The E-2: the door the lottery forgot

Insights · Patrick Smith, Attorney at Law · September 13, 2026

The short answer: if you are a national of a country with a US treaty of commerce and navigation, and you invest in and run a real US business, the E-2 treaty investor visa may let you live and work in the United States without any lottery, with no fixed minimum investment, and with renewals for as long as the business keeps operating.

Why founders miss it

The H-1B dominates conversation about US work visas, so founders default to it. But the H-1B was built for employees, not owners. It depends on an annual registration and a random selection, and its rules and costs have changed repeatedly in recent years. For someone who owns the company they want to work in, that is an uncomfortable fit.

The E-2 is built for exactly that situation. It rewards what many European entrepreneurs already have: a treaty nationality and a genuine business plan.

Who can use it

Eligibility starts with nationality. The business must be at least half owned by nationals of the treaty country, and the investor must share that nationality. Most Western and Northern European countries hold E-2 treaties with the United States, including Germany, France, Italy, Spain, the Netherlands, Belgium, Luxembourg, Ireland, Austria, Switzerland, the United Kingdom, Norway, Sweden, Denmark, Finland, and Poland. The State Department publishes the current treaty table, and it is worth checking your country before planning anything else.

What the investment has to show

There is no published dollar minimum. Instead, consular officers and USCIS look at four questions:

• Is it substantial? Measured against the cost of the business, not against a fixed number. A consultancy needs less capital than a manufacturer.
• Is it at risk? Funds must be committed to the business, not parked in an account waiting for approval.
• Is the business real and operating? Passive holdings such as undeveloped land or idle investments do not qualify.
• Is it more than marginal? The business should have the capacity to do more than support the investor and family, typically through job creation or meaningful economic activity.

Source of funds matters as much as amount. The file should trace the money from a lawful origin to the US business account without gaps.

Bringing your people

The E-2 is not just for the owner. Employees who share the company's treaty nationality can qualify as executives, supervisors, or employees with skills essential to the business. For a European company opening a US operation, that can move a small founding team without a single lottery entry. Spouses of E-2 principals are authorized to work incident to their status, which often decides whether a family agrees to relocate.

The trade-offs

The E-2 is a nonimmigrant visa. It does not lead to a green card by itself, and holders must intend to leave when their status ends. It also depends on the business: if the enterprise stops operating, the status goes with it. For founders who want permanent residence, the E-2 often works as a first step alongside a separate employment-based green card strategy.