From E-2 Visa to Green Card: Options Treaty Investors Can Consider

Option 1: EB-5 Immigrant Investor

EB-5 is the closest immigrant analogue to the E-2. For petitions filed on or after March 15, 2022, the minimum investment is $1,050,000, reduced to $800,000 in a Targeted Employment Area (a rural or high-unemployment area) or an infrastructure project. The investment must create at least 10 full-time positions for qualifying U.S. workers.Preserving existing jobs counts only where the investment is in a troubled business as defined in 8 CFR 204.6, in which case the investor must show that the number of existing employees will be maintained at no less than the pre-investment level for at least two years. USCIS states that the investment amounts adjust for inflation every five years, with the first adjustment applying to petitions filed on or after January 1, 2027, tied to the change in the Consumer Price Index for All Urban Consumers since March 15, 2022. As of writing, USCIS has not published the adjusted figures. An investor who intends to file under the current amounts should plan around that date, because a petition filed on or after it will be measured against the new thresholds.

Two other dates matter for EB-5 planning. The EB-5 Reform and Integrity Act of 2022 authorizes the Regional Center Program through September 30, 2027. The same statute contains a protection for investors who file before a lapse: USCIS must continue processing regional center petitions filed on or before September 30, 2026, and the related applications of those investors and their family members, even if the program later lapses. Investors who intend to rely on a regional center project and want that protection should discuss the deadline with an attorney now. Standalone (direct) EB-5 petitions do not depend on regional center authorization. Separately, the 2022 Act directs priority processing for petitions based on investments in rural areas, and the order in which USCIS assigns Form I-526 and Form I-526E petitions for adjudication has changed over time. Check the live USCIS EB-5 pages for the current assignment approach rather than relying on a quoted policy.

An E-2 business can sometimes be scaled into an EB-5 case. Capital already placed in the enterprise, including funds used to build the E-2 business, may count toward the EB-5 minimum if it was lawfully sourced, was invested in the new commercial enterprise, and satisfies the at-risk and sustainment rules that apply to petitions filed on or after March 15, 2022.   Under the 2022 Act, the investment must be expected to remain invested for at least two years, and USCIS states that this period is measured from the date the full required amount is invested and made available to the job-creating entity. Since the 2022 Act, an investor in the U.S. may file Form I-485 concurrently with the Form I-526 or Form I-526E if an immigrant visa is immediately available and the investor is otherwise eligible to adjust. Form I-765 (employment authorization) and Form I-131 (Advance Parole) may be filed with that package, and if USCIS approves them the investor can work and travel while the petition is pending filing those applications does not itself authorize work or travel. Petition approval alone does not grant residence: the investor becomes a conditional permanent resident (for 2 years) upon approval of Form I-485 or admission on an EB-5 immigrant visa, and must file Form I-829 during the 90-day window before the second anniversary of that date to remove the conditions. 

The main risk in converting an E-2 business is that the numbers are larger and every one of them must be documented. An E-2 investment can qualify as “substantial” for treaty purposes at amounts well below the EB-5 minimums. An EB-5 petition built on an existing E-2 business must document the full investment amount, its lawful source and path into the enterprise, and at least 10 qualifying full-time positions created by the new commercial enterprise. A standalone enterprise must create those jobs directly on its own payroll. A regional center investor may count indirect jobs under the regional center’s approved economic methodology, but the 2022 Act requires that at least 10 percent of the jobs be direct jobs. A shortfall in capital or job creation can result in denial. The concurrent-filing option also raises the sequencing issue discussed above: an investor who files Form I-485 with the EB-5 petition has declared an intent to remain, so any E-2 extension or E-2 travel needed while the case is pending should be planned before filing, not after.

Option 2: EB-2 National Interest Waiver

An E-2 owner may self-petition on Form I-140 with a National Interest Waiver, which waives the job offer and labor certification. This is what distinguishes the NIW from a standard EB-2 petition: an EB-2 petition filed though the PERM labor certification process must be filed by an employer after the Department of Labor certifies the labor certification (other narrow labor-certification exemptions exist under 8 CFR 204.5(k) and Schedule A but are not addressed here), while an NIW petition may be filed by the individual with no employer at all.

