For many foreign entrepreneurs, the E-2 Treaty Investor visa is the most practical route into the U.S. market. It can open the door to running your own business in the United States, but it is not a simple box-ticking exercise. Consular officers look closely at whether the investment is real, substantial, and capable of generating more than just a living wage for you and your family. They also assess whether you have the skills and intent to actively direct the business.
In the past ten years, approval numbers have moved up and down. Some years were straightforward for well-prepared applicants, while others saw tighter scrutiny and more refusals. Knowing how those numbers have shifted and where they stand now can help you understand the landscape before you invest time and money into an application.
E-2 Visa Issuances by Fiscal Year (2014–2024)
| Fiscal Year | Visas Issued | Year-over-Year Change |
| 2014 | 36,825 | +1,553 |
| 2015 | 41,162 | +4,337 |
| 2016 | 44,243 | +3,081 |
| 2017 | 43,673 | –570 |
| 2018 | 41,181 | –2,492 |
| 2019 | 43,286 | +2,105 |
| 2020 | 23,493 | –19,793 |
| 2021 | 33,129 | +9,636 |
| 2022 | 45,878 | +12,749 |
| 2023 | 54,812 | +8,934 |
| 2024 | 55,324 | +512 |
Source: U.S. Department of State, Report of the Visa Office, Table XVI(B) and Table XV(B)
2014 – 36,825 visas issued
Numbers rose slightly from 2013, largely due to renewals for one-year visas issued the prior year. The U.S. State Department made the Interview Waiver Program permanent in January 2014, allowing eligible E-2 renewals without in-person interviews, which reduced processing time for many. The E-2C classification for Northern Mariana Islands investors was also scheduled to expire by year-end, pushing some investors to transition to standard E-2 status.
2015 E-2 Visas Issued – 41,162
Issuances rose significantly from the 2014 total, showing strong and steady investor interest. While there were no significant E-2-specific policy changes in 2015, consular officers continued to apply strict review of the substantial investment and more than marginal business requirements. Well-prepared applications with clear evidence of committed funds and operational activity were more likely to be approved.
2016 E-2 Visas Issued – 44,243
The upward trajectory in E-2 issuances continued, reaching the highest total in the period reviewed so far. There were no significant statutory or regulatory changes, but the core adjudication standards remained the same: applicants had to demonstrate that their investment was substantial, the funds were irrevocably committed, and the business was capable of producing more than marginal income. Meeting these requirements with clear documentation helped sustain strong approval numbers this year.
2017 E-2 Visas Issued – 43,673
E-2 issuances dipped slightly from the prior year but remained high compared to earlier years in the period. The change in U.S. administration brought a general increase in scrutiny across many visa categories, including investor visas. The “Buy American, Hire American” executive order, issued in April 2017, directed agencies to protect U.S. workers and ensure visa programs were applied in line with that priority. While it did not amend E-2 rules, it reinforced the importance of showing how the investment would create jobs or provide significant economic benefits.
2018 E-2 Visas Issued – 41,181
E-2 issuances declined compared to 2017, marking the lowest total since 2014. While there were no changes to the statutory or regulatory framework, the year saw heightened scrutiny at some consular posts on whether the investment funds were lawfully sourced and already committed to the enterprise. Applicants with clear, well-documented fund transfers and active business operations were better positioned to meet these requirements.
2019 E-2 Visas Issued – 43,286
E-2 issuances increased slightly over the prior year, supported by continued demand from long-standing treaty partners and the addition of new eligible nationalities. In May 2019, Israeli nationals became eligible for E-2 classification following the implementation of the 2012 U.S.–Israel treaty. In June 2019, New Zealand nationals also became eligible under the Knowledgeable Innovators and Worthy Investors Act (KIWI Act). These expansions offered new opportunities for investors from both countries, though the late-year implementation meant their full impact would be reflected in subsequent years.
2020 E-2 Visas Issued – 23,493
E-2 issuances dropped sharply in 2020 as the COVID-19 pandemic disrupted global travel and consular operations. Beginning in March, U.S. embassies and consulates worldwide suspended routine visa services, limiting processing to emergency and mission-critical cases. Many investors postponed applications or were unable to attend interviews due to travel restrictions and lockdowns. While approval standards remained unchanged, the reduced volume reflected the unprecedented operational constraints rather than a change in policy toward E-2 applicants.
2021 E-2 Visas Issued – 33,129
E-2 issuances rebounded from the pandemic lows of 2020 as U.S. embassies and consulates gradually resumed routine visa services. Many posts operated at reduced capacity due to local health restrictions, leading to backlogs and longer appointment wait times. Applicants who were able to secure interview slots often faced delays in case completion if additional documentation or administrative processing was required. The increase in issuances compared to 2020 reflected both new applications and the clearance of pending cases from the prior year.
2022 E-2 Visas Issued – 45,878
E-2 issuances surged past pre-pandemic levels as consular posts worked through pandemic-era backlogs and appointment availability expanded. This year also brought an important legislative change: the National Defense Authorization Act for Fiscal Year 2023, signed in December 2022, added a new residency requirement for certain E visa applicants. Individuals who acquired citizenship in a treaty country through a financial investment must have been domiciled in that country for at least three continuous years before applying for an E-2 visa. This change aimed to address concerns over “passport-for-investment” programs and took effect immediately upon enactment.
