E-2 Visa for Costa Rican Citizens: Treaty Basis, Consular Process, and Business Plan Requirements

The E-2 nonimmigrant classification is available only to nationals of countries that maintain a qualifying treaty of commerce and navigation or a bilateral investment treaty with the United States. Costa Rica's eligibility rests on the treaty framework recognized by the State Department and codified in the published list of E-2 treaty countries maintained at 9 FAM 402.9-4(B). The governing adjudicatory authorities are 9 FAM 402.9 for consular officers and 8 CFR 214.2(e) for USCIS adjudicators; both sets of rules apply the same substantive standard.

Costa Rican nationality must be established at the time of application. Applicants present their Costa Rican passport as proof of nationality; the officer will confirm that the passport is valid and that the applicant is a national, not merely a permanent resident, of Costa Rica. A dual national holding both Costa Rican citizenship and citizenship of a non-treaty country may present either passport to claim treaty eligibility, but the nationality used determines which treaty the officer applies. Applicants in this situation should confirm with immigration counsel which nationality to advance before filing.

The nationality requirement extends to the U.S. enterprise. If the investor holds the U.S. business through an LLC or corporation, at least 50 percent of the equity must be owned by Costa Rican nationals or nationals of another E-2 treaty country. A Costa Rican investor who owns 100 percent of the U.S. entity satisfies this requirement without issue. Problems arise when a co-investor from a non-treaty country holds a combined interest at or above 50 percent, which disqualifies the enterprise under 8 CFR 214.2(e)(6).

• Treaty authority: State Department's published E-2 treaty country list, 9 FAM 402.9-4(B)
• Governing regulations: 9 FAM 402.9 (consular); 8 CFR 214.2(e) (USCIS)
• Nationality test: Costa Rican passport at time of application
• Enterprise ownership: at least 50% held by Costa Rican or other treaty-country nationals

The investment must be substantial relative to the total cost of the enterprise. The State Department does not publish a fixed minimum dollar amount. Instead, 9 FAM 402.9-7(B) applies a proportionality test: lower-cost businesses require a higher percentage of total capitalization to be invested, while larger enterprises allow a lower percentage, provided the absolute amount is still meaningful. For businesses with a total start-up cost below approximately $100,000, officers typically expect close to 100 percent to already be committed; for businesses in the $500,000 to $1,000,000 range, the threshold percentage drops significantly.

The investment must be irrevocably committed, meaning the funds must be at genuine risk of loss if the enterprise fails. Funds held in a personal savings account earmarked for future investment are not yet committed under 9 FAM 402.9-6(B)(1). Commitment is demonstrated through executed leases, equipment purchase contracts, vendor invoices, wire transfer confirmations to business accounts or escrow, and formation costs already paid. Costa Rican applicants who structure their investment through an escrow account should ensure the escrow agreement is conditioned only on visa issuance, not on other contingencies, to establish irrevocability.

Pre-opening expenses count toward the investment. Costs incurred before the enterprise opens — lease deposits, equipment, licenses and permits, renovation, professional fees, initial inventory — are qualifying investment expenses as long as they are paid from funds whose lawful origin the applicant can document. A detailed use-of-funds table in the business plan, matched line-by-line to supporting receipts and bank records, is the standard way to present this.

• No published minimum dollar amount; proportionality test at 9 FAM 402.9-7(B) applies
• Funds must be irrevocably committed and at risk — not merely planned or earmarked
• Pre-opening expenses qualify when documented with receipts and bank records
• Escrow accepted if conditioned only on visa issuance

Officers must verify that the investment capital was lawfully obtained. Under 9 FAM 402.9-6(B)(3), consular officers are required to verify the source and legitimate character of the funds. This requires a documentary chain from the origin of the funds to their current location — typically a U.S. business account or escrow. The chain cannot have unexplained gaps.

Costa Rican applicants commonly source investment funds from business income, real property sales, savings, or loans secured by Costa Rican assets. Each source carries its own documentation requirements. Business income requires tax returns filed with the Ministerio de Hacienda, financial statements, and evidence of the business activity generating that income. Real property sales require the deed of sale (escritura de compraventa), the closing statement, and bank records showing receipt of proceeds. Savings require multi-year bank statements from Costa Rican financial institutions, with large deposits explained. A loan secured by Costa Rican property is a recognized qualifying source under USCIS and State Department policy, provided the loan is secured by assets the investor owns personally and not by the U.S. enterprise itself.

