E-2 Visa Guide

Introduction

The E-2 Treaty Investor visa is a non-immigrant visa that lets qualifying foreign entrepreneurs, executives, managers, and essential employees live in the United States to start or run a business or work for a qualifying business. It is built around one core idea: a founder (or investor) from a treaty country invests substantial capital in a real U.S. enterprise and comes to the U.S. to develop and direct that business. It can also be used by qualifying executives, managers, and essential employees of an E-2 company who share the same treaty nationality.

For startup founders and small business owners who want to self-sponsor through their own company, the E-2 is one of the most flexible options in U.S. immigration law:

• No annual lottery or cap
• Indefinite renewals as long as the business continues to qualify
• Spouses can work and children can attend school in the U.S.
• The founder can work for their own company rather than an external employer
  
  

But it comes with important constraints: only citizens of treaty countries qualify; it is technically temporary (no direct green card path); the investment must be “substantial” and at risk; and the business must be more than a “job for one person.”

This guide walks through why founders choose E-2, the legal requirements, current approval and processing trends, total costs, and how the landscape looks going into 2025.

Why the E-2 visa?

Founders and Business owners have several U.S. visa options. The E-2 sits in the middle of those options: in some cases, it can be more accessible than an O-1, more flexible than an H-1B, and less structurally demanding than an L-1, but restricted to treaty nationals and strictly temporary.

How E-2 compares to other visas

E-2 Treaty Investor

• For nationals of E-2 treaty countries who invest substantial capital in a U.S. business and directly run it.
• Self-sponsorship via one’s own company is explicitly allowed.
• Renewable indefinitely as long as the business is active, non-marginal, and still majority treaty-owned.
  
  

O-1A (Extraordinary Ability)

• For founders who can prove top-of-field achievements through awards, press, publications, funding, roles, etc.
• Open to all nationalities. No minimum investment or U.S. entity required.
• Dual-intent is tolerated (pursuing a green card does not inherently conflict).
• But the evidentiary bar is high and must be maintained at each extension.

L-1 (Intracompany Transferee)

• For founders/executives transferring from a foreign company to a U.S. parent, subsidiary, or affiliate.
• Requires at least one year of full-time work outside the U.S. for the foreign entity in the last three years.
• Strong path to an EB-1C multinational manager green card if the business grows.
• But cannot be used if there is no qualifying foreign entity.
  
  
  

H-1B (Specialty Occupation)

• For founders who can be hired by their own company into a degree-level “specialty” role under a proper governance structure.
• Open to most nationalities but subject to a strict annual lottery and prevailing wage rules.
• Dual-intent and clear employment-based green card pathways.
• Requires a genuine employer-employee relationship (e.g., independent board that can supervise/terminate the founder).
  
  

Why founders pick E-2 when eligible

For a treaty-country founder with capital to invest, E-2 is often attractive because:

• No lottery or annual cap.
• The founder’s own company is the sponsor.
• Reasonably predictable standards if the business and documentation are strong.
• Can be used as a bridge status while building a track record for O-1A, EB-1A, EB-2 NIW, or EB-5 later.
  
  

The principal limitations are:

• Only treaty-country nationals qualify (India, China, Brazil, Vietnam and others are currently excluded).
• It is legally a non-immigrant category (no automatic green card; immigrant-intent filings must be carefully timed).
• Ownership has to stay at least 50% treaty-national to preserve E-2 eligibility.

Key Benefits of the E-2 Visa

From a founder’s perspective, the E-2 combines several structural advantages:

1. Self-sponsorship via one’s own company

The core attraction is the ability to create or buy a U.S. business, invest capital, and have that business qualify as the E-2 enterprise. There is no need for a separate employer in the way H-1B or L-1 require.

2. Indefinite renewals

There is no statutory maximum stay. Each admission to the U.S. in E-2 status typically grants a two-year period of stay, and visa validity can be renewed as long as:

• The business remains active and real
• The investment remains at risk
• The company is still majority owned (directly or indirectly) by treaty-country nationals
• The business is not marginal (i.e., has capacity to generate more than minimal living income and/or create jobs)
  
  

This makes E-2 functionally “long-term” for many founders, even though it is not permanent residence.

3. Family-friendly benefits

• Spouse: E-2 spouses are work-authorized “incident to status” and can work for any U.S. employer or start their own venture, as long as their I-94 is annotated with an “E-2S” code.
• Children (under 21): Can live in the U.S. and attend school (K-12 or college). They cannot work without their own separate status, and they age out at 21.
  
  

This flexibility can be critical for two-career households.