2023 E-2 Visas Issued – 54,812
E-2 issuances reached a record high, reflecting strong investor demand and the return of full consular operations worldwide. With pandemic-related restrictions lifted, appointment availability improved and processing times stabilized. The three-year domicile requirement for certain applicants who acquired citizenship through investment, enacted under the National Defense Authorization Act for Fiscal Year 2023, continued to apply throughout the year, influencing eligibility for a subset of potential investors.
2024 E-2 Visas Issued – 55,324
E-2 issuances set a new high, maintaining strong interest from investors in treaty countries. A notable policy development this year was that citizens of Portugal became formally eligible for E-1 and E-2 visas beginning March 15, 2024, following the enactment of Public Law 117-263. This expanded the program to include Portuguese nationals, adding a new pool of potential applicants under a treaty status.
Big Picture: E-2 Visa Issuances 2014–2024
From 2014 to 2019, E-2 visa issuances rose from 36,825 to 43,286, helped by stable demand and the mid-2019 addition of Israel and New Zealand to the treaty country list. The only sustained drop in the period occurred in 2020, when the COVID-19 pandemic and suspension of routine visa services cut issuances to 23,493.
Numbers began to recover in 2021 and surpassed pre-pandemic totals in 2022, a year also marked by the introduction of a three-year domicile requirement for certain citizenship-by-investment applicants under the National Defense Authorization Act for Fiscal Year 2023. Issuances then reached record highs in 2023 and 2024, the latter coinciding with Portugal’s addition to the treaty country list in March 2024.
The data indicates that major fluctuations in E-2 numbers are linked primarily to global operational capacity and treaty country eligibility changes rather than to alterations in the core legal requirements for “substantial investment” or “more than marginal” business activity.
Future Outlook for E-2 Visa Applicants
The 2014–2024 data shows that E-2 visa numbers are most affected by two factors: changes to the treaty country list and the ability of consulates to process cases at full capacity. Recent expansions demonstrate that new treaty agreements can open opportunities for entirely new applicant groups. Future diplomatic agreements could have similar effects.
The three-year domicile requirement for certain citizenship-by-investment nationals, in force since late 2022, is now a permanent consideration. Applicants from treaty countries who acquired their nationality through investment should account for this timeline in their immigration planning.
For prospective applicants, the stable and record-high issuance levels in 2023 and 2024 suggest that well-prepared petitions continue to be approved at high rates when they meet the established standards. The “substantial investment” and “more than marginal” business criteria remain unchanged, so success depends on providing clear, verifiable documentation of committed funds, a lawful source of investment, and an operational business plan capable of generating significant economic activity in the United States.
Conclusion
E-2 visa issuance trends from 2014 to 2024 show a category that has matured into a steady channel for treaty country investors, with record highs in recent years. The requirements themselves have remained stable, giving applicants a clear framework for success. For future applicants, the lesson is consistency: approvals follow when investments are substantial, funds are committed, and the business has credible prospects for producing more than marginal income. Those planning ahead should monitor any treaty country changes and prepare applications that stand on their own merit, regardless of shifts in global conditions.
Sources:
- FY2018 Annual Report – Table XVI(B)
https://travel.state.gov/content/dam/visas/Statistics/AnnualReports/FY2018AnnualReport/FY18AnnualReport%20-%20TableXVIB.pdf - FY2019 Annual Report – Table XVI(B)
https://travel.state.gov/content/dam/visas/Statistics/AnnualReports/FY2019AnnualReport/FY19AnnualReport-TableXVI-B.pdf - FY2024 Annual Report – Table XV(B)
https://travel.state.gov/content/dam/visas/Statistics/AnnualReports/FY2024AnnualReport/Table%20XVB.pdf - Interview Waiver Program Made Permanent – Murthy Law Firm
https://www.murthy.com/2014/01/30/visa-interview-waiver-program-made-permanent/ - Presidential Executive Order on Buy American and Hire American – The White House
https://trumpwhitehouse.archives.gov/presidential-actions/presidential-executive-order-buy-american-hire-american/ - U.S. Mission Israel – E-2 Visa Availability for Israeli Nationals
https://il.usembassy.gov/e2-visa-availability-for-israeli-nationals/ - U.S. Embassy & Consulate in New Zealand – E-1 and E-2 Visas
https://nz.usembassy.gov/e1-and-e2-visas/ - U.S. Department of State – Suspension of Routine Visa Services
https://travel.state.gov/content/travel/en/us-visas/visa-information-resources/visas-news-archive/suspension-of-routine-visa-services.html - DOS Updated Visa Services Guidance – AILA (American Immigration Lawyers Association) Summary
https://www.aila.org/dos-announces-phased-resumption-of-routine-visa - National Defense Authorization Act for Fiscal Year 2023 (Pub. L. 117-263), Section 5901
https://www.congress.gov/bill/117th-congress/house-bill/7900/text - Portugal Added to E-1/E-2 Treaty List (Effective March 15, 2024) – U.S. Department of State
https://travel.state.gov/content/travel/en/us-visas/visa-information-resources/fees/treaty.html