Documents in Spanish must be translated into English by a certified translator. Costa Rican corporate documents such as actas de asamblea (board minutes), Registro Nacional extracts, and Tributacion Directa tax filings are common components of a source-of-funds package. The translator's certification should state that the translation is accurate and complete and that the translator is competent in both languages.

• Complete documentary chain required from origin to current U.S. or escrow account
• Business income: Ministerio de Hacienda returns, financial statements, bank records
• Property sale: escritura de compraventa, closing statement, bank receipt of proceeds
• Loans: secured by investor's personal assets, not by the U.S. enterprise
• All Spanish-language documents require certified English translation

The enterprise must not be marginal — that is, it must have present capacity, or a realistic prospect within five years, to generate income substantially beyond what is needed for the investor and family's personal support. The marginality test is codified at 8 CFR 214.2(e)(15) and 9 FAM 402.9-8. It is one of the most common grounds for E-2 denial in small business cases.

Non-marginality is shown primarily through the financial projections in the business plan. Year-by-year revenue, cost of goods sold, operating expenses, and net income projections for five years, accompanied by staffing growth projections, demonstrate to the officer that the enterprise will expand beyond a one-person lifestyle business. Officers examine whether the projections are internally consistent with the market analysis — revenues that are disproportionately higher than industry benchmarks without explanation are a red flag.

Job creation supports non-marginality directly. A business plan that projects the creation of U.S.-worker positions — W-2 employees paid at or above applicable wage standards — addresses the marginality concern and also satisfies the economic contribution element that officers evaluate at 9 FAM 402.9-8(B). The staffing plan section of the plan should name positions, salary ranges, and anticipated hire dates tied to revenue milestones.

• Marginality standard: 8 CFR 214.2(e)(15); 9 FAM 402.9-8
• Five-year financial projections must show income beyond personal support
• Projections must be consistent with market data in the plan
• U.S. employee job creation directly supports non-marginality

The E-2 investor must come to the United States to develop and direct the enterprise. Under 8 CFR 214.2(e)(8)(ii), this means the investor must have at least 50 percent ownership, or operational control through a corporate position, that gives them the right to control the enterprise's day-to-day and strategic operations. A passive investor who holds equity but delegates all management to a third party does not satisfy this requirement.

The develop-and-direct element should be documented in the operating agreement of the LLC or the corporate bylaws and shareholder agreement. The investor's title, voting rights, and specific management responsibilities — hiring authority, signatory rights on business accounts, authority to bind the company in contracts — should be stated expressly. If a manager or key employee handles the daily operations, the plan should explain the investor's supervisory role and show that the investor, not the employee, holds ultimate control.

For businesses where the investor plans to spend extended periods in Costa Rica while managing U.S. operations remotely, officers may scrutinize the develop-and-direct showing more carefully at renewal. The operating agreement and job description should be drafted to address this scenario directly, and travel logs together with evidence of remote management decisions support the showing at subsequent renewals.

• At least 50% ownership, or controlling corporate position, required under 8 CFR 214.2(e)(8)(ii)
• Operating agreement must state investor's title, voting rights, and management authority
• Passive investors do not qualify — active operational control is required
• Remote management is permissible but must be documented at renewal

Costa Rican nationals residing in Costa Rica apply for the E-2 visa at the U.S. Embassy in San Jose, located in Pavas. The application requires completing Form DS-160, paying the Machine Readable Visa (MRV) fee, and scheduling an appointment through the online scheduling system at ustraveldocs.com/cr. Applicants should confirm the current MRV fee on the Embassy's official page before paying.

The interview is conducted by a consular officer who will review the submitted package and ask questions about the business, the investment, and the investor's intended role. The officer applies the adjudicatory framework at 9 FAM 402.9 and will evaluate whether the five core elements — treaty nationality, substantial investment, irrevocability, non-marginality, and develop-and-direct — are satisfied by the evidence. Preparing the applicant to explain the financial projections, the source of funds, and their specific daily role in the business is a core part of interview preparation.

The E-2 visa stamp issued at the San Jose Embassy is typically valid for five years with multiple entries, reflecting the current U.S.-Costa Rica reciprocity arrangement. Visa stamp validity is distinct from the period of authorized stay inside the United States — typically two years per admission — which CBP determines at the port of entry. E-2 status has no statutory maximum duration; it may be renewed indefinitely as long as the enterprise continues to qualify and the investor maintains an active role.

