While the E-2 Treaty Investor visa does not directly lead to a Green Card, it is possible for E-2 visa holders to obtain permanent residency in the United States by transitioning into a separate immigrant visa category. The E-2 itself is a non-immigrant visa, which means it is temporary and requires the holder to maintain an intent to depart the U.S. when their status expires. However, many E-2 investors later qualify for immigrant pathways. With careful planning and a legally sound strategy, moving from an E-2 to a Green Card is both lawful and achievable.
According to the U.S. Department of State’s FY 2023 visa issuance data, a total of 54,812 E-2 visas were granted, including principal investors, spouses, and dependent children. This marked an increase of nearly 20 percent from the 45,878 visas issued in FY 2022, reflecting the growing appeal of the E-2 program among foreign nationals seeking to build long-term operations in the U.S.
This volume of issued E-2 visas represents a meaningful contribution to the U.S. economy in terms of capital investment, job creation, and market innovation. Each approved visa typically corresponds to a functioning business that meets the substantial investment threshold and creates economic activity within the U.S. The presence of spouses and children in the data also underscores that E-2 applicants are making family-level, long-term commitments to life in the U.S. Although the E-2 is classified as a temporary visa, the scale and composition of its use suggest that many applicants are building businesses with multi-year horizons and permanent potential in mind.
Despite being a non-immigrant visa, the E-2 has become a popular vehicle for building a foundation in the U.S., particularly among founders, operators, and franchisees. Many states actively court foreign-owned small businesses through tax incentives, grant programs, and technical assistance. As the U.S. economy continues to favor innovation-led sectors, E-2 investors are well positioned to contribute meaningfully, not only by generating economic output but by anchoring new pathways toward permanent legal residence.
Many investors view the E-2 visa as the first phase of a longer immigration strategy. While the visa itself does not lead directly to permanent residency, the businesses it supports often create the conditions necessary for future Green Card eligibility. Understanding how the E-2 functions is a necessary step before evaluating how to transition to immigrant status. This includes a closer look at who qualifies, what the visa allows, and how it can be used as a platform for long-term goals.
Understanding the E-2 Visa as a Launch Point
Before exploring the immigration pathways available to E-2 visa holders, it is important to understand how the visa works. The E-2 is designed for active investors, but its legal structure carries specific requirements that shape what can and cannot be done while on this status. These core features form the foundation for any transition toward permanent residency.
What the E-2 Visa Requires: Key Terms and Conditions
- Who can apply?
Nationals of countries that maintain a valid commerce and navigation treaty with the U.S. Applicants must apply as either the principal investor or an executive with operational control of the business. - What qualifies as a ‘substantial investment’?
There is no fixed dollar amount. The investment must be proportional to the cost of starting or purchasing the business and sufficient to ensure its success. - Does the investment need to be fully committed?
Yes. The funds must be irrevocably committed and placed at risk. Passive funds or money held in escrow do not qualify unless certain conditions are met. - What kind of business qualifies?
The business must be a real, active, and for-profit commercial enterprise. Passive or speculative ventures, such as undeveloped land or holding companies, are not eligible. - What is the marginality rule?
The business must not be marginal. It must have the present or future capacity to generate income beyond supporting the investor and their family, ideally by creating U.S. jobs. - How much ownership is required?
The investor must own at least 50 percent of the business or possess operational control. - Where must the money come from?
Funds must come from a lawful source. Applicants must provide documentation to trace and verify the origin of the investment. - How long is the visa valid?
Typically valid for up to five years (depending on the treaty country) and renewable indefinitely if the business remains compliant. - Can family members come too?
Yes. Spouses and unmarried children under 21 can accompany the investor. Spouses are eligible to apply for U.S. work authorization. - Does the E-2 lead to a Green Card?
Not directly. However, the visa often supports long-term business growth that can qualify the investor for a separate immigrant visa category.
Transitioning Beyond the E-2
Once the E-2 structure is in place, many investors begin planning their next move. While the visa itself is temporary, the business can often be leveraged to qualify for a more permanent immigration status. The next section outlines the most common Green Card pathways that E-2 holders consider, including investment-based, employment-based, and family-based options.
