The E-2 treaty investor visa allows a national of a country that has a qualifying treaty with the United States to come to the United States to develop and direct a business in which they have invested, or are actively investing, a substantial amount of capital. According to USCIS, the founder must hold the treaty nationality, must own at least 50 percent of the enterprise or control it through a managerial position, and must have placed capital at risk in a real, operating business that is not marginal. There is no fixed minimum investment; "substantial" is judged in proportion to the cost of the business. The visa is granted for up to two years at a time with unlimited extensions, the founder’s spouse can work, and the status can be requested from inside the United States on Form I-129 or at a U.S. consulate abroad. The E-2 is the cleanest founder visa for people who qualify, and useless for those who do not: nationals of India, China, Brazil, Russia, and Vietnam, among others, have no E-2 treaty and need another route. This guide covers both sides.
Key takeaways
Nationality decides eligibility before anything else; the State Department keeps the list of treaty countries. The investment must be irrevocably committed or held in escrow conditioned only on the visa, from a lawful source, and large enough relative to the business. The company must be more than a living for the founder; a plan to hire helps. Change of status inside the U.S. gives status but no visa stamp; a consular visa allows travel. Spouses are work-authorized. The E-2 can be renewed indefinitely but is not a green card; founders who want one plan the next step early.
Step one: the treaty nationality
The E-2 exists under treaties of commerce and navigation, bilateral investment treaties, and a few acts of Congress. The U.S. Department of State maintains the list of treaty countries. Most of Europe, Canada, Mexico, Japan, South Korea, Taiwan, Turkey, Israel, Pakistan, Argentina, Colombia, and Australia are on it. Notably absent are India, China, Brazil, Russia, Vietnam, and Nigeria, which together account for a large share of the founders who ask about the visa.
Nationality means the founder’s own citizenship, and where the investing entity is a company, at least half of that company must be owned by nationals of the same treaty country. Dual nationals choose which nationality to apply under. Some founders obtain a second citizenship from a treaty country to qualify; that is lawful when the citizenship is genuine and lawfully acquired, and consular officers look closely at the timing and the source of funds in those cases. Founders without a treaty nationality should compare the O-1 for founders, the L-1 new office transfer if a foreign company already exists, and the EB-2 national interest waiver.
What counts as an investment
The regulation at 8 CFR 214.2(e) and the USCIS page describe an investment as the placing of capital, including funds or other assets, at risk in the commercial sense with the objective of generating a profit. Four tests sit inside that sentence:
| Test | What the officer wants to see | Common founder evidence |
|---|---|---|
| Possession and control | The funds were the founder’s to invest: own savings, a documented gift, a loan secured by personal assets rather than by the business. | Bank statements over time, sale documents, gift letters, loan agreements with collateral |
| Lawful source | Where the money came from, traced far enough to show it is clean. | Tax returns, employment records, sale of property or shares, inheritance documents |
| At risk and irrevocably committed | The money has been spent or is bound to the business; uncommitted cash in the company account carries little weight. | Paid invoices for equipment, lease deposits, inventory, build-out, salaries; or an escrow agreement releasing funds on visa approval |
| Substantial | Proportional to the total cost of buying or starting this business, and enough to show the founder is committed and able to run it. | A business plan with the startup budget, and proof that a large share of it is already spent |
There is no official minimum. The proportionality test means a $150,000 investment can be substantial for a consulting practice and insufficient for a manufacturing plant. A founder who has spent most of a realistic startup budget is in a far stronger position than one who has wired a larger sum and left it sitting in the company account.
The marginality test
The enterprise may not be marginal: one that lacks the present or future capacity to generate more than enough income to provide a minimal living for the founder and family. USCIS notes that a new business can pass this test on its future capacity. Consular guidance generally expects that capacity to be realistic within about five years. The practical proof is a business plan with credible projections, and a hiring plan: a company that will employ U.S. workers is, by definition, more than a living for its owner.
Develop and direct: ownership and control
The founder must be coming to develop and direct the business, shown by owning at least 50 percent or by operational control through a managerial position or another corporate device. Two equal co-founders from the same treaty country can each qualify. A founder diluted below 50 percent by investors needs to document control through the board, the operating agreement, or the officer role, and should expect questions. Venture-backed founders often find that the E-2 fits the earliest stage of the company better than the later ones.
Planning an E-2 for your own company?
Request a free consultation. We check the nationality, trace the funds, and tell you whether the amount and the plan meet the four tests before anything is filed, with a flat fee in writing.
Two ways to get E-2 status
Change of status inside the United States
A founder already in the United States in a lawful nonimmigrant status (an F-1 graduate, an H-1B employee, a B-1 visitor whose trip was for business) can ask USCIS to change status to E-2 on Form I-129. USCIS will not accept the request from someone physically outside the country. The approval grants E-2 status for up to two years, but it does not produce a visa in the passport: the first trip abroad requires a consular E-2 visa application, and the case is reviewed again by the consulate. Premium processing is available for the E-2 I-129 at $2,965 for a 15-business-day action; our premium processing guide explains when it is worth it.
A visa at a U.S. consulate
A founder abroad applies at the consulate with the DS-160, the E-visa supplement, and the investment file. Visa validity depends on the reciprocity schedule for the founder’s country, up to five years for many treaty countries, and each entry on the visa gives up to two years of status. Consular E-2 units review the business file in depth and often ask for the five-year plan, the lease, and proof of spent funds before the interview. The consular route is slower to arrange but leaves the founder able to travel freely, which is why many founders who could change status inside the country choose the consulate instead.
