Treaty country requirement
The E-2 visa is exclusively for nationals of countries with a qualifying Treaty of Commerce and Navigation or Bilateral Investment Treaty with the United States. As of 2026, approximately 80 countries participate, including: UK, Germany, France, Italy, Japan, South Korea, Australia, Canada, Mexico, Israel, Turkey, and many others. Notably excluded: India, China, Brazil, Russia, and most of Southeast Asia (with some exceptions). DOS maintains the current list at travel.state.gov.
Nationality is the key requirement — not residence. A German national living in the UAE is eligible; an Indian national living in Germany is not. Dual nationals can use the E-2-eligible nationality. Investors from non-treaty countries must consider alternative pathways: EB-5 (for a green card), L-1 (if company is multinational), or pursuing naturalization in an E-2 treaty country.
The substantial investment requirement
The INA does not specify a minimum dollar amount for E-2 investment. Instead, investment must be 'substantial' — defined by a proportionality test. The lower the total cost of the enterprise, the higher percentage of that cost must be invested. For a business costing $500,000 total, the investor should have invested $250,000–$400,000 (50–80%) to satisfy substantiality. For a business costing $5 million, 15–20% may suffice. In practice, consular officers typically look for a minimum of $50,000–$100,000 for small enterprises, with $150,000–$200,000 being safer.
The investment must be 'at risk' — committed to the enterprise for commercial purposes, not held in a personal account or only marginally deployed. Purchasing an existing business, starting a franchise, or building a new business from scratch all qualify, provided the investment is genuine.
Marginality test and active direction
The E-2 enterprise cannot be marginal — it must have present or future capacity to generate more than just enough income to provide a minimal living wage for the investor and family. Officers assess financial projections, business plan viability, number of employees, and community economic impact. A one-person consulting firm serving only the investor's prior employer with no employees and no growth plan is at high risk of rejection as marginal.
The investor must actively invest in and direct the enterprise. Portfolio investment (passive stock ownership) does not qualify. The investor must occupy a role such as president, director, or senior manager. A minority investor can qualify if they control the enterprise (e.g., 50%+ ownership or veto rights over operations).
Related Questions
How long is the E-2 visa valid?
E-2 visas are issued for periods determined by reciprocity with the investor's home country — typically 2–5 years for the visa stamp, with each admission granting up to 2 years of stay, renewable indefinitely. Some countries receive 5-year multiple-entry E-2 visas; others receive shorter periods.
Can E-2 holders apply for a green card?
E-2 is a nonimmigrant visa with no direct path to a green card. E-2 holders can pursue EB-5 (if they increase their investment to the EB-5 threshold and meet the job creation requirement), EB-2 or EB-3 through employer sponsorship, or other family-based or employment-based categories.
Can I buy a franchise for an E-2?
Yes — franchises are a common E-2 business structure. The franchise purchase price and initial setup costs should meet the substantiality threshold. A well-known franchise with an established economic model makes the non-marginality case easier to prove.
What documents do I need for the E-2 application?
A detailed business plan, financial projections (3–5 years), source of funds documentation (showing the investment is from lawful origins), business formation documents, lease or property agreement for the US business, and evidence of the investor's nationality.
Can my spouse work in the US on an E-2 visa?
Yes. E-2 spouses are eligible to apply for work authorization (EAD) and can work for any employer in the US, not just the E-2 business. This is a significant benefit compared to some other dependent visa categories.
Official Sources
This guide is general information, not legal advice. Fees and processing times change; always confirm with the official government source before acting.