English
Tiếng ViệtMark I. Davies, Esq., J.D., University of Pennsylvania Law School, licensed by the SRA (SRA ID: 384468) in the UK, and a member of The Law Society of England & Wales, MBA, Wharton School of Business. Named a Top 25 EB-5 Immigration Attorney by EB5 Investors Magazine. Ranked Band 1 for E-2 visas in Singapore by Global Citizenship Services (2026). Licensed in the USA. Georgia State Bar member. AILA member.
Key Takeaways
- Grenada and Turkish nationals can qualify for the U.S. E-2 visa
- Grenada CBI can support E-2 eligibility, but route matters
- A three-year domicile rule may apply after CBI citizenship
- Domicile is not residency and not a day-count test
- Grenada spousal registration may help avoid the three-year domicile rule
- Turkey does not have a spousal registration option
- E-2 still requires a substantial at-risk U.S. investment
- The business must be real, operating, and non-marginal
- E-2 requires the investor to develop and direct the enterprise
- Renewals depend on the business staying viable and compliant
- No State Department guidance on the domicile clause as of the FAM's February 2026 revision (checked October 2026)
- The December 2025 proclamation targets residency-free CBI; Grenada is not affected and the list is reviewed every 180 days
Table of Contents
- ► Executive Summary
- ► The Amigos Act Trigger: “Through a Financial Investment”
- ► Grenada Citizenship by Investment and the E-2 Visa
- ► Turkish Citizenship by Investment and the E-2 Visa
- ► Domicile Is a Legal Concept, Not a Day Count
- ► Policy Developments: The December 2025 Proclamation and Caribbean Program Reform
- ► Who Commonly Uses This Strategy?
- ► Conclusion
Executive Summary
What is the E-2 Treaty Investor Visa?
The E-2 Treaty Investor Visa allows nationals of countries that maintain a treaty of commerce and navigation with the United States to invest in and manage a business in the U.S. Unlike the EB-5 immigrant visa, the E-2 is a nonimmigrant visa that can be renewed indefinitely, providing a flexible long-term pathway to live and work in America. The E-2 visa requires a “substantial” investment in a real, operating U.S. enterprise—there is no fixed minimum, but investments typically start around $100,000 and the investor must demonstrate that the enterprise is not “marginal.”
Can I get a U.S. E-2 visa with Grenada citizenship or Turkish Citizenship by investment?
Potentially, yes. The E-2 visa is nationality-based. It is only available to nationals of countries that maintain an E treaty with the United States, as reflected in the State Department's guidance in 9 FAM 402.9.
See our full list of qualifying countries here.
The E-2 visa is not available to nationals of major economies including:
- China
- India
- Russia
- Vietnam
E-2 through a CBI Program
Because of this limitation, some entrepreneurs consider obtaining an E-2 qualifying citizenship through a citizenship by investment (CBI) program in an E-2 treaty country. The most common choices are Grenada and Turkey.
Times of India Fun Fact: Davies & Associates, LLC facilitated the first successful Indian E-2 visa application through the Grenada CBI Program's donation route, with the firm assisting the first Indian client to secure E-2 status in mid-2019 on that basis.
Economic Times of India Coverage: The Economic Times reported on how wealthy Indians are using Grenada as a route to the United States through the E-2 visa pathway.
American Bazaar Coverage: American Bazaar reported that Grenada citizenship is becoming a fast route for Indians seeking access to the United States.
Do Grenada or Turkish CBI Trigger a 3-Year Domicile Rule?
U.S. law imposes a three-year domicile requirement where treaty nationality was acquired “through a financial investment.” This language appears in 8 U.S.C. § 1101(a)(15)(E), as amended by what is commonly referred to as the Amigos Act.
Obtaining E-2 through CBI: The Critical Distinction
The critical issue is whether the specific CBI route used constitutes a financial investment. That is why Turkey and Grenada must be analysed separately.
The Amigos Act Trigger: “Through a Financial Investment”
What the Amigos Act Says
Under 8 U.S.C. § 1101(a)(15)(E), the three-year domicile clause applies where:
- The applicant acquired the relevant treaty nationality through a financial investment, and
- The applicant has not been domiciled in that country for a continuous period of at least three years.
The statute does not define “financial investment.”