• Application site: U.S. Embassy San Jose (Pavas); scheduling via ustraveldocs.com/cr
• Form DS-160 required; confirm current MRV fee on Embassy's official page
• Visa stamp: typically 5-year multiple-entry reflecting U.S.-Costa Rica reciprocity
• Period of stay: typically 2 years per CBP admission; renewable indefinitely

Costa Rican nationals lawfully present in the United States in a qualifying nonimmigrant status — B-1/B-2, F-1, H-1B, TN, or other eligible categories — may file Form I-129 with USCIS to change status to E-2 without traveling to Costa Rica for a consular interview. USCIS adjudicates I-129 E-2 petitions at the California Service Center. Premium processing on Form I-907 guarantees a substantive action within 15 business days at the current premium processing fee.

A change of status grants E-2 status but does not produce a visa stamp. If the applicant travels outside the United States after a change of status, they must apply for an E-2 visa stamp at a U.S. consulate before re-entering. Applicants who intend to travel to Costa Rica after the change of status should schedule the consular appointment before departure to minimize time outside the United States.

The I-129 petition requires the same evidentiary showing as a consular application — business plan, investment documentation, source of funds, organizational documents — but it is filed as a petition with USCIS rather than presented at an in-person interview. USCIS may issue a Request for Evidence (RFE) if any element is insufficiently documented. Responding fully and on time is critical; failure to respond results in denial under 8 CFR 103.2(b)(11).

• Form I-129 filed with USCIS California Service Center for change of status
• Premium processing available on Form I-907 for 15-business-day action
• Change of status does not produce a visa stamp — stamp required at consulate before re-entry after travel
• Same evidentiary standard as consular application; RFE possible

The E-2 investor's spouse and unmarried children under 21 are admitted in E-2 dependent status. Dependents file Form DS-160 and attend the consular interview, or — in the change-of-status context — are included in an I-539 application filed simultaneously with the I-129. Dependents are admitted for the same period of authorized stay as the principal investor.

The E-2 dependent spouse may apply to USCIS for an Employment Authorization Document (EAD) on Form I-765 under category (a)(17). This EAD authorizes unrestricted employment with any U.S. employer and is not tied to the principal's business. The EAD is issued coterminous with the principal's E-2 status and must be renewed when the principal's status is renewed.

Unmarried children under 21 in E-2 dependent status may study but may not work in the United States. When a dependent child turns 21, they age out of E-2 dependent status and must obtain an independent immigration status to remain lawfully in the United States. Families with children approaching 21 should plan ahead with counsel to address the aging-out transition before it occurs.

• Spouse and unmarried children under 21 admitted in E-2 dependent status
• Spouse may apply for EAD (Form I-765, category (a)(17)) — unrestricted employment authorization
• Children may study but not work; must obtain new status at age 21

Source-of-funds documentation is the most common problem in Costa Rican E-2 cases. Costa Rican applicants frequently source investment capital from service businesses, rental income, or savings accumulated without consistent banking records. Where income was received in cash or routed through informal channels, reconstructing the documentary chain is challenging. Officers who cannot trace the path of funds from a lawful source to the U.S. account will deny under 9 FAM 402.9-6(B)(3). Building a complete, bank-statement-supported chain before filing is essential, and applicants should engage a Costa Rican accountant to prepare certified financial statements where personal or business records are incomplete.

Non-marginality for single-operator service businesses is a recurring problem. A business that projects revenue sufficient only for the investor's personal draw, without a credible staffing growth plan, fails the marginality test even if the initial investment is substantial. The five-year projections must show that the business will scale — through employee hiring, service expansion, or additional revenue streams — beyond a lifestyle enterprise. Officers are skeptical of projections that show revenue growth without corresponding expense and headcount increases.

The develop-and-direct showing becomes problematic when the investor holds equity but delegates all management to a professional manager. If the business plan describes the investor primarily as a financial backer who will check in periodically, the officer may find that 8 CFR 214.2(e)(8)(ii) is not satisfied. The investor's operating agreement provisions, signatory authority, and job description in the business plan must be aligned to show actual operational control, not merely passive ownership.

• Source of funds: complete documentary chain required — cash income and informal receipts are high-risk
• Marginality: single-operator projections without staffing growth routinely fail the non-marginality test
• Develop-and-direct: investor must have documented operational authority, not merely financial interest
• Translation: all Spanish documents require certified translation; incomplete packages draw RFEs