E-2 Visa Requirements: The Complete 2026 Checklist

To qualify for an E-2 visa you must be a citizen of a treaty country, the U.S. business must be at least 50% owned by nationals of that country, and you must have invested, or be actively investing, a substantial amount of at-risk capital from a lawful source. The business must be real, operating and more than marginal, you must be in a position to develop and direct it, and you must intend to leave the U.S. when your status ends.

These elements come from section 101(a)(15)(E)(ii) of the Immigration and Nationality Act, the regulations at 8 CFR 214.2(e) and the Foreign Affairs Manual at 9 FAM 402.9 (revised February 17, 2026). Consular officers and USCIS apply the same elements, and every one of them must be met. Below we explain each requirement in plain terms, with the evidence that usually proves it.

E-2 requirements checklist

Requirement	What it means	Typical evidence
Treaty nationality	You are a citizen of a country on the E-2 treaty list	Passport; for citizenship by investment, proof of 3 years of domicile
50% treaty ownership	Nationals of your treaty country own at least 50% of the business	Operating agreement or bylaws, stock certificates, share ledger, owners’ passports
Investment at risk	Capital is exposed to loss if the business fails	Wire transfers, invoices, receipts, lease, purchase agreement
Irrevocably committed	Funds are spent or bound by contract, not just available	Paid invoices, signed contracts, escrow agreement
Substantial	Large relative to the cost of the business and enough to run it	Cost breakdown, valuation, use-of-funds table
Lawful source	You can trace the money to a legal origin and you control it	Bank statements, sale contracts, tax returns, gift or loan documents
Real and operating	An active, for-profit business producing goods or services	Business licenses, lease, contracts, website, invoices, payroll
Not marginal	Capacity to earn more than a minimal living for your family or to contribute to the economy	Five-year business plan, hiring plan, financial projections
Develop and direct	You control the business through ownership or management	Ownership documents, organizational chart, job description
Intent to depart	You plan to leave when E-2 status ends	Statement of intent (in the DS-160 or the attorney’s filing)

The rest of this page explains each row. If you want a quick view of where you stand, try the E-2 eligibility checker first.

1. Treaty country nationality

The investor must hold the nationality of a country that has a qualifying treaty with the United States. The treaty may be a treaty of friendship, commerce and navigation, a bilateral investment treaty, or legislation extending E-2 privileges, and the eligible countries are listed in 9 FAM 402.9-10. See our E-2 treaty countries list for the current list.

Key points:

• Citizenship, not residence. Permanent residence in a treaty country does not count. A national of a non-treaty country living in Germany, for example, is not eligible through Germany.
• Dual nationals pick one. If you hold two passports, you choose which treaty nationality to use, and the business ownership must match it.
• Citizenship by investment. Since December 23, 2022 (the AMIGOS Act, Public Law 117-263), a person who obtained treaty nationality through a financial investment, and who was not previously in E status, must have been domiciled in that country for at least three continuous years at some point before applying.

2. At least 50% ownership by treaty nationals

The business itself must have the nationality of the treaty country. Under 9 FAM 402.9-4(B), the nationality of a business is determined by the nationality of its individual owners, not by where it is incorporated. A Delaware LLC owned 100% by Canadian citizens is a Canadian business for E-2 purposes.

At least 50% of the ownership must be held by nationals of the treaty country. Two details matter in practice:

• Shares owned by U.S. lawful permanent residents (green card holders) do not count toward treaty nationality, even if those owners are also citizens of the treaty country.
• If the U.S. business is owned by another company, officers look through each layer of ownership to the individuals at the top.

The E-2 ownership rules page covers partners, couples, corporate investors and 50/50 joint ventures in detail.

3. An investment that is at risk and irrevocably committed

You must have invested, or be actively in the process of investing. 9 FAM 402.9-6(B) sets out what that means.

At risk. The capital must be subject to partial or total loss if the business does poorly. Loans secured by the assets of the E-2 business do not count, because the lender, not you, carries the risk. Loans secured by your own personal assets, such as a second mortgage on your home, or unsecured personal loans can count.

Irrevocably committed. Having money available is not the same as investing it. Uncommitted funds in a bank account, a letter of intent or a plan to invest after the visa is issued do not qualify. Funds count when they have been spent on the business or are bound by a binding agreement. A business purchase can be conditioned on visa issuance and still count if the funds are held in escrow for release when the condition is met.

Close to operating. Being “in the process of investing” also means being close to the start of actual operations, not simply scouting locations or signing contracts that could be broken.

What typically counts toward the investment: equipment, inventory, build-out, franchise fees, deposits, prepaid rent (limited to what is actually paid), the purchase price of an existing business, and working capital in reasonable proportion to the plan.

