US E2 Visa Approvals Hit Record High in FY2023

By Sanwar Ali:

E2 Visa Approvals at All-Time High in FY2023: A Comprehensive Analysis

The E2 Treaty Investor Visa, more commonly known as the E2 visa, is a vital component of the United States' business immigration system. This program allows foreign nationals from countries with approved E2 status to enter and work inside the US based on a substantial investment in an enterprise that the investor will control and develop. The E2 visa also allows entry for management and essential employees who share the investor's nationality.

FY2023 saw an unprecedented surge in E2 visa approvals, marking a new record in the program's history. In this article, we'll examine the trends in E2 visa approvals for fiscal year 2023, explore the factors driving this record-high growth, and discuss its implications for international business and immigration.

E2 Visa: An Overview

The E2 visa is a non-immigrant visa that grants permission for individuals or investing companies and their employees from countries with approved E2 status to live and work in the US based on investment. Investments can be made in various sectors, such as tourism, IT, and marketing. Importantly, the invested business must be more than a marginal enterprise, meaning it should have the potential to generate more than just a minimal income for the investor and create employment opportunities for U.S. workers.

Record-breaking E2 Visa Approvals in FY2023

The United States issued nearly 54,000 E2 visas in FY2023 – a significant 20% increase from the previous fiscal year and a record high for the program. This surge demonstrates the strong post-pandemic recovery of business immigration to the U.S.

Country-specific Highlights: Chile and Colombia

E2 visa approvals increased for most nationalities, but Chilean and Colombian nationals saw particularly dramatic year-on-year growth. The number of E2 visas issued to Chileans rose six-fold, from 54 in FY2022 to 310 in FY2023. Colombian approvals nearly quadrupled over the same period.

Factors Contributing to the E2 Visa Surge

Several factors likely contributed to this growth:

• Pent-up Demand: The COVID-19 pandemic caused delays and disruptions, creating pent-up demand for E2 visas.
• Anticipating Immigration Changes: Potential policy changes in U.S. immigration likely led some investors to proactively seek E2 visas in advance.
• Reopening of Consulates: The gradual reopening of U.S. consulates in South America after pandemic-related closures improved access to E2 visa applications and processing.

Impact on International Business and Immigration

The record-high E2 visa approvals suggest a growing global interest in business immigration to the US, particularly among Chilean and Colombian nationals. It also reinforces the enduring appeal of the U.S. as a destination for international business, even in the wake of the pandemic.

Canadians have always shown a strong interest in the E2 visa due to their geographic proximity and the close economic ties between the U.S. and Canada, and so it is not surprising that you will see growth in demand from Canadians. Grenada, the only Caribbean country with E2 Treaty status, has seen a decline in E2 approvals. This may reflect shifting trends in investment migration, especially as there are restrictions on Grenadian citizens who obtained their citizenship through investment schemes.

Key Takeaways and Future Trends

FY2023 was a landmark year for the E2 visa program, with record-high approvals reflecting a strong post-pandemic recovery. As economies further reopen, these trends may continue. We will continue to keep you informed of changes.

workpermit.com helps with US Work Visa: L1, H1B, E2, and O1 Visas

There are various types of US visas that individuals can apply for, depending on their circumstances. Some of the most common employment-based visas include:

• L1 visa: This visa is for intracompany transferees who work in managerial or executive positions or have specialized knowledge.

• H1B visa: This visa is for specialty occupations that require theoretical or technical expertise in specialized fields.

• E2 visa: This visa is for investors who have made a significant investment in a US business and, management or essential skills employees.  Only certain nationalities can apply.

• O1 visa: This visa is for individuals with extraordinary abilities in the arts, sciences, education, business, or athletics.

Workpermit.com is a specialist visa services firm with over thirty years of experience dealing with visa applications. For more information and advice, please contact us on 0344 991 9222 or at london@workpermit.com(link sends e-mail)