E-2 Treaty Investor — deploy capital,
build here.
A visa for nationals of bilateral treaty countries who invest in and actively direct a bona fide US enterprise. No cap, no labor certification, renewable indefinitely.
Who qualifies for E-2?
The E-2 Treaty Investor visa allows nationals of countries with a qualifying US bilateral commerce treaty to enter the United States to invest in, and actively direct, a bona fide commercial enterprise. The investment must be substantial, at risk, and committed — and the enterprise must not be marginal. There is no annual cap, no lottery, and no labor market test.
Two tracks exist under the E-2 category: the principal investor, who owns at least 50% of the enterprise or otherwise controls it, and qualifying employees of a treaty enterprise — executives, supervisors, and employees with essential skills who are nationals of the same treaty country as the business's majority owners. Both tracks are available under the same E-2 framework.
E-2 status is renewable indefinitely in two-year increments as long as the qualifying investment and enterprise remain operational and the investor continues to direct it. For founders and owner-operators building a US business from a treaty country base, E-2 is often the most efficient initial path — no employer sponsor, no wage requirements, no PERM process.
The four qualifying requirements.
Every E-2 case — whether for the principal investor or a qualifying employee — must satisfy all four requirements. The investment record and the enterprise's capacity for growth are the foundation of the case.
Treaty nationality
The applicant must be a national of a country that maintains a qualifying bilateral treaty of commerce and navigation with the United States. The enterprise must also be at least 50% owned by nationals of the same treaty country.
Substantial investment
The invested capital must be substantial relative to the total cost of establishing or purchasing the enterprise — assessed proportionally, not by fixed dollar amount. The funds must be committed and at risk in the commercial sense: subject to partial or total loss if the enterprise fails.
Not marginal
The enterprise must have the present or future capacity to generate more than enough income to provide a minimal living for the investor and family. Enterprises with employees, documented revenue, and a credible growth plan meet this standard. A sole proprietorship with no employees and no growth documentation faces heightened scrutiny.
Directing the enterprise
The principal investor must own the enterprise or hold at least 50% ownership and have a real operational role directing it. Qualifying employees must hold an executive or supervisory position, or possess specialized skills that are essential to the enterprise's operations.
The 81 countries with an E-2 treaty.
E-2 eligibility begins with nationality. The United States maintains qualifying treaties of commerce and navigation, or equivalent qualifying legislation, with the countries below. The applicant must hold the nationality of one of them, and the US enterprise must be at least 50% owned by nationals of that same country. This list is maintained by the State Department and changes as treaties enter force or lapse; it is current as of July 2026, and the authoritative version lives on the Department of State treaty country list.
- Albania
- Argentina
- Armenia
- Australia
- Austria
- Azerbaijan
- Bahrain
- Bangladesh
- Belgium
- Bolivia*
- Bosnia and Herzegovina
- Bulgaria
- Cameroon
- Canada
- Chile
- China (Taiwan)
- Colombia
- Congo (Brazzaville)
- Congo (Kinshasa)
- Costa Rica
- Croatia
- Czech Republic
- Denmark
- Ecuador*
- Egypt
- Estonia
- Ethiopia
- Finland
- France
- Georgia
- Germany
- Grenada
- Honduras
- Ireland
- Israel
- Italy
- Jamaica
- Japan
- Jordan
- Kazakhstan
- Korea (South)
- Kosovo
- Kyrgyzstan
- Latvia
- Liberia
- Lithuania
- Luxembourg
- Macedonia
- Mexico
- Moldova
- Mongolia
- Montenegro
- Morocco
- Netherlands
- New Zealand
- Norway
- Oman
- Pakistan
- Panama
- Paraguay
- Philippines
- Poland
- Portugal
- Romania
- Senegal
- Serbia
- Singapore
- Slovak Republic
- Slovenia
- Spain
- Sri Lanka
- Suriname
- Sweden
- Switzerland
- Thailand
- Togo
- Trinidad & Tobago
- Tunisia
- Turkey
- Ukraine
- United Kingdom*
* Eligibility is restricted for these countries. See the notes below.
Where the country list is misleading.
Appearing on the list does not always mean a national of that country can obtain an E-2 today. Four categories of exception matter in practice.
Bolivia: closed to new investors
Only Bolivian nationals pursuing E-2 activity in furtherance of an investment established or acquired before June 10, 2012 may qualify. The grandfathering window for those investors ran to June 10, 2022 and has since closed. New Bolivian investment does not support an E-2.
Ecuador: grandfathered to 2028
Only Ecuadorian nationals whose qualifying investment was established or acquired before May 18, 2018 remain entitled to E-2 classification, and that entitlement runs until May 18, 2028. Investments made after May 2018 do not qualify.
United Kingdom: narrower than it looks
The 1815 convention reaches only British territory in Europe, meaning the British Isles excluding the Republic of Ireland, plus the Channel Islands and Gibraltar, and only "inhabitants" domiciled there. The applicant must hold UK nationality; nationals of other Commonwealth countries do not qualify under this treaty.