4. Speed and flexibility in many posts

In many consular posts, E-2 processing is more predictable than employment-based categories:

• No PERM or labor market testing.
• No quota or lottery.
• Ability to file at any time of year.
• Premium processing is available for change-of-status petitions filed with USCIS on Form I-129.
  
  

5. Control and flexibility for the founder

• The founder controls their own company rather than being tied to an external employer.
• The business can pivot, grow, hire U.S. workers, and raise capital, as long as E-2 ownership and control rules remain satisfied.
• If the company scales, the founder can later transition to a different status (O-1A, EB-1A, EB-2 NIW, EB-5, etc.)

How Do You Qualify for an E-2?

At a high level, a founder qualifies for E-2 if all of the following are true:

1. Treaty nationality
   • The founder is a national of a country that has an E-2 treaty with the U.S.
   • The U.S. business is at least 50% owned by nationals of that same treaty country.
     
     
2. Substantial at-risk investment
   • A meaningful amount of capital has already been invested or irrevocably committed into a real, operating U.S. enterprise.
   • The Investment funds are “at risk” (subject to partial or total loss if the business fails).
     
     
     
3. Control and role
   • The investor owns at least 50% of the company or otherwise has effective operational control.
   • The investor will come to the U.S. to develop and direct the business in an executive, managerial, or highly specialized role.
     
     
4. Bona fide, non-marginal enterprise
   • The business is or will be a genuine, active commercial enterprise producing goods or services for profit.
   • It must have the capacity, now or within about five years, to generate more than minimal living income for the investor and to create economic value, typically through U.S. jobs.
     
     
5. Non-immigrant intent
   • E-2 is officially a temporary category. Applicants must indicate an intent to depart if the business ceases or the status cannot be renewed, even if they are also exploring long-term options.

The sections that follow go deeper into each of these requirements.

E-2 Visa Requirements and Eligibility Criteria

This section unpacks the legal and practical criteria in more detail.

1. Treaty country nationality

• The investor must hold citizenship in a country listed on the U.S. Department of State’s E-2 treaty country list.
• Dual nationals can choose which nationality to use, but the E-2 company’s nationality is tied to the owners’ treaty citizenship: at least 50% of ultimate ownership must be held by nationals of the same treaty country.
  
  

Note on second-passport routes (citizenship by investment) - A 2022 U.S. law now requires that if a person obtained treaty-country citizenship through an investment program, they must have been domiciled in that country for at least three years before qualifying for E-2 based on that passport.

2. Investment: “substantial” and at risk

There is no statutory minimum dollar amount. Instead, u.s. consulates apply three qualitative tests:

• Proportionality – The investment must be substantial in relation to the total cost of buying or starting the particular business. A $60,000 investment can be substantial for a lean SaaS startup but not for a manufacturing plant.
• Financial commitment (“skin in the game”) – The amount must be large enough to show the investor is genuinely committed. Very small investments relative to the business model can be problematic.
• Likelihood of success – The amount must realistically be sufficient to launch and operate the business to viability.
  
  

It is typical in practice for successful E-2 investments to fall in the $80,000–$300,000+ range, depending on the industry, however there is no legal floor. A good “rule of thumb” is that to be considered a “substantial investment,” USCIS will look to see evidence that the funds are sufficient to set the business up for success:

• Low-overhead service or tech startups can qualify with lower investments if the business plan and spend are credible.
• Brick-and-mortar operations (restaurants, retail, clinics, franchises) often require larger amounts to cover leases, build-out, and staff.

Funds must be at risk and irrevocably committed

• Simply parking cash in a business bank account is not enough. Funds need to be spent or contractually committed (e.g., leases, equipment, build-out, franchise fees, signed contracts).
• Loans can count if the investor is personally liable and the loan is not secured only by the assets of the E-2 enterprise.
• Applicants must provide a clear paper trail showing the investment flows.

Lawful source of funds

• The capital must come from legitimate sources: salary, savings, business income, sale of property, gifts, or inheritance.
• Documentation typically includes bank statements, sale contracts, tax returns, pay stubs, and, increasingly, transaction records for crypto-origin funds that have been converted into USD.

3. Ownership and control

The investor must either:

• Own at least 50% of the E-2 company; or
• Have de facto control through governance rights (e.g., being the sole managing partner with decisive control over operations).
  
  
  

Because E-2 also requires that the business itself be majority treaty-owned, it is safest for a principal investor–founder to maintain 50% or more of the equity and voting rights, especially before raising large external rounds.

