible?

Only citizens of treaty countries can be E-2 investors. The list in 9 FAM 402.9-10 includes Japan, South Korea, Canada, the United Kingdom, Germany, France, Mexico, Turkey, Australia, Israel, Portugal and about 70 others. Portugal is the newest addition, with E-2 eligibility since March 15, 2024. Greece and Brunei have E-1 treaty trader status only.

Large economies without an E-2 treaty include India, mainland China, Brazil, Russia, Vietnam, Nigeria, South Africa, Saudi Arabia and the United Arab Emirates. Citizens of these countries cannot be E-2 investors on their own passport.

Three nationality rules catch many applicants:

• Citizenship counts, residence does not. A permanent resident of Canada who holds only Indian citizenship is not eligible through Canada.
• Dual nationals choose one nationality for the case, and the business must be at least 50% owned by nationals of that country.
• Citizenship by investment has a waiting period. Since December 23, 2022 (the AMIGOS Act, Public Law 117-263), a person who acquired treaty nationality through a financial investment must have been domiciled in that country for at least three continuous years at some point before applying, unless they previously held E status.

The full list with FY2024 issuance figures is on our E-2 treaty countries page. If your country is not on it, see E-2 options for citizens of non-treaty countries.

How much do you need to invest?

There is no minimum investment for the E-2 visa. The Foreign Affairs Manual, 9 FAM 402.9-6(D), tells officers to apply a proportionality test: the investment is compared with the total cost of buying or establishing the specific business. The test works as an inverted sliding scale. The cheaper the business, the higher the share of its cost you are expected to fund.

The FAM gives two reference points. An investment of 100% of a $100,000 business would normally qualify. At the other end, $10 million in a $100 million business may be substantial because of its sheer size. The amount must also be enough to ensure the business operates successfully, and large enough to support the conclusion that you will develop and direct it.

What counts toward the investment:

• Purchase price paid for an existing business, or funds held in escrow under a signed purchase agreement that closes on visa issuance.
• Equipment, inventory, build-out, franchise fees, deposits and prepaid rent.
• Personal loans or loans secured by your own personal assets, such as a second mortgage on your home.

What does not count:

• Uncommitted money sitting in a bank account.
• Loans secured by the assets of the E-2 business itself.
• An inherited business (inheritance of a business is not an investment).

Business cost	What the proportionality test usually expects	Typical example
Under about $150,000	Close to 100% of the cost	Service business, small franchise
About $150,000 to $500,000	A large majority of the cost	Restaurant, retail, larger franchise
Above about $500,000	Can be a lower share if the amount is large in absolute terms	Acquisition partly financed by a loan on personal collateral

The bands in this table reflect how officers commonly apply the test in our experience; they are not legal thresholds. Run your own numbers in the E-2 investment calculator and read E-2 visa minimum investment for the detail on what counts as committed.

Where can the money come from?

Officers want to see that the money is yours, that you control it, and that it came from a lawful source. Acceptable sources include savings from employment, the sale of property or a company, gifts, inheritance, lottery or contest winnings and personal loans. The funds do not need to come from outside the United States.

What matters is the path. A strong file traces the money from its origin, through every account it passed through, to the U.S. business account or the escrow agent. Large cash deposits, transfers through third parties and undocumented gifts are the gaps we see most often. Our guide to E-2 source of funds lists the documents for each type of source.

What kind of business qualifies?

The enterprise must be a real and active commercial undertaking that produces goods or services for profit. 9 FAM 402.9-6(C) excludes paper companies, nonprofits and idle speculative investments such as undeveloped land or a stock portfolio. Owning rental property is passive, while running a property management or development company can qualify.

The business must also not be marginal. Under 8 CFR 214.2(e)(15), a marginal enterprise is one without the present or future capacity to generate more than a minimal living for the investor and family. A business can also show it is not marginal by making a significant economic contribution, which in practice usually means hiring U.S. workers. Future capacity should be realizable within five years from the start of operations, which is why E-2 business plans carry five-year projections.

Common E-2 business models include:

• Franchises in home services, fitness, education and food.
• Acquisitions of existing businesses with staff and revenue.
• Service companies such as consulting, marketing, logistics or IT.
• Restaurants, cafes and retail, which need more capital but are easy for officers to understand.

The FAM does not require a physical office, but the business must be real and operating or close to operating. Browse the best businesses for an E-2 visa, E-2 franchise options and buying an existing business for an E-2 for practical options by budget.

