There is no fixed minimum investment for an E-2 visa: the regulations require a "substantial" amount of capital measured against the total cost of the particular business, not against a dollar floor. The less the business costs, the closer the investor must come to funding all of it, and the money must be committed and at risk in an enterprise that will do more than support the investor's own family.
Related FAQ: How much do I need to invest for an E-2 visa?
What does "substantial" mean in the rules?
The E-2 classification is defined in the Department of Homeland Security regulations at 8 CFR 214.2(e) and in the State Department's Foreign Affairs Manual at 9 FAM 402.9. Neither sets a number. USCIS describes the test as capital that is "substantial in relationship to the total cost of either purchasing an established enterprise or establishing a new one."
The Foreign Affairs Manual, which consular officers apply at the visa interview, gives three readings of substantial at 9 FAM 402.9-6(D). The investment must be:
- "Substantial in a proportional sense, as determined through the application of the proportionality test";
- "Sufficient to ensure the treaty investor's financial commitment to the successful operation" of the enterprise; and
- "Of a magnitude to support the likelihood that the treaty investor will successfully develop" it.
The stated purpose is to ensure that the business "is not speculative but is, or soon will be, a successful enterprise."
How does the proportionality test work?
The Manual calls it an inverted sliding scale: "The lower the cost of the business the higher a percentage of investment is required. On the other hand, a highly expensive business would require a lower percentage of qualifying investment."
The Manual's own examples mark the ends of the scale. An investment of 100 percent "would normally qualify for a business requiring a startup cost of $100,000," while "an investment of $10 million in a $100 million business may be considered substantial, based on the sheer magnitude of the investment itself." Everything in between is judgment, which is why the business plan and the paper trail matter as much as the amount.
Four business examples (illustrations, not thresholds)
The scenarios below are hypothetical illustrations we built to show how the three tests interact. They are not client cases, government figures or approval predictions; the same numbers can succeed or fail depending on the evidence.
| Illustration | Total cost | Qualifying capital | How an officer is likely to read it |
|---|---|---|---|
| A. Franchise purchase | $250,000 (franchise fee, build out, equipment, opening inventory, working capital) | $250,000 of the investor's own funds, mostly spent before the interview | Strong on proportionality. The franchise system supplies an operating model; the questions are working capital and whether projections show hiring |
| B. Consulting firm | $90,000 (office lease, equipment, marketing, initial payroll) | $90,000 | Proportionality is satisfied at 100 percent, but marginality is the risk if the investor is the only person doing the work |
| C. Restaurant acquisition | $600,000 purchase price | $450,000 cash; $150,000 seller note secured by the restaurant's assets | Only the $450,000 counts, because debt secured by the enterprise's own assets carries no personal risk. At 75 percent of cost, the file needs to show the investor's commitment is real |
| D. Technology startup | $400,000 eighteen month budget | $150,000 spent on development contracts and hires; $250,000 sitting in the investor's personal account | Only committed funds count. The officer will ask whether $150,000 realistically launches the product, and idle money in a personal account does not help |
A few lessons follow from the illustrations:
- Lower cost businesses need close to full funding. In illustration B, anything well short of the $90,000 total would be hard to call substantial.
- Financing structure changes the math. In illustration C, a loan secured by the investor's own house could have counted; the seller note secured by the business does not.
- Timing matters. In illustration D, spending more of the budget before filing, or placing it in a properly structured escrow, strengthens the case.
- Size alone does not fix marginality. A well funded business that will only ever employ the investor can still fail the third test.
When is money "at risk"?
The Manual requires "the placing of funds or other capital assets at risk, in the commercial sense," and the commitment "must be real and irrevocable" (9 FAM 402.9-6(B)). The investor must be "close to the start of actual business operations, not simply in the stage of signing contracts." In the Manual's words, "Mere intent to invest, or possession of uncommitted funds in a bank account ... will not suffice."