4. Bona fide, non-marginal enterprise

The business must be:

• A real, active enterprise producing goods or services for profit
• Properly formed under U.S. law (LLC, corporation, etc.)
• Operating or imminently ready to operate (licenses, premises, contracts, website, etc.)
  
  
  

The enterprise must have present or future capacity:

• To generate more than minimal living income for the investor and family members; and/or
• To make a significant contribution to the U.S. economy (usually via job creation).
  
  
  

For new startups, consulates often look at a five-year business plan with realistic revenue and hiring projections (e.g., growing to several employees over 3–5 years). An established business with existing employees and profits inherently has an easier time on this test.

5. Applicant’s role: develop and direct

The E-2 category is not for passive investors. The principal must:

• Serve as an owner-executive, manager, or in an essential-skills capacity;
• Have the education or experience to credibly run the business;
• Work only for the E-2 enterprise (not for unrelated U.S. employers).
  
  
  

Employees of the E-2 company can also qualify for E-2 status (for example, a treaty-national executive or a staff member with essential skills), but they must share the same nationality as the E-2 enterprise and hold qualifying roles.

6. Non-immigrant intent

Unlike H-1B or L-1, the E-2 category does not formally recognize dual intent. Applicants must:

• Affirm that they intend to leave the U.S. if their E-2 status ends or cannot be renewed.
• Avoid giving the impression, at the consular interview, that they intend to remain permanently regardless of immigration outcomes.
  
  

At the same time, E-2 visa holders can often pursue permanent residence options (like EB-1A, EB-2 NIW, EB-5, or marriage-based green cards), but timing and travel strategy matter to avoid conflicts at renewal.

Current E-2 Approval Rates

Approval rates for E-2 visas have historically been high relative to other categories, especially when cases are well-documented.

• Recent analyses of U.S. State Department data show E-2 visa approval rates often around 85–90% in many fiscal years, even as overall visa issuance has increased after the pandemic.
  
  

Key points:

• A high average approval rate does not mean weak cases are safe. Denials tend to cluster around the same issues: marginality, insufficient investment, poor documentation of funds, and weak or generic business plans.
• Some posts are stricter than others. E-2 reviews are consulate-specific, and different posts have different norms around required documentation, business plan detail, and job-creation expectations.
• Once an enterprise is established and has a record of revenue and U.S. employees, renewal approval rates are usually higher than initial filings.

E-2 Visa Application Process and Timeline

There are two main paths into E-2 status:

1. Consular processing (outside the U.S.) – most common
2. Change of status with USCIS (inside the U.S.)
   
   
   

1. Core preparation: company and investment package

Regardless of route, the foundation is a comprehensive company and investment dossier. Typical evidence:

Ownership and nationality

• Passports of majority owners
• Articles of incorporation/organization
• Operating agreement or bylaws
• Cap table, stock certificates, or membership ledger
  
  

Investment and source of funds

• Bank statements showing capital transfers
• Wire confirmations and escrow agreements
• Invoices, receipts, purchase agreements, lease contracts
• Source-of-funds documentation (salary history, property sales, gift letters and donor documentation, crypto liquidation records, etc.)

Real and operating business

• Business registration certificates and EIN letter
• Commercial lease and premises photos
• Licenses and permits
• Website screenshots and marketing materials
• Contracts, invoices, letters of intent from clients or suppliers

Business plan and financials

• Detailed five-year business plan with:
  • Executive summary
  • Market and competitor analysis
  • Marketing and sales strategy
  • Operations plan
  • Hiring plan and org chart
  • 5-year projected P&L, cash flow, and balance sheet
    
    
• For acquisitions or mature businesses: historical financial statements and tax returns.
  
  
  

2. Consular processing (outside the U.S.)

A typical consular route looks like this (details vary by post):

1. Complete forms
   • Form DS-160 (Nonimmigrant Visa Application) for each applicant (principal + dependents).
   • DS-156E (Treaty Trader/Investor form) for the company/principal.
     
     
     
2. Submit the E-2 package to the consulate
   
   
   • Many posts require the full package to be submitted by email or portal for pre-screening by an E-visa unit before an interview is scheduled.
     
     
   • Some posts maintain an internal E-2 company registration so subsequent E-2 employees have a streamlined E-2 visa process.
     
     
3. Pay the MRV fee
   
   
   • As of mid-2023, the E-2 visa fee is US$315; some applicants also pay visa issuance (reciprocity) fees depending on nationality.
     
     
4. Interview scheduling and wait time
   • After the package is accepted, the consulate invites the applicant to book an interview.
   • Interview wait times vary widely by country and season—from a few weeks to several months in high-demand locations.
     