4. A substantial investment

There is no minimum dollar amount. Under 9 FAM 402.9-6(D) and 8 CFR 214.2(e)(14), an investment is substantial when it is:

1. Substantial in proportion to the total cost of buying or establishing the business.
2. Sufficient to ensure your financial commitment to the successful operation of the business.
3. Of a magnitude that supports the likelihood you will successfully develop and direct it.

The proportionality test is an inverted sliding scale: the lower the cost of the business, the higher the percentage of that cost you are expected to invest. The FAM’s own example is that 100% of a $100,000 business would normally qualify, while $10 million in a $100 million business may be substantial because of its size alone. For an existing business, cost is usually the purchase price; for a new business, it is the cost of making it operational.

We explain realistic amounts and what officers credit in E-2 visa minimum investment, and you can model your own figures with the E-2 investment calculator.

5. A lawful source of funds

The money must come from a legitimate source, and you must show you possess and control it. The FAM lists savings, gifts, inheritance, contest winnings, loans secured by your own personal assets and other legitimate sources. The funds do not need to come from outside the United States. Inheriting a business, however, is not an investment.

Officers expect a clear trail from the origin of the money to the U.S. business account, with each transfer documented. Gaps in that trail are one of the most frequent reasons cases are delayed or refused. See E-2 source of funds for the documents each type of source needs.

6. A real and operating enterprise

The business must be a real and active commercial or entrepreneurial undertaking that produces goods or services for profit (9 FAM 402.9-6(C)). That rules out:

• Paper companies with no operations.
• Nonprofit organizations.
• Idle speculative investments held for appreciation, such as undeveloped land or stocks held without the intent to direct an enterprise.
• Passive holdings such as a single rental property.

For a new business, the officer must be convinced it will be a real, operating undertaking if the visa is issued. The FAM does not require a physical office, but a signed lease, licenses, supplier contracts, a working website and early customers all help show the business is real. Our E-2 business options section covers business models that fit this test.

7. Not a marginal enterprise

A marginal enterprise is one without the present or future capacity to generate more than a minimal living for the investor and family (8 CFR 214.2(e)(15)). An enterprise that does not meet that income test can still qualify if it has the capacity to make a significant economic contribution, which usually means creating jobs for U.S. workers.

Future capacity should be realizable within five years from the start of operations. This is why officers look closely at the business plan’s projections and hiring schedule. A plan in which the investor is the only worker and income covers only the family’s living costs is the classic marginal case. Read the E-2 business plan requirements to see how plans address this.

8. In a position to develop and direct

The investor must be coming to the U.S. solely to develop and direct the enterprise. Control is normally shown by owning at least 50% of the business, but it can also be shown through operational control, such as a managerial position or another corporate device. Holding a manager title without real control is not enough.

Two structures need care:

• 50/50 partnerships. An equal partnership between two parties gives each “negative control,” which the FAM accepts, as long as both keep full management rights.
• Three or more equal owners. No individual has control through ownership. In that case owners usually cannot be the “investor” and instead apply as E-2 employees of the company.

E-2 employees. If you are not the investor, you can still qualify as an employee of a treaty-owned business. You must have the same treaty nationality as the company, and the role must be executive, supervisory or require essential skills. See E-2 visa for employees.

9. Intent to depart when status ends

The E-2 is a nonimmigrant visa. You must intend to leave the United States when your E-2 status ends. The FAM is relaxed on this point: you do not need to keep a residence abroad, you may sell your home and move your household, and an unequivocal statement of intent to depart is normally enough.

The exception is when you are the beneficiary of an immigrant petition. Then the officer must be satisfied that you still intend to leave at the end of your stay. If a green card is part of your plan, sequence it with your attorney; see E-2 and dual intent.

What is not required for an E-2 visa

Several things people assume are required are not part of the legal test:

• A fixed minimum investment, such as $100,000 or $120,000.
• A minimum number of employees.
• A college degree.
• A physical office (although a real location often helps).
• Keeping a home in your country of nationality.
• Funds that come from outside the United States.

Requirements for family members and at renewal

Your spouse and unmarried children under 21 qualify for E-2 derivative status regardless of their nationality; they only need to prove the family relationship. See E-2 spouse and children.

At renewal, the investment is generally not re-examined for substantiality unless ownership has changed. The business must still be real, operating and not marginal, and the ownership and nationality requirements must still be met. See E-2 visa renewal.

Next steps

Run your situation through the E-2 eligibility checker, then review the E-2 document checklist to see what evidence each requirement needs. If you want help choosing a business that clearly meets the substantial and non-marginal tests, book a consultation with our team.