E-2 Visa: Requirements, Investment, and Process for Starting a Business in the U.S.

Foreign investors who hold citizenship from countries with an active commercial treaty with the United States can live and operate a business on American soil through the E-2 visa — one of the most sought-after nonimmigrant categories for entrepreneurs. Unlike permanent residency programs such as the EB-5, the E-2 does not require a multi-million-dollar investment or guarantee a green card, but it allows unlimited renewals as long as the business remains active and profitable. For Brazilians, there is a critical detail: Brazil is not on the treaty-country list, and the path necessarily runs through a second eligible citizenship.

What is the E-2 visa

The E-2 is a nonimmigrant visa available to nationals of countries that maintain a treaty of commerce and navigation with the United States. Under the treaty investor category, the holder may enter U.S. territory to develop and direct the operations of a company in which they have invested substantial capital. The legal basis is found in Section 101(a)(15)(E)(ii) of the INA and the rules at 22 CFR 41.51.

The initial admission period is up to two years, and renewals may also be granted in periods of up to two years with no maximum limit, as long as the investment and business operations continue to meet the requirements. The visa is tied to the enterprise, not the individual: if the business closes or fails to meet the criteria, E-2 status ends.

Who can apply

The applicant must cumulatively meet five formal requirements assessed by the consulate or USCIS, depending on whether the petition is filed abroad or in the United States.

Citizenship from a treaty country

The investor must hold nationality from one of the signatory countries. The full list is maintained by the Department of State and includes nations such as Argentina, Canada, Chile, Colombia, Mexico, Spain, Italy, Portugal, France, Germany, the United Kingdom, Japan, South Korea, Turkey, and Australia, among others. Brazil is not on the list, which makes obtaining a second citizenship the first step for most interested Brazilians.

The most common routes to a second citizenship include recognition by descent (Italian, Portuguese, Spanish, German) and citizenship-by-investment programs, such as those offered by Grenada, Turkey, and some Caribbean nations. The process ranges from months to years depending on the route.

Substantial and at-risk investment

There is no legally fixed minimum amount for the E-2. The regulator requires that the investment be substantial in proportion to the total cost of acquiring or setting up a comparable business. In practice, U.S. immigration attorneys generally consider projects viable starting at around $100,000 for low-capital businesses, with most approvals concentrated in the $150,000 to $500,000 range. Sectors requiring more infrastructure, such as manufacturing and franchises, typically demand higher amounts.

The capital must be irrevocably committed to the business before the consular interview or USCIS decision. Funds sitting in the company’s checking account with no operational deployment generally do not satisfy this criterion.

Real and operational business

The rules require the business to be an active company with commercial purposes and the ability to generate revenue. Marginal businesses created solely to sustain the investor’s immigration status are rejected. USCIS and the consulate evaluate the business plan, lease agreement, licenses, supplier contracts, payroll, and financial projections.

The enterprise must demonstrate the capacity to generate more than minimum income for the investor and their family, or to create jobs for American workers. This criterion is known as the marginality requirement.

Control and direction of the business

The investor must own at least 50% of the company or exercise effective operational control through an executive position or management contract. Minority partnerships with qualified voting rights may also meet the requirement if properly documented.

Nonimmigrant intent

Although the E-2 is renewable indefinitely, the holder must demonstrate the intent to depart the United States when the status ends. Unlike the H-1B, the E-2 does not allow dual intent. A signed letter declaring the intent to return typically satisfies this requirement.

Application process

There are two paths. Those outside the United States apply directly at a U.S. consulate using Form DS-160 plus DS-156E, pay the MRV fee (as of mid-2025, approximately $315 for treaty visas), and attend an interview. Those already in the United States in another status may request a change via Form I-129 with E supplement to USCIS, although E-2 status is only consolidated when the holder departs and re-enters with the consular visa.

Average processing times vary by consulate. Some posts resolve cases within four to eight weeks after the interview; others take several months. I-129 petitions with USCIS can use premium processing for an additional fee to receive a response within 15 business days.

Advantages over other visas

The E-2 combines benefits that make it attractive compared to alternatives such as the EB-5, L-1, and H-1B.

Important limitations

The E-2 is not a direct path to permanent residency. Children lose dependent status upon turning 21 and must transition to another visa, such as the F-1 student visa. The visa is tied to the business: closing the operation or failing to meet requirements ends the status. Significant changes in control or corporate structure require a new petition.

Investors who intend to reside permanently in the United States often combine the E-2 with a long-term strategy through the EB-1C (multinational executive) or EB-5 as the business grows.

Common mistakes that lead to denial

Analysis of denied consular cases reveals recurring patterns. The first is an incomplete investment: capital still in a personal or corporate account with no operational deployment. The second is a generic business plan lacking credible financial projections or staffing structure. The third is a shell company opened merely with a virtual business address and no real operations. The fourth is the absence of evidence that the capital has a legal, traceable source.

For citizens of treaty countries, attention should also be paid to the source of funds. The regulator requires full documentation of the money trail: bank statements, asset sale contracts, tax returns, and, where applicable, international transfer records.

When the E-2 is the right choice

The E-2 works well for entrepreneurs with eligible citizenship, capital available for immediate investment, and a concrete operational plan. It is less suitable for those who prioritize permanent residency above all else, since it does not automatically lead to a green card. For technical or academic profiles with strong qualifications, alternatives such as the EB-2 NIW and O-1 may be more efficient in terms of timeline and total cost.

Brazilians who do not yet hold a second citizenship should first map out the fastest path to an eligible passport before planning the business structure in the United States. Citizenship-by-investment programs can be expedited, but involve their own costs ranging from $150,000 to $800,000 in government fees and mandatory contributions, depending on the country chosen.

Victoria Harper

Editor-in-Chief

Meet the author

Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.