E-2 visa requirements explained

What is an E-2 visa?

The E-2 treaty investor visa lets a national of a treaty country live in the United States to develop and direct a business they have invested in. It is a nonimmigrant visa. The investor, certain employees, and the investor's spouse and children can qualify. The rules come from the Foreign Affairs Manual (FAM), section 9 FAM 402.9.

The E-2 exists because the United States has treaties of commerce and navigation with certain countries. Those treaties, and some later laws, give their nationals the right to invest and work in a U.S. business. The FAM is the U.S. Department of State's guidance to consular officers. It explains how officers decide each application.

Two things about the E-2 surprise many first-time investors. First, there is no green card at the end of it. The applicant states an intent to leave when E-2 status ends. Second, the burden of proof sits with the applicant. Under 9 FAM 402.9-2, an officer who is unsure can ask for whatever documents are needed to settle the doubt.

That second point shapes everything below. A strong file answers the officer's questions before they are asked.

What are the 9 points an officer checks?

Under 9 FAM 402.9-6(A), a consular officer decides 9 things in every E-2 investor case. A treaty must exist, the investor and business must hold treaty nationality, and the investment must be real, substantial and at risk. The business must operate, be more than marginal, and be directed by the investor, who plans to depart when status ends.

The table lists each point, what officers typically look for, and where a business plan supports it. Each point has its own section below.

Does your country have an E-2 treaty?

Only nationals of the countries listed in 9 FAM 402.9-10 can apply for an E-2 visa. The list is set by treaties and by laws passed by Congress. Some countries qualify for the E-1 treaty trader visa but not the E-2. Others have limits, so checking the exact entry for your country comes first.

The list changes over time. Israel was added for E-2 in 2019, New Zealand in 2019 and Portugal in 2024, each through a law and a reciprocity check. Bolivia and Ecuador are limited to investments made before certain dates. Our E-2 treaty countries list shows every entry with the date we last checked it.

Nationality also applies to the business. The nationality of a company is the nationality of its owners, not the country where it is incorporated. Treaty nationals must own at least 50 percent of the business. A U.S. company owned by an investor from a treaty country can therefore qualify, even though it is registered in a U.S. state.

What counts as an E-2 investment?

An E-2 investment is capital placed at commercial risk in a for-profit business, in the hope of a return. Under 9 FAM 402.9-6(B), the funds come from a lawful source, are in the investor's possession and control, and could be partly or fully lost if the business fails. Funds must also be committed, not just available.

The FAM lists acceptable sources: savings, gifts, inheritance, contest winnings and other legitimate sources. The money does not need to come from outside the United States. Equipment and inventory bought for the business can count. So can intangible property such as a patent, when its value can be reasonably determined.

Loans need care. A loan secured by the assets of the business does not count, because the investor does not carry the risk. A second mortgage on the investor's home or an unsecured personal loan can count, because the investor would repay it even if the business failed. Our article on source of funds for an E-2 investment explains how to document each source.

The word "committed" matters too. Money sitting in a bank account is not an investment. Signing contracts while scouting locations is not enough either. The FAM describes an investor who is close to the start of actual operations. A purchase held in escrow until the visa is issued can still count as committed.

How much do you need to invest for an E-2 visa?

No set dollar figure makes an E-2 investment substantial. Under 9 FAM 402.9-6(D), officers apply a proportionality test. They compare the qualifying funds invested with the total cost of the business. A lower-cost business generally needs a higher share of its cost invested. A very expensive business can qualify with a lower share.

The FAM calls this an inverted sliding scale. It gives two reference points. An investment of 100 percent of a business that costs $100,000 to start would normally qualify. An investment of $10 million in a $100 million business may also be substantial, based on its size alone. There are no fixed percentages in between.

The cost of the business depends on how you enter it. For an existing business, the cost is generally the purchase price, which is normally its fair market value. For a new business, it is the actual cost needed to make the business operational. Invoices, contracts, appraisals and quotes all help show that cost.

Our guide on how much to invest for an E-2 visa (opens in a new tab) walks through the proportionality test with labeled examples.

What makes an E-2 business real and operating?

An E-2 business has to be a real, active commercial undertaking that produces a service or a product. Under 9 FAM 402.9-6(C), it cannot be a paper company or an idle investment held for appreciation, such as undeveloped land. It must be for profit, so non-profit organizations do not qualify.

For a new business, the officer has to be convinced it will operate if the visa is issued. That is where operating detail helps. A lease, supplier quotes, licenses, a launch timeline and a clear list of services all show a business that is ready to start.

A physical office is not required. Under 9 FAM 402.9-4(D), office space can still be relevant evidence, but it is not a condition for the visa. A consulting or online business can qualify without a storefront.