     
5. Visa interview
   Typical questions focus on:
   • What the business does and why it is viable
   • How much has been invested and how it was spent
   • Source of funds
   • Hiring plans and economic impact
   • The applicant’s background and role
   • Understanding that E-2 is temporary
     
     
     
6. Visa issuance and entry
   • If approved, the visa is printed in the passport with a validity period set by the U.S.–treaty-country reciprocity schedule.
   • On entry, CBP issues an I-94 with a two-year E-2 stay (independent of the visa’s outer validity). Always verify the I-94 after arrival.
     
     

3. Change of status in the U.S. (Form I-129)

Founders already in the U.S. in another status (F-1/OPT, H-1B, B-1/B-2, etc.) sometimes choose to file for E-2 classification with USCIS:

1. File Form I-129 with E-2 supplement
   • Include essentially the same evidence as for consular processing.
   • As of 2025, the base filing fee is US $1,015 and Premium Processing is available for an additional US $2,805, guaranteeing adjudication in 15 business days for most E-2 classifications.
     
     
     
2. USCIS adjudication
   • USCIS may issue a Request for Evidence (RFE) seeking more detail on investment, funds, or business viability.
   • If approved, the applicant receives an I-797 approval notice and a new I-94 with E-2 status (usually two years).
     
     
     
3. Travel caveat
   • Change of status does not produce a visa stamp.
   • The first time the beneficiary travels abroad, they must apply for the E-2 visa at a consulate before returning to the U.S.
     
     

For beneficiaries planning frequent international travel, consular processing is usually preferable; for those already in the U.S. needing fast work authorization, an in-country change of status can be attractive.

Total Cost Breakdown

There are three main cost buckets:

1. Direct immigration filing and visa fees
2. Professional services (legal, business plan, accounting)
3. The business investment itself
   
   

1. Government fees (approximate)

As of early 2025, typical official fees include:

• E-2 visa MRV fee (consulate): US$315 per applicant (principal and each dependent).
  
  
• Visa issuance (reciprocity) fee: Varies by nationality; some treaty countries have no extra fee, others have additional charges per visa.
  
  
• Change of status with USCIS (Form I-129):
  
  
  • Base filing fee $510 - $1,015
  • Asylum fee $300 - $600
  • Optional Premium Processing fee US$2,805 for 15-business-day adjudication.
    
    
• I-539/I-765 for dependents (if used instead of work-authorized I-94): standard USCIS fees, which have also been subject to recent updates.
  
  

Note: Congress has enacted a new US$250 ‘visa integrity fee’ that is expected to apply to most nonimmigrant visa issuances, in addition to existing MRV fees. Implementation timing and exact coverage (including how it will apply to E-category visas) are still being rolled out, so founders should check the latest State Department guidance and consular instructions before filing.

2. Professional services and preparation

While not legally required, most serious E-2 founders engage:

• Immigration counsel – Legal fees commonly range from US$8,000–US$20,000+ for a full E-2 strategy, company registration package, and principal + family, depending on complexity and region.
• Business plan writer – Specialist E-2 business plans often run US$1,500–US$5,000, depending on depth, industry research, and financial modeling.
• Corporate and tax advisors – Entity structuring, shareholder agreements, and U.S. tax planning can require separate attorney and CPA fees.
  
  
  

These amounts are not immigration “requirements” but are part of a realistic cost assessment.

3. Business investment

The largest cost is almost always the business itself:

• Lean tech or consulting startups might invest US$50,000–US$150,000 in early capitalized expenses.
• Franchises, retail, restaurants, clinics, and other brick-and-mortar operations often require US$150,000–US$300,000+.
• Capital-intensive sectors (manufacturing, construction, real estate development) can easily exceed these ranges.
  
  

Only funds personally at risk for the E-2 investor count toward satisfying the investment requirement. Funds contributed by outside investors may help the business but do not necessarily strengthen the E-2 case unless they are clearly part of the investor’s own risk exposure and ownership structure.

Current Processing Times

Processing times for E-2 filings depend heavily on where and how the case is filed.

1. Consular processing times

Key stages:

1. E-2 package pre-review by consulate E-visa unit
   • Roughly 4–12 weeks in many posts, depending on workload and completeness of the package.
     
     
2. Interview scheduling
   • Appointment wait times range from a few weeks to several months; heavily backlogged posts can be longer, while some consulates maintain dedicated E appointment slots with shorter waits.
     
     
3. Post-interview issuance
   
   
   
   • For straightforward approvals, visas are typically issued within 3–14 days.
   • If a case is placed into administrative processing (221(g)), additional weeks or months may be added.
     