Pathways to Permanent Residency
For E-2 investors aiming to remain in the U.S. permanently, several immigrant visa categories may offer a viable next step. The right option depends on a range of factors, including the investor’s background, business performance, family ties, and long-term goals. Some routes are based on employment or investment, while others involve family sponsorship. Each pathway comes with its own legal criteria, processing timeline, and filing costs.
The following section outlines the most commonly used options for E-2 visa holders pursuing permanent residency.
1. EB-5 Immigrant Investor Visa
Some E-2 investors consider the EB-5 immigrant visa as a pathway to permanent residency through a higher-capital investment. While both programs involve investing in a real, active U.S. business, the EB-5 includes additional requirements such as a larger minimum investment and the creation of full-time jobs for U.S. workers. For those who can scale their business and meet these conditions, the EB-5 offers a structured route to a green card.
Investment Requirement
- $1,050,000 minimum investment in a standard location
- $800,000 minimum investment in a Targeted Employment Area (TEA), which includes rural areas and high-unemployment regions
- Investment thresholds are adjusted every five years based on inflation
Eligibility Criteria
- Investment funds must come from a lawful source and be fully at risk for the purpose of generating a return
- The business must create at least 10 full-time jobs for qualifying U.S. workers
- The investor must take on a policy-forming role, such as board participation or voting rights. Day-to-day operational control is not required
Process Overview
- File Form I-526 (or Form I-526E for regional center investments)
- Upon approval, apply for permanent residence through Form I-485 (if in the U.S.) or consular processing (if abroad)
- Receive a conditional green card valid for two years
- File Form I-829 during the 90-day period before the green card expires to request removal of conditions
Processing Time
Timelines vary depending on the nature of the investment and the USCIS service center. Applicants should check the USCIS website for the most current case processing times by form and location.
Filing Fees (FY 2024)
- Form I-526/I-526E: $11,160
- Form I-485: $1,440
- Form I-829: $9,525
- Biometrics (if required): $85
Investors must maintain their capital investment for at least two years, beginning from the date the full amount is invested and placed at risk in the new commercial enterprise. This update comes from the EB‑5 Reform and Integrity Act of 2022, which changed earlier rules that required investors to sustain the investment throughout their period of conditional permanent residence.
However, investors who filed Form I‑526 before March 15, 2022, are still subject to the old rules. They must keep their investment “at risk” during the entire two-year conditional green card period to qualify for permanent residency. USCIS continues to apply these separate standards depending on when the initial EB‑5 petition was filed.
2. EB‑2 with National Interest Waiver
The National Interest Waiver (NIW) allows certain individuals to self-petition for permanent residency without a job offer or labor certification. For E‑2 investors, this pathway may be viable if their work aligns with national priorities or delivers measurable public benefit. Common applicants include business owners, researchers, professionals in infrastructure or health care, and entrepreneurs advancing innovation in critical fields.
Eligibility Requirements
To qualify for a National Interest Waiver under the EB‑2 category, applicants must meet the three-part test established in Matter of Dhanasar, the current legal framework used by USCIS to evaluate NIW petitions. This requires demonstrating that:
- The proposed endeavor has substantial merit and national importance
- The applicant is well positioned to advance the proposed endeavor
- It would be beneficial to the U.S. to waive the standard job offer and labor certification requirement
Understanding Substantial Merit and National Importance
USCIS does not require a specific field or industry for NIW applicants. What matters is the inherent value of the proposed work and its potential to broadly benefit the U.S.
Substantial merit means the endeavor addresses a real societal, economic, or technical need. This can include:
- Developing or expanding a company that creates U.S. jobs
- Providing solutions in areas like public health, education, supply chains, or housing
- Advancing research, intellectual property, or socially beneficial products
- Delivering services or technologies that improve public outcomes
National importance evaluates whether the endeavor has potential to benefit the public or influence its field beyond a narrow or local scope. This may include:
- Job creation or long-term economic development
- Filling labor market gaps or improving access to vital goods or services
- Advancing U.S. competitiveness in key sectors
- Evidence of institutional support, press recognition, public funding, or regulatory alignment
Applicants should present documentation that explains not only what they do, but why the work matters at a national level.