Ownership and control

Two ownership tests apply. First, the business must be at least 50% owned by nationals of your treaty country, and shares held by U.S. green card holders do not count toward that 50%. Second, you personally must be in a position to develop and direct the business.

Control usually comes from owning at least 50%. An equal 50/50 partnership between two owners gives each “negative control,” which qualifies. With three or more equal partners, no individual has control through ownership, so the structure usually needs a different route, such as owners qualifying as E-2 managers or essential employees of the company. Our page on E-2 ownership rules works through spouses, partners, corporate investors and changes in ownership.

How does the E-2 application process work?

There are two routes to E-2 status, and they lead to different results.

	Consular processing (abroad)	Change of status (USCIS, inside the U.S.)
Where	U.S. embassy or consulate, generally in your country of nationality or legal residence	USCIS, while you are in the U.S. in another valid status
Forms	DS-160 for each applicant, plus the embassy’s E-2 package	Form I-129 (E classification) for the investor; one Form I-539 for dependents
Interview	Yes, expect an in-person interview	Usually no interview
Result	A visa stamp, valid for travel	E-2 status only, no visa stamp
First period	Up to 2 years per admission	Up to 2 years
Travel	Re-enter on the visa	After leaving the U.S. you need a visa from a consulate to return

For consular cases, the principal investor answers the E-specific questions inside the DS-160. Form DS-156E is still used for E-2 employees, and individual embassies may ask for their own company registration package, so always follow the instructions of the post where you apply. Since September 6, 2025, nonimmigrant visa applicants generally must apply in their country of nationality or legal residence, and interview waivers were narrowed in 2025.

The steps in a typical case:

1. Confirm eligibility and choose the business.
2. Form the U.S. company and open a business bank account.
3. Transfer funds and commit them: lease, purchase agreement, equipment, franchise agreement or escrow.
4. Prepare the business plan and organize source-of-funds evidence.
5. Your immigration attorney prepares and files the application.
6. Attend the interview or wait for the USCIS decision.

The E-2 application process page covers each step, and the E-2 document checklist lists what goes into the file. If you are already in the U.S. on F-1, H-1B or another status, read changing status to E-2.

How long does it take to get an E-2 visa?

Timing has two parts: building the business and processing the application. In our practice, the full path from a first consultation to an operating business typically takes four to eight months. The business side usually takes longer than the visa side, because leases, franchise approvals and acquisitions have their own timelines.

Processing time then depends on the embassy’s appointment backlog or the USCIS queue. USCIS offers premium processing for Form I-129 E petitions, which guarantees action within 15 business days. Current ranges by route are on E-2 visa processing time.

How much does an E-2 visa cost?

Government fees are a small part of the total. The main official costs are:

Fee	Amount	Notes
Visa application (MRV) fee	$315 per applicant	Consular route, each family member
Reciprocity issuance fee	Varies by nationality	Many nationalities pay none
Form I-129 (E)	$1,015, or $510 for employers with 25 or fewer FTE	USCIS route
Asylum Program Fee	$600, or $300 for small employers	Paid with Form I-129
Premium processing (I-129 E)	$2,965	15 business days, requests postmarked on or after March 1, 2026
Visa integrity fee	$250 under Public Law 119-21	Implementation has been uneven, confirm with the embassy

Beyond government fees, budget for attorney fees, the business plan, company formation, accounting and translations. Professional fees vary widely with case complexity. The E-2 visa cost page breaks down every line item.

How long does the E-2 visa last?

Two different periods apply, and it helps to keep them apart:

• Visa validity is how long the stamp in your passport can be used to enter the United States. It is set by the reciprocity schedule for your nationality and ranges from three months to five years.
• Period of admission is how long you may stay after each entry. On the I-94 it is up to two years per entry, regardless of when the visa expires. A new entry generally gives a new two-year period.

There is no limit on the number of renewals or extensions. You can renew the visa at a consulate or extend status through USCIS with Form I-129, in increments of up to two years. Once an officer has found your investment substantial, it is generally not re-examined at renewal unless ownership changes, but the business must still be real, operating and not marginal. Read E-2 visa renewal and how long you can stay on an E-2.

What can your family do on an E-2?

Your spouse and unmarried children under 21 qualify for E-2 derivative status, whatever their own nationality. Their visa validity follows their own nationality’s reciprocity schedule or yours, whichever is shorter.