The NIW has two layers. First, USCIS policy guidance issued January 5, 2025 (Policy Manual Volume 6, Part F, Chapter 5) confirms that the petitioner must first qualify for the underlying EB-2 classification, either as a member of the professions holding an advanced degree (or a bachelor's degree plus five years of progressive experience) or as a person of exceptional ability in the sciences, arts, or business. An entrepreneur without the degree or the exceptional-ability evidence does not reach the waiver analysis. Second, USCIS applies the three-prong Matter of Dhanasar framework: the proposed endeavor has substantial merit and national importance, the person is well positioned to advance it, and on balance waiving the labor certification benefits the United States. USCIS policy specifically addresses entrepreneurs as NIW petitioners and recognizes that they may hold an ownership interest in the U.S. entity through which the endeavor is pursued. The Policy Manual also states that general assertions about the importance of business owners for job creation are not enough on their own to show national importance. The category turns on evidence that the endeavor has impact beyond the business itself, such as documented regional or industry-level economic effects, not on business ownership alone. USCIS treats the grant of the waiver as discretionary, and the Fifth Circuit has held that NIW denials are discretionary decisions that federal courts lack jurisdiction to review (Flores v. Garland, 2023); other courts have not all addressed the question, so the reviewability of a denial can depend on where you live. 

Option 3: EB-1A Extraordinary Ability 

EB-1A is the other employment-based category that allows self-petitioning on Form I-140 without a labor certification. It is available to a person with extraordinary ability in the sciences, arts, education, business, or athletics, shown through a major internationally recognized award or by meeting at least three of the ten regulatory criteria in 8 CFR 204.5(h)(3) (for example, published material about the person, a leading or critical role for distinguished organizations, or a high salary relative to others in the field), followed by a final merits determination that the person has sustained national or international acclaim and is among the small percentage at the very top of the field. EB-1A is not an entrepreneur category as such, and a successful business owner does not qualify on business results alone. It fits an E-2 holder whose record in their field, independent of the E-2 company, already shows that level of recognition. Unlike EB-1B (outstanding professor or researcher) and EB-1C, which require an employer to file, EB-1A does not require a job offer.

Option 4: Family-Based Options

Marriage to a U.S. citizen, or another qualifying family relationship, supports a Form I-130 petition filed by the U.S. citizen or lawful permanent resident relative. Immediate relatives of U.S. citizens (spouses, unmarried children under 21, and parents of a citizen who is at least 21) are not subject to the preference categories in the Visa Bulletin, so an immigrant visa number is always available. Adjustment of Status can then be filed if the E-2 holder meets the other requirements, including lawful admission or parole and admissibility. The E-2 holder's own dependents in E-2 status cannot petition unless one of them is a U.S. citizen or permanent resident. A spouse who naturalizes can file an immediate relative petition for the E-2 principal, and a U.S. citizen child can file for a parent once the child is 21, provided the parent-child relationship meets the INA definition (which covers biological, step, and adoptive relationships subject to specific conditions). A treaty investor who is the beneficiary of a pending family petition can continue to seek E-2 issuance or extension if the intent-to-depart showing is made, as described above.

Routes that depend on an employer petition: EB-1C and labor certification

Two additional employment-based categories are sometimes raised with E-2 investors. Neither can be self-petitioned, and both require the investor to occupy a genuine employee role in a company that files for them, which is why they fit a narrower set of treaty investors who own and run their own business.