Application Process
- Form I‑140 is filed with evidence of eligibility under the Dhanasar standard
- Form I‑485 can be filed concurrently if a visa number is available (or later, if abroad)
- Unlike other EB‑2 paths, no job offer or labor certification is required
Processing Times
- Form I‑140 (NIW): Processing times vary by service center and are not fixed. Applicants should use the USCIS Case Processing Times tool to check current estimates for Form I‑140 under the “National Interest Waiver (E21)” classification.
- Form I‑485 (Adjustment of Status): Timelines depend on the USCIS field office handling the case. Applicants should select Form I‑485 under the “Employment-Based Adjustment” category in the Case Processing Times tool to view the most current information.
Applicants should check the USCIS website for the most up-to-date timelines.
Premium Processing
Premium processing is available for NIW petitions. USCIS will take action within 45 calendar days of receiving the request.
Filing Fees
- Form I‑140: $715
- Form I‑485: $1,440
- Biometrics (if applicable): $85
3. EB‑2 or EB‑3 with PERM Labor Certification
E‑2 visa holders may qualify for permanent residency if a U.S. employer sponsors them under the EB‑2 or EB‑3 preference category. This route requires the employer to complete a Program Electronic Review Management (PERM) labor certification through the Department of Labor, which confirms that no qualified U.S. workers are available for the job being offered.
Eligibility Requirements
- EB‑2: Applicants must hold an advanced degree (master’s or higher, or a bachelor’s degree plus five years of progressive experience) or demonstrate exceptional ability in the sciences, arts, or business.
- EB‑3: Applicants must qualify as skilled workers (at least two years of training or experience), professionals (holding at least a U.S. bachelor’s degree or equivalent), or other workers (performing unskilled labor that requires less than two years of training or experience).
The job must be permanent, full-time, and meet prevailing wage standards set by the Department of Labor.
Application Process
- The employer obtains a prevailing wage determination and files Form ETA‑9089 (PERM labor certification) with the Department of Labor.
- After approval, the employer files Form I‑140 (Immigrant Petition for Alien Worker) with USCIS.
- Once a visa number becomes available, the applicant files Form I‑485 (Adjustment of Status) if in the U.S., or proceeds with consular processing if abroad.
Estimated Processing Times
- PERM (Form ETA‑9089): The Department of Labor reports that as of June 2025, the average total processing time for PERM (including prevailing wage and recruitment) is approximately 496 calendar days.
- Form I‑140: Processing times depend on the assigned USCIS service center. Users must select the relevant form and location on the USCIS Case Processing Times tool.
- Form I‑485: Timelines are based on the applicant’s USCIS field office and are also available through the Case Processing Times tool.
- Premium Processing (Form I‑140): USCIS guarantees to take adjudicative action within 15 calendar days for petitioners who file Form I‑907.
Filing Fees (as of July 2025)
- PERM: No filing fee to the Department of Labor. Employers are responsible for recruitment and legal costs.
- Form I‑140: $715
- Form I‑485: $1,440
- Premium Processing (Form I‑907): $2,805
4. Family-Based Sponsorship
Some E-2 visa holders may become eligible for permanent residency through family relationships with U.S. citizens or lawful permanent residents. This pathway allows qualifying relatives to sponsor a foreign national by filing an immigrant petition on their behalf. While this route is unrelated to the applicant’s business activities, it is commonly used by long-term E-2 holders who develop family ties in the U.S.
Eligibility Requirements
Family-based sponsorship is available through two main categories:
- Immediate relatives of U.S. citizens
Includes spouses, unmarried children under 21, and parents (if the petitioner is over 21). There is no annual cap on green cards in this category. - Family preference categories
Includes unmarried adult children, married children, siblings of U.S. citizens, and spouses or unmarried children of lawful permanent residents. These categories are subject to annual visa limits, which may result in multi-year wait times.