     
     

In aggregate, a well-prepared E-2 case filed at a moderately busy post often takes around 3–6 months from initial document assembly to visa in hand; extremely busy posts or complex cases can take longer.

2. USCIS change-of-status times

For Form I-129 E-2 petitions filed inside the U.S.:

• Premium Processing: 15 business days from receipt to approval/denial/RFE for most E-2 classifications.
• Regular processing: Often several months, varying by service center workload and staffing.
  
  

Change of status can therefore yield E-2 work authorization in 4–8 weeks including preparation time if premium processing is used, but travel outside the U.S. will still require a later consular step.

Recent Updates and Trends to E-2 in 2025

A few recent legal and policy changes are particularly relevant to founders planning E-2 strategies in 2024–2025.

1. Fee increase for nonimmigrant visas

• MRV fee increase: In June 2023, the State Department increased the machine-readable visa fee for most non-petition-based nonimmigrant visas, including E-2, from US$205 to US$315.
• This higher fee remains in place going into 2025 and should be factored into multi-family applications and renewals.
  
  
  

2. Portugal added as an E-2 treaty country

• Portugal was formally added to the E-2 treaty country list, with eligibility taking effect in 2024.
• This opens the E-2 route to Portuguese founders and to some non-Portuguese founders who legitimately acquire Portuguese citizenship (subject to domicile requirements for citizenship-by-investment structures).
  
  

3. Three-year domicile rule for investment-based citizenship

• A 2022 U.S. law now requires E-2 applicants who obtained treaty nationality via an investment-based citizenship program to have been domiciled in that country for at least three years before they can use that passport for E-2.
• This significantly limits “passport-shopping” strategies (e.g., quickly acquiring Grenadian or Turkish citizenship purely for E-2).
  
  

4. E-2 spouse work authorization formalized

• Following the 2021–2022 policy and litigation developments, USCIS and CBP now treat E-2 spouses as work-authorized incident to their status and issue I-94s with “E-2S” codes.
• Employers can rely on the annotated I-94 as proof of employment authorization, removing the need for separate EADs in most cases.
  
  

5. Post-pandemic issuance and approval trends

• E-2 visa issuances rebounded strongly after pandemic lows and have reached or exceeded pre-2020 levels, reflecting renewed demand from international entrepreneurs.
• Approval rates have remained relatively high (often 85–90%), but posts are showing more scrutiny on:
  
  
  • Source-of-funds documentation
  • Realistic financial projections
  • Job-creation timelines
  • Investment proportionality for lower-capital tech and consulting businesses

6. Ongoing discussion of additional fees and integrity measures

• U.S. policy discussions in 2024–2025 have explored new “visa integrity” fees and adjustments aimed at funding consular operations and fraud prevention. A US$250 fee has been enacted for many visitor visa applicants, with possible future expansions.
• Founders should monitor State Department announcements and policy updates, as new fee structures or documentation standards can impact planning.

Choosing the Right Immigration Lawyer

The E-2 visa is a nuanced category, and approvals depend not just on the investment or business plan, but on how the enterprise, ownership structure, and your role are presented to the consulate or USCIS. Many strong cases are denied simply because the evidence wasn’t organized clearly or the narrative wasn’t persuasive.

When choosing an immigration attorney, consider:

Experience:
Do they have a proven track record specifically with E-2 investor and E-2 employee visas?

Attention to Detail:
Will they build a tailored E-2 petition—including a compliant business plan, investment documentation, and operational strategy—or do they rely on generic templates?

Responsiveness:
E-2 cases often involve timing constraints around business formation, investment transfers, or upcoming consular appointments. Your attorney should be accessible and able to move quickly. Our attorneys typically respond within 4–6 hours.

Support Beyond Legal Writing:
The best attorneys help structure your investment evidence, ensure your business plan meets E-2 standards, and anticipate areas a consular officer may scrutinize.

At Alma, we’ve built a modern immigration platform and team to make the E-2 process transparent and streamlined. We support everyone from solo entrepreneurs launching their first U.S. venture to established companies bringing in key E-2 managers or essential employees.

We simplify the E-2 process for individuals, focusing on 3 core pillars:

• Speed: 2-week turnaround time  in document preparation
• Excellence: 99%+ approval rate so far
• Care: Full transparency with our platform and direct attorney access

Beyond E-2, we also support a full range of U.S. visas and green cards, including O-1A, H-1B, EB-1A, EB-2 NIW, and more.

Ready to start your immigration journey? Get started here!

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