Foreign investors seeking to start or expand a business in the United States often come across two programs that appear similar but operate very differently: the E-2 Treaty Investor Visa and the EB-5 Immigrant Investor Program. Both involve placing personal capital into a U.S. enterprise, but their goals, eligibility, and immigration outcomes are not the same.
The E-2 visa allows citizens of treaty countries to live in the United States to manage an active business temporarily. The EB-5 program, by contrast, offers a path to permanent residence through a larger qualifying investment that generates U.S. jobs. Understanding these differences helps investors choose the route that best fits their objectives and resources.
E-2 Treaty Investor Visa
The E-2 Treaty Investor Visa is a non-immigrant category under Section 101(a)(15)(E)(ii) of the Immigration and Nationality Act (INA). It allows citizens of countries that maintain a qualifying treaty of commerce and navigation with the United States to enter for the purpose of developing and directing an enterprise in which they have invested or are actively investing.
Key features:
- Nationality: Open only to nationals of treaty countries listed by the U.S. Department of State.
- Investment amount: No fixed minimum. The investment must be substantial in proportion to the cost of establishing or purchasing the business.
- Enterprise type: Must be a real, operating commercial enterprise that produces goods or services. Passive or speculative investments, such as holding real estate for appreciation, do not qualify.
- Job creation: No fixed quota, but the business must generate more than marginal income, supporting both the investor and U.S. employees.
- Duration: Generally granted for up to two years at a time and renewable indefinitely while the business remains active.
- Family benefits: Spouses and unmarried children under 21 may accompany the principal investor. Spouses are eligible to apply for work authorization.
- Immigration outcome: Does not directly lead to permanent residence but can be maintained long-term through continuous qualifying operations.
EB-5 Immigrant Investor Program
The EB-5 program, created by the Immigration Act of 1990 and governed by INA §203(b)(5), provides a pathway to lawful permanent residence (Green Card) for foreign nationals who invest in a new commercial enterprise that benefits the U.S. economy and creates jobs for American workers.
Key features:
- Nationality: Open to nationals of any country.
- Investment amount: Minimum of $1,050,000, or $800,000 if the investment is made in a Targeted Employment Area (TEA) or infrastructure project.
(Amounts set under the EB-5 Reform and Integrity Act of 2022 and confirmed in USCIS policy manual, updated 2024.) - Enterprise type: The business must be a new commercial enterprise engaged in lawful activity.
- Job creation: Must create at least 10 full-time positions for U.S. workers
- Duration: Investors receive conditional permanent residence for two years, which becomes permanent upon verification that the investment and job requirements have been met.
- Family benefits: Spouses and unmarried children under 21 are eligible for derivative Green Cards.
- Immigration outcome: Direct path to permanent residence; no renewal requirement once conditions are removed.
Which Works for Which Investor?
Both programs involve personal capital investment but serve distinct investor profiles:
| Investor Goal | Better Aligned Program | Rationale |
| Lower capital investment and active business management | E-2 | No fixed minimum; allows hands-on control of a small to medium-sized business. |
| Permanent immigration and larger investment capacity | EB-5 | Grants Green Card through job creation and higher investment thresholds. |
| Investors from treaty countries seeking operational flexibility | E-2 | Renewable |
| Investors from non-treaty countries | EB-5 | Open to all nationalities regardless of treaty status. |
| Preference for faster processing and business launch | E-2 | Usually processed through U.S. consulates abroad with shorter timelines. |
| Long-term residence and family settlement in the U.S. | EB-5 | Permanent status after conditions are removed. |
Conclusion
The E-2 and EB-5 programs reflect two sides of U.S. investment-based immigration policy. The E-2 visa supports entrepreneurship and trade among treaty partners, offering renewable access for active business owners. The EB-5 program invites global investors to make larger, job-producing contributions in exchange for permanent residence.
For eligibility criteria and filing requirements, consult the official USCIS and Department of State websites.
Sources
- U.S. Citizenship and Immigration Services (USCIS) – Immigration and Nationality Act (INA)
https://www.uscis.gov/laws-and-policy/legislation/immigration-and-nationality-act - Electronic Code of Federal Regulations (eCFR) – 8 CFR § 204.6 (Employment Creation Immigrants / EB-5)
https://www.ecfr.gov/current/title-8/chapter-I/subchapter-B/part-204/subpart-A/section-204.6 - U.S. Citizenship and Immigration Services (USCIS) – E-2 Treaty Investors Overview
https://www.uscis.gov/working-in-the-united-states/temporary-workers/e-2-treaty-investors - U.S. Department of State (DOS) – 9 FAM 402.9 (Treaty Trader and Investor Visas)
https://fam.state.gov/FAM/09FAM/09FAM040209.html - U.S. Department of State (DOS) – Treaty Countries List (E-1/E-2 Eligibility)
https://travel.state.gov/content/travel/en/us-visas/visa-information-resources/fees/treaty.html - U.S. Citizenship and Immigration Services (USCIS) – EB-5 Immigrant Investor Program Overview
https://www.uscis.gov/working-in-the-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5 - U.S. Citizenship and Immigration Services (USCIS) – Policy Manual, Volume 6, Part G, Chapter 2 (EB-5 Eligibility and Job Creation)
https://www.uscis.gov/policy-manual/volume-6-part-g-chapter-2 - U.S. Citizenship and Immigration Services (USCIS) – Policy Manual, Volume 6, Part G (Investors)
https://www.uscis.gov/policy-manual/volume-6-part-g