To qualify, the petitioner must prove the relationship and agree to financially support the beneficiary by filing Form I‑864 (Affidavit of Support).
Application Process
- The U.S. citizen or lawful permanent resident files Form I‑130 (Petition for Alien Relative) with USCIS.
- Once the petition is approved and a visa number becomes available, the beneficiary files Form I‑485 (if inside the U.S.) or completes consular processing abroad.
- Immediate relatives of U.S. citizens may file Form I‑485 concurrently with Form I‑130 if they are in the U.S. and a visa is immediately available.
Estimated Processing Times
- Form I‑130:
- For immediate relatives: typically 12 to 18 months
- For preference categories: timelines vary depending on visa availability and country of chargeability
- Form I‑485: Timelines depend on the applicant’s local USCIS field office. Applicants should use the Case Processing Times tool to check current estimates.
- Visa availability for family preference categories is governed by the Department of State’s Visa Bulletin, which is updated monthly.
Filing Fees (as of July 2025)
- Form I‑130: $625 (online filing) or $675 (paper filing)
- Form I‑485: $1,440
- Biometrics (if required): $85
Note on Spouses of U.S. Citizens
Spouses of U.S. citizens are considered immediate relatives under immigration law. There is no annual cap on visa numbers for this category, and concurrent filing of Form I‑130 and Form I‑485 is permitted if the applicant is in the U.S. and otherwise eligible. This is often the fastest family-based pathway to a green card.
Common Challenges When Transitioning from E‑2 to a Green Card
While multiple immigration pathways exist for E‑2 visa holders seeking permanent residency, each comes with unique legal and procedural complexities. Careful planning is essential to avoid delays, denials, or unintended status violations. The following are some of the most common challenges that applicants encounter when pursuing a green card from E‑2 status.
1. EB‑5 Investor Pathway
Meeting Job Creation Requirements
Many E‑2 businesses operate with lean teams or outsourced labor, which may fall short of the EB‑5 requirement to create 10 full-time positions for qualifying U.S. workers. Contractors and part-time employees typically do not count. Failure to meet the job creation requirement can lead to denial of the I‑829 petition.
Documenting Source of Funds
EB‑5 applicants must provide clear, verifiable documentation of the lawful origin of investment funds. This can be particularly challenging for international investors with complex financial histories or informal accounting practices. Gaps or inconsistencies in the paper trail can result in requests for evidence or outright denials.
Conditional Green Card Compliance
Once a conditional green card is granted, the investor must remain actively engaged in the project’s viability. If the business fails, relocates, or no longer meets EB‑5 criteria before conditions are removed, permanent residency may be denied.
2. EB‑2 National Interest Waiver
Proving National Importance
One of the most misunderstood elements of the NIW standard is what constitutes “national importance.” USCIS evaluates whether the proposed endeavor benefits the broader public or advances a strategic field. Applicants must show that their work rises above local or commercial benefit and has wider societal implications.
Establishing Qualifications Without a Job Offer
Since NIW petitions are self-sponsored, applicants must independently demonstrate that they are well positioned to carry out the proposed endeavor. This often requires extensive evidence such as publications, endorsements, past achievements, and financial capability without the backing of an employer.
Unclear or Weak Petitions
Unlike employer-sponsored cases, NIW petitions require a persuasive narrative. Generic business plans or boilerplate letters of support often fall short. Poorly structured applications are a common reason for denial.
3. EB‑2 or EB‑3 with PERM Labor Certification
Disclosure of Immigrant Intent
The E‑2 visa does not permit dual intent. If the transition to a green card is not timed properly, disclosing immigrant intent too early, such as during consular renewal or border reentry, can result in denial of the E‑2 extension or admission.
Reliance on Employer Sponsorship
Applicants are dependent on the employer’s continued willingness and ability to complete the PERM and I‑140 process. If the job is terminated or the business changes ownership during the process, the case may not proceed.