The operative words are that the applicant “has been domiciled [in the treaty country] for a continuous period of not less than 3 years at any point before applying for a nonimmigrant visa.” The three years can have been completed at any time before the application; the statute does not require them to follow naturalization. An applicant who has previously been granted E status is outside the clause entirely. The text is at 8 U.S.C. § 1101(a)(15)(E) (U.S. Code, 2024 edition, U.S. Government Publishing Office) and in section 5902 of Public Law 117-263, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023, signed December 23, 2022.
Ordinary Meaning
Where Congress uses an undefined statutory term, courts apply its ordinary meaning. The Supreme Court has long associated the concept of investment with the commitment of capital in a commercial enterprise with an expectation of profit. In SEC v. W.J. Howey Co., 328 U.S. 293 (1946), the Court explained that an investment involves the placing of money in a common enterprise with an expectation of profits derived from the efforts of others. Although Howey interpreted the term “investment contract” under securities law, it reflects a settled understanding in United States jurisprudence that investment is a commercial concept tied to capital at risk and anticipated return.
Across U.S. Law, an Investment Typically Involves
- Capital committed
- Capital placed at risk
- Ownership or proprietary interest
- Expectation of financial return
A donation does not ordinarily meet these characteristics.
Because the statute does not define financial investment and published adjudicatory guidance is limited, the analysis must be applied case by case based on the precise mechanism used and the facts presented.
Statutory Intent
Meaning of Financial Investment
As of October 28, 2026, we are not aware of any public U.S. government guidance adopting the position that a donation-based CBI route constitutes a “financial investment” for purposes of the Amigos Act. Nevertheless, the government could argue that the statute was intended to promote integrity in the E-2 program by limiting reliance on treaty nationality acquired through CBI programs. On that view, it might contend that a non-refundable government contribution should be treated as falling within the scope of “financial investment” for purposes of the three-year domicile clause. The Department of State's Foreign Affairs Manual, 9 FAM 402.9, in its revision of February 17, 2026 (CT:VISA-2190), does not mention the domicile clause, nationality acquired through investment, or section 5902 at all; its only reference to Public Law 117-263 is Portugal's accession to the treaty list.
Donation Is an Overbroad Reading
However, that interpretation would materially expand the phrase “financial investment” beyond its ordinary commercial meaning. In U.S. law, investment is commonly treated as a commercial concept tied to capital deployed with an expectation of return, including as reflected in the Supreme Court's securities-law articulation of “investment contract.”
Married Couple Structuring
For married couples, this issue can often be addressed through structuring: the spouse may be able to obtain Grenadian citizenship through a separate statutory pathway (see below), rather than through an investment-based route.
The Amigos Act does not say that:
- Any E-2 applicant must reside anywhere for three years. It imposes a three-year domicile requirement only if the treaty nationality was acquired through a financial investment.
- The concept of “financial investment” includes a donation with no ownership interest, no capital at risk for return, and no expectation of financial return. In U.S. law, the Supreme Court has consistently treated investment as a commercial concept tied to capital deployed with an expectation of return (for example, in its securities-law articulation of “investment contract”).
- A Citizen of Grenada who obtained their Grenadian Citizenship through registration based on being married to a Grenadian Citizen, as provided by the Grenadian Constitution, is subject to any domicile or residency requirement.
Grenada Citizenship by Investment and the E-2 Visa
Grenada is also an E-2 treaty country. Unlike Turkey, Grenada offers two legally distinct routes.
Grenada Real Estate Route
The real estate option involves acquisition of approved property and creates ownership interests. This route fits within the ordinary legal meaning of investment.
Nationality obtained through this route may trigger the three-year clause.
Grenada National Transformation Fund (NTF) Route
The National Transformation Fund option is structured as a non-refundable government contribution.
It does not create:
- Equity
- Ownership interest
- Profit participation
- Enterprise control
- Capital placed at risk for return
It is a donation.
Because the statutory trigger applies only where nationality was obtained “through a financial investment,” the NTF route is structurally different from Turkey's program.
The analysis is route-specific.
Grenadian Spousal Citizenship: A Separate Legal Basis
Grenadian nationality law also provides a pathway for the spouse of a Grenadian citizen to obtain citizenship by registration.