• EB-1C multinational manager or executive. If the investor's U.S. company is a qualifying affiliate, subsidiary, parent, or branch of a foreign company, the U.S. company (not the investor) may file Form I-140 under EB-1C. Under 8 CFR 204.5(j), the investor must have worked for the qualifying foreign entity as a manager or executive for at least 1 year in the 3 years preceding the petition filing, or, if already working in the United States for the same qualifying employer, for at least 1 year in the 3 years preceding entry as a nonimmigrant to work for that employer. The U.S. petitioner must have been doing business for at least 1 year at the time of filing, and it must be doing business in the United States and in at least one other country, directly or through a qualifying parent, branch, subsidiary, or affiliate. No labor certification is required, but the U.S. entity must support a genuinely managerial or executive role, and a small early-stage E-2 company may not have the staffing or organizational structure to show one. The qualifying corporate relationship must exist when the petition is filed and decided. An investor who wound down the only foreign entity in the group after relocating, and has no other qualifying entity abroad, may no longer meet these requirements.

• Employer sponsorship through labor certification (PERM). An E-2 investor can be sponsored by a U.S. employer through permanent labor certification (Form ETA-9089) and Form I-140 in the EB-2 or EB-3 category. Where the sponsoring business is one the investor owns, controls, or has influence over, the Department of Labor examines under 20 CFR 656.17(l) whether a bona fide job opportunity open to U.S. workers exists, considering the totality of the circumstances, including whether the foreign worker is an owner, officer, or director, is related to the owners or officers, was involved in the recruitment, or is one of a small number of employees. Form ETA-9089 asks the employer to disclose whether the foreign worker has an ownership interest in the business or a familial relationship with its owners, officers, or directors, and an affirmative answer directs the certifying officer to that bona fide job opportunity analysis. USCIS also states that Department of Labor regulations generally prohibit labor certifications in self-employment situations. A labor certification through the investor's own E-2 company is therefore possible only where a genuine, open job opportunity can be shown; sponsorship by an unrelated U.S. employer avoids that issue but requires the investor to take the offered job with that employer once permanent residence is granted, which means stepping away from the E-2 enterprise.

Comparing the categories

Filing sequence and timing issues

• Visa backlogs. Whether you can file Form I-485 depends on your priority date and country of chargeability (generally country of birth, not citizenship) under the monthly Department of State Visa Bulletin. In some cases a person may be charged to the country of a spouse or parent under INA 202(b) (cross-chargeability), which can change visa availability for a family filing together. USCIS announces each month whether applicants may use the Final Action Dates chart or the Dates for Filing chart. Backlogs can add years for some countries and categories, and for backlogged countries the EB-5 set-aside categories (rural, high-unemployment, and infrastructure) have separate cutoff dates from the unreserved category
• E-2 filings after an immigrant petition. The FAM permits an immigrant-petition beneficiary to obtain or renew an E-2 visa by showing intent to depart when status ends. A pending Form I-485 raises different questions, because it is a declaration of intent to stay. If you expect to need an E-2 extension or a new E-2 visa while your green card case is pending, discuss with an attorney whether to secure that extension before filing Form I-485, and whether to rely instead on the employment authorization and Advance Parole that can be requested with a pending Form I-485.
• Maintaining status before you file. Adjustment of Status has statutory eligibility bars, not just discretionary factors. Under INA 245(c), an applicant who has worked without authorization, has failed to continuously maintain lawful status since entry, or is not in lawful status at the time of filing is barred from adjusting, with exceptions. Immediate relatives of U.S. citizens are exempt from those particular bars. Employment-based applicants (EB-1 through EB-5) can rely on INA 245(k), which excuses those bars only if the total period of unauthorized work, status lapse, or other status violation since the most recent lawful admission does not exceed 180 days. An E-2 investor who let status lapse, or who worked for a company other than the E-2 enterprise, should have those periods counted before filing.
• Employment authorization while waiting. An E-2 principal is authorized to work only for the E-2 enterprise. A pending Form I-485 allows the applicant to request an Employment Authorization Document on Form I-765; open-market employment is permitted only once USCIS approves that application and the authorization period begins. Working for another employer before then is unauthorized employment that counts toward the INA 245(c) bar and weighs against discretion. Note also that once you begin working outside the E-2 enterprise under an adjustment-based document, you are relying on the pending Form I-485 rather than on E-2 status for your work authorization, which matters if the adjustment case is later denied.
• Travel. Departing the U.S. while Form I-485 is pending generally results in the application being deemed abandoned unless you obtained Advance Parole before leaving or a regulatory exception applies (8 CFR 245.2(a)(4)(ii)). The recognized travel exceptions cover certain H-1 and L-1 nonimmigrants and their dependents, and certain K-3, K-4, and V nonimmigrants, not E-2 holders. Advance Parole must be approved before departure, and holding it does not guarantee parole back into the United States. Re-entering on an E-2 visa while Form I-485 is pending is also inconsistent with the intent-to-depart requirement and can create problems at the port of entry.  
• Other Adjustment of Status restrictions. Some restrictions have nothing to do with E-2. An investor who previously held J-1 status subject to the two-year foreign residence requirement under INA 212(e) cannot adjust status until that requirement is satisfied or waived. Adjustment applicants are also generally subject to the public charge ground of inadmissibility under INA 212(a)(4), with statutory and regulatory exemptions for certain categories. DHS has issued a final rule rescinding the 2022 public charge regulation, with an effective date tied to Federal Register publication, and USCIS has announced revised Policy Manual guidance on the ground. As of September 8, 2026, the published effective date and applicability provisions had not been confirmed for this article, so confirm which standard applies to your filing date before submitting Form I-485.
• Processing times. They vary by form and office and can change; check the live USCIS Processing Times tool rather than relying on quoted figures. Statutory processing goals for EB-5 petitions are goals, not guarantees.
• Government fees. Each petition and application carries its own USCIS filing fee. DHS published a proposed rule in October 2025 to revise the EB-5 fee schedule; confirm whether that rule has been finalized and check current amounts on the USCIS Fee Schedule (Form G-1055) before filing.