Strict Labor Market Test Requirements
The Department of Labor’s recruitment requirements under PERM are strict. Even minor procedural errors in job advertisements or record-keeping can lead to denial or require restarting the entire process.
4. Family-Based Sponsorship
Visa Backlogs for Family Preference Categories
While immediate relatives of U.S. citizens are exempt from annual visa caps, other family categories often face long wait times. Depending on the country of origin, backlogs for siblings or adult children can stretch several years.
Proving a Genuine Relationship
Marriage-based petitions require clear, documented proof of a bona fide relationship. USCIS may scrutinize marriages that appear to be entered into shortly before or after E‑2 status expiration. Inconsistent documentation can trigger interviews or denials.
Meeting Financial Sponsorship Requirements
The financial sponsor must meet minimum income thresholds to file Form I‑864. E‑2 investors whose businesses are struggling or newly established may find it difficult to qualify as sponsors without a joint sponsor.
Policy Outlook: Could the Proposed “Trump Gold Card” Become a Future Pathway from E-2 to Green Card?
In early 2025, former President Trump introduced a proposal for a new investor-based immigration option called the “Gold Card.” According to Time and BBC, this concept would offer U.S. permanent residency, and potentially citizenship, to foreign nationals who invest at least $5 million in the U.S.
For E-2 visa holders who already operate active U.S. businesses and often seek permanent status, the idea may seem like a natural fit. However, unlike the current EB-5 visa, the Gold Card proposal reportedly does not require job creation. It would demand a higher investment threshold, and no formal eligibility rules or filing procedures have been defined.
At this stage, the Gold Card remains a political concept only. As Time notes, it does not exist in law, and the president alone cannot create a new visa category. Enacting such a program would require Congressional legislation and formal implementation by federal agencies. As of July 2025, no such action has occurred.
For now, E-2 investors should consider the Gold Card an idea, not a real immigration pathway. Established routes such as the EB-5, EB-2 with National Interest Waiver, and family sponsorship remain the only viable legal options for moving from E-2 to a green card.
Sources:
- USCIS – E-2 Treaty Investor Overview
https://www.uscis.gov/working-in-the-united-states/temporary-workers/e-2-treaty-investors - U.S. Department of State – FY 2023 Visa Statistics (E-2 Data)
https://travel.state.gov/content/travel/en/legal/visa-law0/visa-statistics.html - USCIS – EB-5 Reform and Integrity Act of 2022 (RIA) Policy Update
https://www.uscis.gov/sites/default/files/document/policy-manual-updates/20221006-EB5ReformAndIntegrityAct.pdf - RIA Statutory Text (Consolidated Appropriations Act, 2022 – H.R. 2471)
https://www.congress.gov/bill/117th-congress/house-bill/2471/text - USCIS – EB-5 Resources and Overview
https://www.uscis.gov/working-in-the-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-resources - USCIS Case Processing Times Tool (I-526, I-485, I-829)
https://egov.uscis.gov/processing-times - USCIS Policy Manual – Matter of Dhanasar Standard for NIW
https://www.uscis.gov/policy-manual/volume-6-part-f-chapter-5 - Department of Labor – PERM Processing Times and Overview
https://www.dol.gov/agencies/eta/foreign-labor/performance - USCIS – I-130 Family Petition Overview
https://www.uscis.gov/family/family-of-us-citizens - USCIS – Adjustment of Status (Form I-485)
https://www.uscis.gov/green-card/green-card-processes-and-procedures/adjustment-of-status - U.S. Department of State – Visa Bulletin (for family preference wait times)
https://travel.state.gov/content/travel/en/legal/visa-law0/visa-bulletin.html - Time – “What Is Trump’s ‘Gold Card’ Route to Citizenship and How Might It Work?”
https://time.com/7261958/what-is-gold-card-trump-citizenship-route-how-it-might-work/ - BBC News – Trump’s $5 Million Investment Proposal
https://www.bbc.com/news/articles/cq5zgvdz2z0o