The FAM's suggested checklist gives examples of evidence that a business is operating: business licenses, utility bills, supplier invoices, account statements and marketing materials. For a new business, many of these will not exist yet. The plan explains when and how each one will.

What does it mean for an E-2 business to be more than marginal?

A marginal business only earns enough to give the investor and family a minimal living. Under 9 FAM 402.9-6(E), an E-2 business needs the present or future capacity to do more than that, or to make a significant economic contribution. That future capacity should generally be realizable within 5 years of starting normal operations.

For a new business, this point is argued almost entirely through the financial projections and the hiring plan. Officers typically look for revenue that grows past the owner's living costs, and for jobs that go to people other than the investor. Projections need stated assumptions tied to market data.

The numbers need to agree across the plan. If the personnel section shows 6 employees in year 4, the payroll line in the financials should reflect 6 salaries. Read more in what marginality means for an E-2 business. For how to build the hiring table itself, see the hiring plan and job creation schedule (opens in a new tab).

What does develop and direct mean?

The E-2 investor must be coming to the United States to develop and direct the business. Under 9 FAM 402.9-6(F), this is usually shown through at least 50 percent ownership. It can also be shown through operational control, such as a managerial position or another corporate device that gives real control.

An equal 50/50 partnership between 2 parties can give each partner control, which the FAM calls negative control. A 3-way equal partnership does not give any one partner control based on ownership. A title alone is not enough if the investor does not actually control the business.

Point 8 on the officer's list covers the role itself. The applicant must be destined to an executive or supervisory position, or hold skills essential to the business. For the investor, this usually follows from the develop and direct test. For E-2 employees, it is assessed separately under 9 FAM 402.9-7.

In the plan, the management section names the investor's role, duties and relevant experience. An organization chart shows who reports to whom, now and as the team grows.

Do you need to plan to leave the United States?

Yes. The E-2 is a nonimmigrant visa, so the applicant intends to depart when E-2 status ends. Under 9 FAM 402.9-4(C), an unequivocal statement of that intent is normally sufficient. The applicant does not need to keep a home abroad and may move all household goods to the United States.

This point is about the applicant's intent, not the business plan. It becomes more complex if the applicant is also the beneficiary of an immigrant petition. Your immigration attorney can explain how that affects your case.

The visa itself can be renewed as long as the business continues to qualify. Validity periods depend on the reciprocity schedule for each country. Government processing times and visa validity are set by the authorities.

Can you buy an existing business instead of starting one?

Yes. An investor can buy an existing U.S. business, including a franchise, or start a new one. The same 9 points apply in both cases. What changes is the evidence. A purchase is measured against the purchase price, and a new business against its startup cost.

For a purchase, officers typically look for a signed agreement, escrow documents and the seller's financial history. A purchase conditioned on the E-2 visa can still count as an irrevocable commitment when the funds sit in escrow. The plan explains what the investor will change and how the business will grow.

For a new business, the plan carries more weight, because there is no operating history. Startup costs, a launch timeline and 5-year projections replace past tax returns. We don't recommend specific businesses or franchises. Our article on buying an existing business or starting new covers what each path needs to show.

What documents does an E-2 application use?

Every E-2 applicant completes the online Form DS-160. Under 9 FAM 402.9-11(A), the E-2 principal investor answers the DS-156E questions inside the DS-160. E-2 managers and essential employees submit a separate Form DS-156E. Each embassy or consulate also publishes its own instructions for submitting supporting documents.

The FAM includes a suggested document checklist in 9 FAM 402.9-11(B). It is a guide, not a fixed list. It groups evidence under nationality, ownership, investment, source of funds, marginality, a real operating business and the applicant's role. For a new business, it lists financial projections for the next 5 years, supported by a thorough business plan.

Our E-2 visa document checklist turns that list into a practical order of work. Start with what only you can provide: passports, ownership papers and proof of your funds.

How does a business plan support an E-2 application?

A business plan ties the 9 points together in one document. It describes the company, shows the market, explains operations, sets out the hiring plan and projects 5 years of financials. For a new business, the plan is often the main evidence for marginality and for a real, operating enterprise.

Officers read the plan alongside the rest of the file. A plan works best when its numbers match the bank records, the lease and the purchase documents. It should explain assumptions in plain words, because the officer may not know your industry.

For a section-by-section map of what goes in, and why, see what goes into an immigration business plan (opens in a new tab).

Where does VisaPlans fit?

VisaPlans prepares the E-2 Business Plan (opens in a new tab), built around the points in 9 FAM 402.9 and drawing on 15 years of immigration business plan expertise. Expert-trained AI writes the plan and a human specialist reviews every page. You receive editable Word and Excel files within 3 business days of confirmed information. See pricing (opens in a new tab) for what is included.