Territorial scope
Several treaties carry territorial limits. Denmark's does not extend to Greenland and Norway's does not extend to Svalbard, while France's reaches Martinique, Guadeloupe, French Guiana, and Réunion, the Netherlands' reaches Aruba and the former Netherlands Antilles, and Spain's applies to all territories.
Three countries joined comparatively recently, which matters for anyone working from older guidance: Israel became E-2 eligible on May 1, 2019 under Public Law 112-130 after reciprocity was confirmed, New Zealand on June 10, 2019, and Portugal on March 15, 2024. Seven successor states of the former Yugoslavia, namely Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia, and Slovenia, remain bound by the 1882 treaty concluded with its predecessor. The entry for Taiwan is administered on a nongovernmental basis through the American Institute in Taiwan under the Taiwan Relations Act.
If your country is not on the list.
Several of the largest sources of US-bound investment have no qualifying E-2 treaty. Mainland China, India, Brazil, Russia, Vietnam, Indonesia, Nigeria, South Africa, Saudi Arabia, and the United Arab Emirates are all absent from the list, as are Greece, Hungary, Iceland, Malaysia, Peru, and Venezuela. Nationality cannot be cured by incorporating in a treaty country: the 50% ownership test looks through the entity to the nationality of the people who own it.
Two routes remain open. An investor may hold, or may be able to acquire, a second nationality in a treaty country, which is how a meaningful share of E-2 cases from non-treaty countries are structured. Alternatively, the capital may be better directed at EB-5, which has no nationality requirement and leads to permanent residence rather than a renewable nonimmigrant status. Founders and executives with a strong personal record should also weigh O-1A, EB-1A, and EB-2 NIW, none of which depend on a treaty.
Capital committed and at risk.
E-2 does not require a specific dollar amount, but the investment must be genuinely committed to the enterprise — not sitting in a personal bank account or contingent on visa approval. The proportionality test compares the invested amount to the total cost of the enterprise: a high proportion signals substantiality; a small percentage of a large enterprise does not.
At-risk committed capital
Cash equity transferred to the enterprise, equipment purchased for operations, inventory committed to the business, and other tangible assets with documented commercial purpose. The funds must be irrevocably committed — not contingent on E-2 approval.
Partial financing
A combination of equity and conventional business financing can qualify, provided the equity portion is itself substantial relative to enterprise cost. Loans secured by the investor's personal assets — not the enterprise's assets — are generally acceptable as part of the investment structure.
Uncommitted funds
Money held in a personal or business bank account that has not yet been transferred to the enterprise does not count as invested capital. The funds must be actively deployed — bank statements alone, without evidence of commitment to the enterprise, are insufficient.
Loans secured by enterprise assets
Financing secured against the assets of the enterprise being purchased — rather than the investor's own assets — does not qualify as the investor's own capital at risk. The investor must have genuine personal exposure to loss.
Fixed fees, two tiers.
Every matter is quoted as a flat attorney fee, agreed before any work begins. Government filing fees are separate and depend on the forms and processing speed your case requires.
Government filing fees are non-refundable and separate from attorney fees. Reciprocity fees apply for some nationalities — Australian nationals, for example, pay approximately $5,000 in additional government reciprocity fees at the consulate; confirm current amounts at travel.state.gov. RFE responses for Standard clients are quoted in writing before work begins and are capped at $3,500. The controlling fee is the amount in your retainer agreement.
Timeline from evaluation to status.
Most E-2 applications are filed at a US consulate abroad using the DS-160 and DS-156E forms. Consular processing is generally faster than USCIS change of status and does not require a separate petition. For applicants already in the US in valid nonimmigrant status, USCIS change of status via I-129 is available.
Case evaluation
We assess treaty country eligibility, the investment structure, enterprise viability, and the marginality argument. We identify evidentiary gaps — particularly around the substantiality and at-risk requirements — before preparation begins.
1–2 business daysInvestment documentation
We work with the client to compile evidence of committed, at-risk capital: bank wire records, purchase agreements, corporate formation documents, business financials, and pro forma projections demonstrating non-marginality.
2–4 weeksApplication package preparation
Your attorney prepares the DS-160 + DS-156E (consular) or I-129 petition (USCIS), supporting brief, and full exhibits. The brief establishes substantiality, non-marginality, and the investor's directing role.
2–3 weeksConsular interview or USCIS adjudication
Consular path: application submitted to the US embassy; interview scheduled and conducted. Decision issued at interview or within days. USCIS path: I-129 petition adjudicated in 3–5 months (regular) or 15 business days (premium processing).
2–8 weeks (consular) · 15 days–5 months (USCIS)Entry and status maintenance
After visa issuance, the investor enters the US and begins directing the enterprise. E-2 status must be maintained through continued qualifying investment and active direction; we advise on renewals and the documentation practices that make renewals straightforward.
Ongoing — renewable every 2 years