E-2 Treaty Investor Visa: Country List and Investment Thresholds
Before anyone asks how much money an E-2 business needs, one question decides whether the case can exist at all: which passport do you hold? The E-2 treaty investor visa is open only to nationals of countries on the State Department's treaty country list, and that nationality rule reaches past the individual to the company, its employees, and even the way a second citizenship was acquired. This guide, current as of September 2026, covers that country side first and investment thresholds briefly at the end. For the full money discussion, see our companion guide on how much you need to invest for an E-2 in 2026.
How the Treaty Country List Works
The E-2 classification comes from INA 101(a)(15)(E)(ii), which requires a treaty of commerce and navigation between the United States and the investor's country. DHS regulations extend the definition of a treaty country to countries granted treaty visa privileges "by specific legislation" (8 CFR 214.2(e)(6)). The State Department keeps the controlling table at 9 FAM 402.9-10, mirrored on its public Treaty Countries page.
Read the footnotes too: the United Kingdom treaty covers only UK nationals, not citizens of other Commonwealth countries. The list changes slowly, and lately by statute. Israel gained E-2 access on May 1, 2019 under Public Law 112-130, New Zealand gained E-1 and E-2 on June 10, 2019 under Public Law 115-226, and Portugal was added for both on March 15, 2024 under Public Law 117-263. On September 27, 2026, Portugal was still the most recent addition.
E-1 Only, E-2 Only, and Treaties Being Phased Out
Appearing on the list does not guarantee access to the E-2. As of September 2026, Greece and Brunei appear for E-1 only, so their nationals can qualify as traders but not as investors. The reverse is more common: Albania, Bangladesh, Egypt, Jamaica, Morocco, Panama, Romania, and Ukraine are among the countries listed for E-2 but not E-1.
Two South American entries need special care. Bolivia and Ecuador each terminated the investment treaty behind their E-2 eligibility, and the State Department's footnotes now confine E-2 to investments already in place. Ecuadorians qualify only to continue investments in place by May 18, 2018, and only until May 18, 2028. Bolivia's footnote ties eligibility to investments in place by June 10, 2012, with a grandfather period that ran to June 10, 2022. An Ecuadorian or Bolivian entrepreneur starting a new business today should assume the E-2 is unavailable.
Countries That Are Not on the List
Eligibility turns on citizenship, not residence and not the origin of the funds. Under 8 CFR 214.2(e)(7), nationality is determined by the authorities of the foreign state concerned, so a consular officer looks at the passport and the law behind it. A Venezuelan who has held Colombian residency for a decade is still Venezuelan for E-2 purposes.
When we checked the official table on September 27, 2026, none of these countries appeared for E-1 or E-2: Brazil, India, mainland China (only "China (Taiwan)" is listed), the Dominican Republic, Venezuela, Peru, Guatemala, El Salvador, Haiti, Cuba, Nicaragua, Russia, Vietnam, and Nigeria. Several are home countries for large communities in Allentown, Bethlehem, and Easton, so this question dominates our E-2 consultations.
No waiver exists for a missing treaty. The realistic paths are a genuine second nationality, a spouse who is the treaty national, or another category, such as an L-1 intracompany transfer (see our L-1A vs L-1B guide), an O-1 visa, or EB-5. None is an automatic substitute.
The Citizenship-by-Investment Restriction
Some non-treaty nationals have tried buying a second passport through a treaty country's citizenship-by-investment program. Congress narrowed that route in the National Defense Authorization Act for Fiscal Year 2023, Public Law 117-263, section 5902(b), signed December 23, 2022. It amended INA 101(a)(15)(E) so that a person "who acquired the relevant nationality through a financial investment" and has not previously been granted E status qualifies only through a country where that person has been domiciled "for a continuous period of not less than 3 years at any point before applying."
Three details matter. Domicile generally means a genuine home, not occasional visits. The words "at any point before applying" mean the three years need not immediately precede the application. And anyone previously granted E status is outside the restriction, and because it reaches only nationality acquired "through a financial investment," it does not reach nationality acquired by birth, descent, or marriage. The statute does not define domicile or list covered programs, so expect a consular officer to ask when and how you became a citizen, and bring leases, tax filings, and employment records showing where you actually lived.
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When the Owner Is a Company: The 50 Percent Rule
Nationality applies to the business as well as the person. Under 9 FAM 402.9-4(B), a company's nationality is the nationality of its owners. When the E-2 applicant is an employee, the employer must be at least 50 percent owned by treaty nationals who hold E status or would qualify for it, and the employee must share that nationality (8 CFR 214.2(e)(3)). When the applicant is the investor, 8 CFR 214.2(e)(16) requires control, normally at least 50 percent ownership or operational control through a managerial position.
The place of incorporation does not matter. A Pennsylvania LLC owned by a Madrid holding company is judged by who ultimately owns the holding company, and 8 CFR 214.2(e)(7) requires ownership to be traced "as best as is practicable" to the individuals at the top.
