IN THIS GUIDE · Treaty nationality follows the owners, wherever the money sits
Start with the E-2 eligibility and application overview
Trace nationality through every layer of ownership
Where a corporation holds the investment, its nationality is determined by the nationality of the persons who own it, and the analysis follows the chain until it reaches individuals. Intermediate companies do not obscure this; they simply add steps. Draw the full structure on one page with each holder’s citizenship and percentage, and note that lawful permanent residence in the United States does not count toward treaty nationality. Do this before drafting a business plan, because a structure that fails at this level cannot be fixed later by improving anything else in the file, and restructuring is far easier before funds have moved. Trace each transfer from the investor to the enterprise, noting any escrow release, seller financing, or refund right that changes the risk analysis.
Commit the capital irrevocably and expose it to loss
The investment must be irrevocably committed to the enterprise and subject to partial or total loss. Funds sitting in a holding company account earmarked for the venture have not been committed. Money the investor can still recover at will has not been placed at risk, but 9 FAM 402.9-6(B) accepts a purchase conditioned on issuance of the visa as a solid, irrevocable commitment where the assets are held in escrow for release once that condition is met. What counts is expenditure that cannot be recovered: a signed lease with payments made, equipment purchased, inventory acquired, insurance bound, payroll started. Keep the lawful source and the path of the funds documented alongside the expenditure, since the two questions are asked together. Read the forecast as a business decision document: it must explain customers, costs, staffing, and the route beyond a household-level return.
Show a real, operating, more than marginal enterprise, and the applicant’s role in it
The business must be real and active, producing goods or services for profit, and must have the present or future capacity to generate more than a minimal living for the investor and family, or to make a significant economic contribution. The applicant must develop and direct it, which is ordinarily shown by ownership of at least half or by demonstrable operational control set out in the governing documents. E-2 dependent spouses are employment-authorized incident to status. The category carries no direct path to permanent residence, which belongs in the planning conversation from the beginning rather than at the end. Confirm who will make operating decisions and whether treaty ownership is preserved through every holding entity.
Sources reviewed 2026-09-07. This guide covers a preparation focus; it is not an individual eligibility assessment.