E-2 Visa Approval Rate: What the Data Shows in 2026

What is the E-2 visa approval rate? 

The E-2 Treaty Investor visa carried a 90.1% approval rate at U.S. consular posts worldwide in fiscal year 2024, the most recent publicly available data from the U.S. Department of State. Of 61,432 applications processed, 55,324 were approved and 6,108 were refused. 

E-2 visa approval rates by year

The table below covers FY 2017 through FY 2024, using consular processing data published by the U.S. Department of State, Bureau of Consular Affairs.

Source: U.S. Department of State, Bureau of Consular Affairs — Nonimmigrant Visa Statistics

Important FY 2019 caveat

The most striking feature of this table is the jump between FY 2018 (75.3%) and FY 2019 (89.4%). This shift reflects a change in how the State Department counted outcomes.  

The State Department changed its reporting methodology beginning in FY 2019, shifting from counting workload actions (which could count a single applicant multiple times) to tracking application-level outcomes (each applicant counted once per fiscal year). This change mechanically reduced the refusal count and raised the apparent approval rate. Comparisons between FY 2017-FY 2018 and FY 2019-FY 2024 should be interpreted with this in mind.

E-2 visa approval rate trends 

Since FY 2019, the approval rate has remained broadly stable in the 88-93% range. FY 2020 saw the lowest issuance volume in the dataset — 23,493 visas, down from 43,286 the prior year — due to COVID-19 consular closures and travel restrictions that dramatically compressed processing. 

FY 2021 through FY 2024 show a sustained recovery: application volume has grown every year, and the approval rate has held consistently above 90%, reaching a post-pandemic high of 92.5% in FY 2021 before stabilizing near 90% as volume normalized.

The slight dip from 90.7% in FY 2023 to 90.1% in FY 2024 coincides with record-high issuance volumes (55,324 in FY 2024 versus 54,812 in FY 2023). More applications in the pipeline can mean a wider range of preparation quality and a modest uptick in refusals, both of which are reflected in these numbers.

E-2 Visa Approval Rates by Country

The FY 2024 NIV Detail Table published by the State Department breaks out E-2 issuances by nationality. The table below shows the top 15 countries by issuance volume.

Source: U.S. Department of State, FY 2024 NIV Detail Table

Japan: The leading E-2 visa country

Japan is far and away the largest user of the E-2 visa, accounting for 15,521 issuances in FY 2024, more than double South Korea or Canada. Japan’s dominance may reflect a deep commercial relationship with the United States, a large population of Japanese business owners pursuing U.S. expansion, and an active consular infrastructure with established E-2 processing expertise.

South Korea and Canada

South Korea (6,778 issuances) and Canada (6,747) ranked second and third. Together with Japan, these three countries account for approximately 53% of all FY 2024 E-2 issuances.

European E-2 visa countries

Germany (3,902), France (3,574), United Kingdom (2,720), Italy (1,531), and Spain (1,438) reflect strong treaty relationships and well-established business migration channels between the U.S. and Western Europe.

Latin American E-2 visa countries

Mexico (1,514), Argentina (675), and Colombia (623) represent growing E-2 corridors. Mexico benefits from geographic proximity and the North American economic relationship. Applicants from these countries may face more detailed scrutiny around investment sourcing and business viability, reflecting consular post-level differences in how applications are reviewed.

Note that the by-country table reports issuances only, not refusals. The State Department’s FY 2024 NIV Detail Table does not provide country-level refusal breakdowns for the E-2 specifically, so per-country approval rates cannot be calculated from publicly available data.

What impacts E-2 visa approval rates

If you’re preparing an E-2 visa application, the good news is that many of the factors that determine approval are within your control. Here’s what matters most:

Investment quality and traceability

The E-2 requires that the investment be “at risk” — committed to the enterprise and subject to loss if the business fails. Applications that cannot clearly trace funds from a treaty-national source to the U.S. business account face a higher denial risk.

Business plan strength

Your enterprise must be more than marginal — it must have the capacity to generate income beyond a minimal living for the investor, or make a significant economic contribution. A weak or generic business plan is one of the most common — and most preventable — reasons for refusal.

Consular post variability

Each U.S. embassy and consulate exercises independent judgment. Officers at high-volume posts (Japan, South Korea) may develop strong pattern recognition for quality applications. Lower-volume posts may apply standards less consistently. The aggregate approval rate obscures this variation.

Treaty country relationships

The E-2 is only available to nationals of countries with a qualifying treaty with the United States. The list of treaty countries is not static — changes to treaty relationships affect who can apply and how applications are received.

Common reasons E-2 visa applications are denied

A 90.1% approval rate means roughly 10 out of every 100 applications were denied in FY 2024. The most common reasons attorneys at Manifest have seen lead to denials include:

• Marginality: The business lacks capacity to generate income beyond supporting the investor, with no meaningful economic contribution. Officers look for growth projections and hiring plans.
• Insufficient investment amount: While there is no statutory minimum, the investment must be “substantial” relative to the total cost of the enterprise and sufficient to make the business likely to succeed.
• Investment not “at risk”: Funds held in escrow or easily recoverable may not qualify. Officers want to see the investor has real skin in the game.
• Inadequate business plan: A vague or internally inconsistent plan raises doubts about viability. This is entirely within the applicant’s control to address before filing.
• Failure to demonstrate treaty nationality: Ambiguous nationality documentation — such as unclear dual nationality situations — can result in denial.
• Operational intent concerns: The E-2 requires that you will direct and develop the enterprise. If the business is not genuinely operational or you will not be meaningfully managing it, the application will fail.

Explore the E-2 Visa with Manifest

A 90.1% approval rate is a strong signal — and with the right preparation, you can put yourself in the best possible position. At Manifest, we work with investors and business owners navigating the E-2 visa from initial investment planning through consular interview. Our attorneys bring direct experience with documentation standards, business plan requirements, and the country-specific nuances that affect how your case is reviewed.

Whether you’re exploring the E-2 alongside other options like the L-1 visa, O-1 visa, or EB-5 visa — or you’re ready to move forward — request a consultation with our team. We’ll give you a direct, data-informed assessment of your situation.

Learn more about work visas and corporate immigration options on our site.

Frequently Asked Questions

What is the E-2 visa denial rate?

In FY 2024, the E-2 denial rate at U.S. consular posts was 9.9% — 6,108 refusals out of 61,432 total applications. The denial rate has remained below 10% every year since FY 2019, when the State Department changed its counting methodology. Before FY 2019, the reported rate was closer to 25%, though that reflected different counting methods rather than worse outcomes.

Does the E-2 approval rate vary by consulate?

Yes. While per-consulate rates aren’t published, our attorneys’ firsthand experience and by-country data suggest meaningful variation. High-volume posts in Japan, South Korea, and major European capitals process E-2 cases routinely, while lower-volume posts may apply standards less consistently. Working with an attorney familiar with your specific consular post can make a real difference.

Is the E-2 approval rate different for renewals versus new applications?

The published data does not distinguish between first-time applications and renewals. In practice, renewals for established businesses with clear track records are generally viewed favorably. However, renewals are not automatic — if the business has struggled or circumstances have changed, a renewal can be denied.