Two traps come up repeatedly. Shares held by U.S. citizens or U.S. lawful permanent residents do not count as treaty-national ownership. And once a treaty investor becomes a green card holder, State Department guidance says that person no longer qualifies to bring in E employees, which can undercut managers the company sponsored.
Dual Nationals, Partners, and Family Members
A person with two treaty nationalities, such as Colombian and Spanish, may use either one, but a business may carry only one qualifying nationality. Under 9 FAM 402.9-4(B), the owner must choose, and the owner and every E employee must use that same nationality for all E purposes involving the company. The exception is a company owned and controlled equally by nationals of two treaty countries, where employees of either nationality may qualify.
An equal two-party partnership can give each partner "negative control" sufficient for E-2 purposes, but under 9 FAM 402.9-6(F) an equal partnership with more than two partners gives none of them control based on ownership.
Family members are more flexible, because a spouse's or child's nationality "is not material" (8 CFR 214.2(e)(4)). Take a composite Lehigh Valley example: one spouse is Venezuelan and the other already holds Italian citizenship by descent. The Italian spouse can be the principal investor, and the Venezuelan spouse can hold E-2 dependent status with work authorization incident to that status, as USCIS confirms. The Venezuelan spouse cannot count toward the Italian ownership, so the qualifying shares must sit with the Italian spouse.
Reciprocity: Same Visa, Different Terms
The visa application (MRV) fee for E visas is $315 as of September 2026 for every nationality. Validity, entries, and any issuance fee are set country by country in reciprocity schedules that mirror how each country treats Americans (INA 221(c) and 281). Mexican nationals, for example, may receive a multiple-entry E-2 visa valid for 12 months with no issuance fee, or 48 months for a $186 issuance fee, according to the State Department's Mexico reciprocity page as of September 27, 2026. Under 9 FAM 402.9-9, a dependent from another treaty country receives that country's reciprocity, while a dependent from a non-treaty country follows the principal's.
Visa validity is not permitted stay. Each E-2 admission lasts up to two years (8 CFR 214.2(e)(19)), and an investor already here in valid status can file Form I-129 to change or extend status in increments of up to two years. As of September 2026, the I-129 fee for E classification is $1,015, or $510 for small employers and nonprofits, plus an Asylum Program Fee of up to $600 under 8 CFR 106.2, and premium processing has cost $2,965 since March 1, 2026. The visa integrity fee in Public Law 119-21 (8 U.S.C. 1806), set at $250 for fiscal year 2025 and indexed to inflation, is required by statute at visa issuance. As of September 27, 2026, however, it does not appear on the State Department's fee page, we found no implementing rule in the Federal Register, and a July 2025 USCIS notice said it would be implemented in a future publication. Confirm the current status with the consulate before your interview, and see our consular processing and USCIS filing fees pages.
Investment Thresholds: The Short Version
There is no statutory minimum investment for an E-2 treaty investor. Under 8 CFR 214.2(e)(14), the capital must be substantial in relation to the total cost of buying or creating the enterprise. The State Department's proportionality test, which 9 FAM 402.9-6(D) calls "a sort of inverted sliding scale," means the cheaper the business, the higher the share the investor must fund. The enterprise also cannot be marginal: it needs the present or future capacity, generally within five years, to produce more than a minimal living for the investor's family or to make a significant economic contribution (8 CFR 214.2(e)(15)). Budgets, source of funds, and business plans are covered in our E-2 investment amount guide.
Frequently Asked Questions
Is my country on the E-2 treaty list?
Check the State Department's Treaty Countries table, which lists roughly 80 countries for E-2, a few with restrictions. As of September 27, 2026, it includes Mexico, Colombia, Honduras, Argentina, Spain, Italy, and Portugal, while Brazil, India, mainland China, the Dominican Republic, Venezuela, and Peru do not appear.
Can I qualify through a second citizenship?
Yes, if the second nationality is from an E-2 treaty country and is genuine under that country's law. If you acquired it through a financial investment and have never held E status, Public Law 117-263 requires at least three continuous years of domicile in that country at some point before you apply.
Does it matter where I live or where my company is incorporated?
Generally no. The E-2 looks at nationality, not residence (apart from the three-year domicile rule for nationality acquired through a financial investment), and the country of incorporation is irrelevant. What matters is that nationals of a single treaty country own at least 50 percent of the business, traced through every layer of ownership.
Can my spouse be from a country that is not on the list?
Yes. A spouse's or child's nationality is not material to E-2 dependent status, and an E-2 spouse is authorized to work incident to status.
Talk to an E-2 Attorney About Nationality First
An E-2 plan should start with the passport, the ownership chart, and the treaty table, and only then move to leases and wire transfers. From our office at 609 W. Hamilton Street in Allentown, Lehigh Valley Immigration Law advises treaty investors across Pennsylvania, New Jersey, and New York. See our E-2 treaty investor visa page and business immigration services, then schedule a free bilingual consultation by phone or Google Meet, or call (484) 763-4984.
This article is for general informational purposes only and does not constitute legal advice or create an attorney-client relationship. Immigration law changes frequently; consult a licensed immigration attorney about your specific situation.