Two points on borrowed money. First, "Only indebtedness collateralized by the applicant's own personal assets, such as a second mortgage on a home or unsecured loan, such as a loan on the applicant's personal signature may be included." Second, "mortgage debt or commercial loans secured by the assets of the enterprise cannot count toward the investment, as there is no requisite element of risk."
The funds must also have a lawful, documented source (savings, gifts, inheritance or qualifying loans), and the enterprise must be a "real, active, and operating commercial or entrepreneurial undertaking" (8 CFR 214.2(e)(13)). Passive holdings, such as undeveloped land or a stock portfolio, do not qualify.
What makes a business "marginal"?
A marginal enterprise is one that "does not have the present or future capacity to generate enough income to provide more than a minimal living for the treaty investor and their family" (9 FAM 402.9-6(E); see also 8 CFR 214.2(e)(15)). A new business does not have to be profitable on day one, but its projected capacity should be realizable within five years. In practice the answer is usually payroll: a credible plan to hire U.S. workers is the most persuasive evidence that the business is not marginal.
Who can use the E-2 at all?
The investor must be a national of a country with an E-2 treaty with the United States, and at least 50 percent of the business must be owned by nationals of that country. The investor must be coming to "develop and direct" the enterprise (9 FAM 402.9-6(F)). Since December 23, 2022, a person who acquired treaty nationality through a financial investment generally must have been domiciled in that country for at least three continuous years before applying (Pub. L. 117-263). Our E-2 or EB-5 decision guide covers which nationalities qualify, including why Brazilian and Indian nationals cannot use the E-2 on those passports alone.
Key numbers
- Statutory or regulatory minimum investment: none.
- Manual reference points: 100 percent of a $100,000 startup "would normally qualify"; $10 million in a $100 million business "may be considered substantial."
- Ownership: at least 50 percent by nationals of the treaty country.
- Marginality horizon: projected income capacity realizable within five years.
- Initial stay: up to two years; extensions in increments of up to two years, with no limit on the number of extensions (USCIS).
- Family: spouse and unmarried children under 21; E-2 spouses are employment authorized incident to status (USCIS).
- Consular visa application fee (E category): $315 (State Department fee schedule).
- Path to a green card: none built in. The E-2 is a nonimmigrant status; if permanent residence is the goal, see our guide to EB-5 in 2026.
What to do
- Confirm your nationality qualifies on the State Department treaty countries list before spending anything.
- Build a full cost model of the business (purchase price or startup budget plus working capital) so the proportionality test is measured against the right total.
- Decide how the investment will be financed, and avoid counting debt secured by the business itself.
- Commit the funds before the interview: signed lease, equipment purchased, franchise agreement executed, or a properly structured escrow.
- Document the source of every dollar, from original earnings through each transfer.
- Prepare a five year business plan with realistic hiring projections to answer the marginality question.
- Have counsel review the file before the consular interview; a denial is on your visa record.
Related reading
- Samper Law investor visa practice
- FAQ: How much do I need to invest for an E-2 visa?
- There Is No E-2 Minimum. That Is the Problem.
- EB-5 in 2026: $800,000 vs $1,050,000, Job Creation, and Processing Times
- E-2 or EB-5? A Decision Guide by Nationality, Budget, and Green Card Goal
Sources
- 9 FAM 402.9, Treaty Traders and Treaty Investors (Foreign Affairs Manual)
- 8 CFR 214.2(e), Treaty traders and investors (eCFR)
- USCIS, E-2 Treaty Investors
- U.S. Department of State, Treaty Countries
- U.S. Department of State, Treaty Trader or Investor Visa (E)
- U.S. Department of State, Fees for Visa Services
- Pub. L. 117-263, James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (Dec. 23, 2022)
Accurate as of September 25, 2026.
Founder and Managing Attorney of Samper Law, Lidice leads the firm's uncompromising litigation standards with relentless advocacy and strategic precision honed across federal and state courts.
Finance and Operations Executive of Samper Law, Gerardo directs the firm's financial architecture and advises the corporate and private wealth practice groups on multinational structuring, due diligence, and the financial side of investor-visa matters. He is not an attorney.