• Spouse: authorized to work incident to status. Since January 30, 2022, CBP and USCIS issue an I-94 with the class E-2S, which is acceptable evidence of employment authorization for Form I-9. An EAD is optional.
• Children: I-94 class E-2Y. They can attend public or private school and university but are not authorized to work.
• Turning 21: children lose derivative status at 21 and need their own status, often F-1.

More on E-2 spouse and children, E-2 spouse work authorization and children aging out.

What work can an E-2 investor do?

As the investor, you may work only for the E-2 enterprise that supports your status, in the role of developing and directing it. You cannot take outside employment. Hands-on work in a small business is normal, but the case should show you directing operations rather than only performing routine tasks.

The business can hire E-2 employees of the same nationality as executives, supervisors or essential workers, and it can hire U.S. workers freely. A sale of the business, a merger or a change in ownership that affects treaty nationality is a substantive change that needs a new approval. See E-2 work rules, E-2 employees and substantive changes.

Can the E-2 visa lead to a green card?

Not directly. The E-2 is not a dual-intent visa, and you must state that you intend to depart when your status ends. An unequivocal statement is normally enough, and you do not need to keep a home abroad. A pending immigrant petition can make an officer question that intent, so sequencing should be planned with your attorney.

Common green card paths for E-2 holders:

• EB-5: an investment of $800,000 in a targeted employment area or $1,050,000 elsewhere, with job creation.
• EB-1C: for managers and executives of multinational companies, which requires a qualifying foreign entity and at least one year of qualifying employment abroad.
• EB-2 NIW: a self-petition for work in the U.S. national interest.
• Family-based petitions or PERM employer sponsorship.

Details in E-2 visa to green card, E-2 and dual intent and E-2 vs EB-5.

E-2 visa statistics: FY2024

The State Department issued 55,324 E-2 visas in fiscal year 2024, compared with 5,639 E-1 treaty trader visas. These figures include investors, E-2 employees and family members.

Nationality	E-2 visas issued, FY2024
Japan	15,521
Korea (South)	6,778
Canada	6,747
Germany	3,902
France	3,574
Taiwan	2,921
United Kingdom	2,720
Italy	1,531
Mexico	1,514
Spain	1,438

By region, Asia accounted for 27,159 issuances and Europe for 17,272, followed by North America with 8,507. Japan’s lead largely reflects Japanese companies that staff their U.S. subsidiaries with E-2 employees and their families. The State Department does not publish an official E-2 refusal rate in these tables, so treat any percentage you see online as an estimate. We discuss what the data can and cannot tell you on E-2 approval rate.

Pros and cons of the E-2 visa

Advantages	Limitations
No fixed minimum investment	Only for treaty country nationals
No lottery or annual cap	Funds must be committed and at risk before approval
Unlimited renewals while the business qualifies	No direct path to a green card
Spouse can work in any job	Children cannot work and age out at 21
Can be processed in a few months	Investor may work only for the E-2 business
Investor controls the business	Status depends on the business staying active and non-marginal

For a fuller comparison, read E-2 visa pros and cons and U.S. investor visa options compared.

Why do E-2 applications get refused?

Most refusals come back to a few patterns: the business does not look real or ready, the funds are not irrevocably committed, the source of funds has gaps, or the projections never rise above supporting the investor’s family. An embassy may also issue a 221(g) notice asking for more documents before deciding. Our page on E-2 denial reasons explains each pattern and how a refused case can be rebuilt.

How to start an E-2 case

A sound E-2 case starts with the business, not the forms. A practical sequence:

1. Check eligibility. Confirm your treaty nationality and the ownership structure.
2. Set a realistic budget. Include the investment, working capital and living costs for the first year.
3. Choose the business. Match it to your budget, experience and target city.
4. Structure the investment. Decide between a startup, franchise or acquisition, and whether to use escrow.
5. Document funds early. Gather bank statements, sale documents and tax records before moving money.
6. Write the business plan. Five-year projections, a hiring plan, market analysis and use of funds.
7. Work with an attorney. An independent licensed immigration attorney prepares and files the application.

TealBridge is not a law firm. We work on the business side of the E-2: choosing and launching the business, writing the E-2 business plan, organizing investment evidence and coordinating with your attorney. Businesses we built supported a 99% E-2 approval rate (filings by independent partner attorneys).

Next steps

Start with the E-2 eligibility checker to see where you stand on each requirement, then test your budget in the investment calculator. If you want a second opinion on your plan, book a consultation and we will walk through your options with numbers.