Costs and timeline
For a change of status, the Form I-129 filing fee for the E classification and the Asylum Program Fee are on the USCIS fee schedule; premium processing is $2,965. For a consular visa, the application fee and any reciprocity fee are on the State Department’s visa fees page. The real cost of an E-2 is the investment itself, and the real timeline is set by how long it takes to spend it: a founder who signs a lease, buys equipment, and builds a credible plan in three months can file in month four, and a USCIS change of status with premium processing is decided within 15 business days of filing. Consular appointment waits vary by post. Current processing ranges are on our processing times page.
Family, employees, and extensions
The founder’s spouse and unmarried children under 21 receive E-2 dependent status regardless of their own nationality. USCIS treats E-2 spouses as employment authorized incident to status, so the spouse can work for any employer without a separate work permit; the I-94 marked E-2S is the proof. The business can also sponsor E-2 employees of the same treaty nationality in executive, supervisory, or essential-skills roles. Extensions are granted in increments of up to two years with no limit, as long as the business continues to meet the tests and the founder maintains an intent to leave when status ends.
After the E-2: the path to a green card
The E-2 is not a path to permanent residence on its own, and the founder must keep an intent to depart. Founders who want to stay usually move through one of these:
- EB-2 national interest waiver. A self-petition for founders whose work has substantial merit and national importance, with no employer or labor certification. Many E-2 founders of technology, healthcare, or energy businesses qualify. See our EB-2 NIW service.
- EB-1A extraordinary ability. For founders with a record of national or international acclaim; also a self-petition. See our EB-1 green card page.
- EB-5 investor green card. A larger investment, currently with job-creation requirements, through the EB-5 program.
- Employer sponsorship. Sponsorship by another company, or in limited cases by the founder’s own company, through PERM and the I-140; ownership raises questions about whether a genuine job offer exists.
Timing matters: filing an immigrant petition while in E-2 status is permitted, but the founder should plan travel and visa renewals around it, because a consular officer may question the intent to depart once a green card case is on file. Our investment immigration page compares the E-2 and EB-5 routes.
Where founder E-2 cases go wrong
- Funds parked in the company account rather than spent or escrowed.
- A source-of-funds trail that stops at a transfer from a relative or a company abroad.
- A business plan written for investors, not for an immigration officer: no startup budget, no hiring timeline, no explanation of why the founder must be in the United States to run it.
- A founder who owns 30 percent after a seed round and cannot show operational control.
- A "business" that is really a job: a sole consultant with one client, which fails the marginality test.
- Applying for a change of status after entering as a visitor with the investment already planned, which raises questions about intent at entry.
How Atlas Immigration Law helps
We work with founders from the first question (does my nationality qualify?) through the investment plan, the filing, and the green card strategy that follows. The first conversation covers the four investment tests against the founder’s actual bank records, so the money is spent in a way that builds the case rather than just the company. Each filing runs on a flat fee agreed in writing with milestone billing, a dedicated paralegal reachable by call, email, or text, same-business-day responses, and attorney Jordan Weinberg reviewing every petition. Founders follow the case in the Atlas Vision client portal from anywhere in the world. Atlas is based in Dallas and represents founders and companies in all 50 states; see our E-2 visa services, read the general E-2 guide, or request a free consultation.
Frequently asked questions
Is there a minimum investment for the E-2 visa?
No. The regulation requires a substantial investment, judged in proportion to the cost of buying or starting the particular business and sufficient to show the founder’s commitment. The smaller the business, the larger the share of its cost the founder must have invested.
Which countries do not have an E-2 treaty?
The State Department keeps the official list. Among the countries whose nationals most often ask, India, China, Brazil, Russia, Vietnam, and Nigeria have no E-2 treaty. Founders from those countries look at the O-1, the L-1, or an employment-based green card instead.
Can I get the E-2 before I have spent the money?
The funds must be irrevocably committed. An escrow arrangement that releases the money to the business only when the visa is approved satisfies that requirement; cash sitting in the company account generally does not.
Can my spouse work on an E-2?
Yes. USCIS treats E-2 spouses as employment authorized incident to status. The spouse can work for any employer with an I-94 showing E-2S status and does not need a separate work permit.
How long does an E-2 last?
E-2 status is granted for up to two years at a time, with extensions in increments of up to two years and no limit on the number of extensions. A consular visa may be valid for up to five years depending on the founder’s country.
Can I change to E-2 status without leaving the United States?
Yes, if you are in the United States in a lawful nonimmigrant status. The request is made on Form I-129. The approval gives status but not a visa; your first trip abroad will require a consular E-2 visa.
Does the E-2 lead to a green card?
Not directly. Founders typically move to permanent residence through the EB-2 national interest waiver, the EB-1A, the EB-5 investor program, or employer sponsorship, while keeping the E-2 valid in the meantime.
This guide is part of our work visa services for employers — the service page covers eligibility, fees, and how we handle these cases.
Founder & Managing Attorney, Atlas Immigration Law
Member of the American Immigration Lawyers Association (AILA) and the Dallas Bar Association. Licensed to practice in Texas; fluent in English and Spanish.
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This guide is general information, not legal advice, and reading it does not create an attorney-client relationship. Immigration law and procedures change, and how they apply depends on your specific facts — consult a licensed immigration attorney about your situation.