Citizenship acquired through marriage registration is not obtained through a financial investment. It is granted through marital status under a separate statutory framework.
The Amigos Act clause applies to individuals, not households. It applies only where the individual acquired nationality through a financial investment. The statutory trigger applies to the individual applicant's acquisition of nationality. It does not attribute one spouse's investment-based acquisition to the other.
This allows for structured planning within a couple.
A Conservative Structuring Approach
A layered approach for couples may involve:
- One spouse obtaining Grenadian citizenship through the NTF donation route.
- The second spouse obtaining Grenadian citizenship through the spousal registration pathway.
- Structuring the U.S. enterprise 50/50 between spouses.
- Filing the E-2 application in the name of the spouse whose nationality was not acquired through investment.
- The original spouse applying for derivative E-2 status.
This approach separates:
- Donation vs investment analysis
- Investment-based nationality vs marriage-based nationality
- Principal vs derivative E-2 eligibility
The statutory trigger is individual and route-specific.
Grenada vs Turkey CBI: Why the Spousal E-2 Visa Strategy Works in Grenada but Not Turkey
Choosing Grenada keeps the “E-2 through my spouse” strategy available because the Grenadian Constitution protects the right of a spouse to obtain Grenadian citizenship by registration without any requirement to live in Grenada. If the primary CBI applicant is subject to a three-year domicile requirement, a spouse who acquires Grenadian citizenship later by registration through the marriage is not subject to that requirement, and the original CBI applicant can then apply for a derivative spousal E-2 visa.
Choosing Turkey generally removes this option because a foreign spouse typically must complete a period of lawful residence in Turkey before qualifying for Turkish citizenship, so spousal treaty nationality cannot be obtained quickly for E-2 purposes.
Turkish Citizenship by Investment and the E-2 Visa
Important: Davies & Associates does not practise Turkish law. The information on this page about Turkey is provided for information purposes only and does not constitute legal advice. Clients are advised to take advice from a lawyer licensed to practise in Turkey.Turkey's citizenship program is structured entirely around capital deployment mechanisms, including:
- Real estate acquisition
- Capital investment into Turkish enterprises
- Bank deposit routes
- Government bond purchase
Each route involves capital committed in exchange for ownership, financial interest, or return characteristics.
There is no donation option.
Because Turkey's program is structurally investment-based, nationality obtained through it falls squarely within the “through a financial investment” language of 8 U.S.C. § 1101(a)(15)(E).
This makes the three-year domicile clause difficult to avoid in Turkish CBI-based E-2 planning.
Turkish Domicile Law and Practical Residence Requirements
If the three-year clause is triggered, the next issue is domicile.
Under Article 19 of the Turkish Civil Code (Türk Medeni Kanunu No. 4721):
A person's domicile is the place where they reside with the intention of remaining.
While domicile and residence are technically distinct, Turkish law closely ties domicile to actual residence patterns.
Separately, Turkish tax law treats individuals who reside in Turkey for more than six months in a calendar year as resident for tax purposes. This six-month rule reflects how Turkish law operationalises residence in practice.
Although the Civil Code does not use a strict “six months per year” formula for domicile, Turkey's legal framework strongly links domicile to real physical presence.
For entrepreneurs whose primary business and family life are outside Turkey, satisfying a three-year domicile requirement under Turkish law can therefore require meaningful physical presence commitments.
Domicile Is a Legal Concept, Not a Day Count
The statute uses the word domicile, not residency. Those terms are not interchangeable.
Position Under Grenadian and U.S. Law
Under both U.S. and Grenadian law, domicile refers to a person's principal and permanent home, coupled with an intention to remain there indefinitely. It is not determined by a fixed number of days spent in a country, and there is no automatic six-month rule.
Residency, by contrast, is often defined by physical presence thresholds, such as 183 days for tax purposes. Those statutory residency tests do not redefine domicile.
It is commonly said that a person may have multiple residences but only one domicile at a time. That statement is generally true within a single legal system. However, different countries apply their own domestic rules to determine domicile. As a result, it is entirely possible for two countries to regard the same person as domiciled under their respective laws at the same time.