FAQ

• Does the E-2 visa lead to a green card automatically?

  No. The E-2 is a nonimmigrant status with no direct conversion. A green card requires a separate immigrant petition and either Adjustment of Status or consular processing, and eligibility is determined case by case.

• Is the E-2 a dual intent visa?

  No. Unlike H-1B or L-1, the E-2 has no statutory dual-intent provision.The FAM does not require E-2 applicants to keep a foreign residence, and an immigrant-petition beneficiary can still qualify by showing intent to depart when E-2 status ends. Filing Form I-485 raises a separate intent question, which is why the order of filings matters and why a later E-2 visa, admission, or extension can be harder to support.

• Can my existing E-2 investment count toward EB-5?

  In some cases. Capital already invested in the enterprise may count if it satisfies EB-5 requirements on lawful source of funds, placement in the new commercial enterprise, and the at-risk and two-year sustainment rules that apply to petitions filed on or after March 15, 2022. The business must create at least 10 full-time positions for qualifying U.S. workers (job preservation counts only for a qualifying troubled business). The full minimum investment must be invested, or actively in the process of being invested, at the time of filing.

• Can I file Form I-485 while in E-2 status?

  Generally yes, if a visa number is immediately available and you are otherwise eligible, including under the INA 245(c) status and employment bars (or the INA 245(k) exception for employment-based cases). Adjustment of Status remains a discretionary benefit under the USCIS Policy Manual, and a pending I-485  is inconsistent with the E-2 intent-to-depart requirement, so plan the sequence with an attorney, particularly if you will need an E-2 extension or E-2 travel while the I-485 is pending.

• What happens to my spouse and children?

  A spouse and unmarried children under 21 can generally be included as derivatives on employment-based and EB-5 cases, filing their own Forms I-485 with or after yours (subject to the Child Status Protection Act for children approaching 21). . E-2 dependent spouses admitted with the E-2S notation on Form I-94 are considered employment authorized incident to status in the meantime; dependent children are not.

• How long does the E-2 to green card process take?

  It depends on the category, your country of chargeability, and current processing times. Check the USCIS Processing Times tool and the Visa Bulletin; times vary and can change.