For example, a UK citizen born in the United Kingdom may acquire or retain a UK domicile under UK law, while the United States may independently treat that individual as domiciled in the U.S. based on U.S. legal standards. Spending six months in each country does not resolve that analysis. Domicile turns on intention and legal connection, not on equal physical presence.
Accordingly, converting “domicile” into a strict six-month residency rule misstates the legal meaning of the term under U.S. and Grenadian law.
Domicile in Grenada
In practice, Grenadian counsel can issue a formal legal opinion confirming domicile for purposes of the Grenada CBI statute based on minimal physical presence together with objective evidence of settled ties and intention. For example, Margaret Wilkinson, of counsel to our firm, regularly issues such domicile opinions in CBI matters.
Policy Developments: The December 2025 Proclamation and Caribbean Program Reform
On December 16, 2025 the President signed Proclamation 10998 (90 FR 59717; White House text), effective January 1, 2026, which added Antigua and Barbuda and Dominica to the countries whose nationals face entry restrictions. The stated finding for each is that it “has historically had CBI without residency,” and the proclamation records that such programs can allow a person “to conceal his or her identity and assets to circumvent travel restrictions.” For nationals of those two countries it suspends immigrant visas and B-1, B-2, F, M and J visas and directs consular officers to reduce the validity of other nonimmigrant visas. E visas are not named. Dual nationals traveling on the passport of a country that is not designated are exempt, visas issued before January 1, 2026 are not revoked, and the Secretary of State must report every 180 days on whether the restrictions should be continued, modified, or extended to other countries.
Grenada is not on the list. It is, however, the only Caribbean CBI country with an E-2 treaty, and the proclamation's reasoning is directed at exactly the feature that made Caribbean passports attractive. Grenada's response has run the other way. In September 2025 the five OECS programs signed the agreement creating the Eastern Caribbean Citizenship by Investment Regulatory Authority, with a regional minimum investment of US$200,000, mandatory biometric collection and regional registers of applicants and agents (Government of St. Kitts and Nevis, September 25, 2025). In July 2026 Grenada's Parliament passed a Citizenship by Investment (Amendment) Bill adding a requirement of 30 days' presence in Grenada during the first five years of citizenship; the Investment Migration Agency Grenada deferred its commencement by Circular No. 2 of 2026 (August 21, 2026) until the regional regulator is operating, and no commencement date had been set at the time of writing.
None of this changes the E-2 analysis. A presence requirement measured in days is not domicile, and the three-year clause, where it applies, is a matter of U.S. law decided by the consular officer. What the proclamation changes is the risk assessment: a client who takes Grenadian citizenship with the E-2 in mind should understand that the treatment of each CBI country under U.S. entry rules is now reviewed every six months, and that the United States has already acted against two of Grenada's neighbors.
Who Commonly Uses This Strategy?
This approach is frequently considered by entrepreneurs from countries without direct E-2 access, including:
- China
- India
- Russia
- Vietnam
For these founders, the correct legal question is not whether they used a CBI programme. It is whether the nationality was acquired through a financial investment within the meaning of 8 U.S.C. § 1101(a)(15)(E).
As of October 29, 2026, we are unaware of any E-2 visa case being refused as a result of the application of the three-year domicile rule in the Amigos Act. In public discussions U.S. consular officers have stated that the U.S. State Dept. has not yet issued clear guidance on the Amigos Act. The Foreign Affairs Manual's revision of February 17, 2026 (9 FAM 402.9), checked on October 28, 2026, still contains none.
Conclusion
Obtaining an E-2 visa through citizenship by investment in 2026 requires statutory precision.
- Turkey is structurally investment-based and offers no donation alternative.
- Grenada offers both investment and donation routes.
- Grenada also provides a separate spousal nationality pathway.
- The statute applies only where nationality was acquired through a financial investment.
A donation is not an investment.
A marriage-based citizenship route is not an investment.
Each case must be analysed under the actual statutory language.
That is the correct framework for E-2 planning in 2026.
E-2 Visas for UK Citizens
E-2 Visas for Italians
E-2 Visas for Australians
E-2 Visas for Singaporeans
E-2 Visas in New York City
E-2 Visas for Canadians
E-2 Visas from the UAE
E-2 Visas for Argentinians
E-2 Visas for Germans
E-2 Visas for French
E-2 Visas for Turkish
E-2 Visas for Taiwanese
