Case Studies: E-2 Visa for French Wine Producer from Lyon - USD 60,000 wine stock used as investment

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Case Studies: E-2 Visa for French Wine Producer from Lyon - USD 60,000 wine stock used as investment

Visa Type:	E2 Visa
Country:	France

Synopsis

French citizens consistently rank as one of the top 3 sources of E-2 visa applicants in Europe.

This case study examines the E-2 Treaty Investor visa application for a Beaujolais wine producer from the Lyon region. It focuses on the specific challenge of using overseas inventory as capital and the rigorous "Real and Active" standards of the U.S. Embassy in Paris.

Version Française

I. Executive Summary

Applicant: French Citizen / Proprietor of a Beaujolais Estate (Vigneron).
Industry: Wine Producer
Country: France
U.S. Entity: Wholesale/Import Business.
Filing Date: July 2024 (Paris, France).
Total Investment: $90,000.

Cash: $30,000 (Operations, Warehouse Lease, Licensing).
Stock: $60,000 (AOC Beaujolais-Villages and Cru Beaujolais inventory).

Standard of Review: The 50-page "Paris Format" (Standard Review Time: ~120 days).

II. The Core Challenge: Valuation vs. Investment

The defining issue in this case is the valuation of the $60,000 in stock. Because the investor is the producer, they are transferring assets from their French estate to their U.S. company.

1. The Cost-Basis Rule

For E-2 purposes, the consulate ignores the Retail Value (the $150k+ price the wine will fetch in a NYC wine shop). They focus solely on the Cost of Production.

Definition of "At-Risk": The $60,000 represents the investor "unrecovered costs" (grapes, glass, corks, labor, and storage).
The Mark-up Trap: If the investor claimed the $150k retail value as the investment, the officer would discount the $90,000 "profit" because that capital was never spent—it is only a projected gain.

2. Physical Possession & Transit

By the July 2024 filing, the wine must be irrevocably committed.

Requirement: The application must prove the wine has either cleared U.S. Customs or is under a "Bill of Lading" in transit.
Documentation: CBP Form 7501 (Entry Summary) is the "gold standard" proof that the $60,000 in assets has physically entered the U.S. commerce stream.

III. Detailed Case Examination

1. Substantiality (The Proportionality Test)

With a total investment of $90,000, the applicant is at the lower threshold for Paris. However, in a distribution model, this is defensible.

Logic: The "cost of establishing" a wine import business is relatively low. $90,000 represents 100% of the startup capital, meeting the proportionality requirement for a new enterprise.

2. "Real & Operating" (The Licensing Hurdle)

The Paris post is notoriously strict about businesses being "speculative." A wine business is considered speculative until it can legally sell.

Mandatory Evidence:

TTB Basic Importer’s Permit: Without this, the $60,000 in stock cannot be legally moved.
COLA (Certificate of Label Approval): Verification that the Beaujolais labels are approved for U.S. sale.
State Liquor License: Proof of application in the state of operation (e.g., NY, NJ, CA).

3. Marginality & Economic Impact

The business must prove it is more than a "lifestyle" visa.

The Narrative: The applicant is a Cru Beaujolais expert. They are providing specialized "vigneron" expertise to the U.S. market.
Hiring: The 5-year business plan showed the hiring of one U.S.-based Brand Ambassador and a Logistics Manager within 18 months.

4. Investment Breakdown Table

Asset	Value	Evidentiary Standard (Paris Tab F)
Operational Cash	$30,000	Invoices for TTB/Legal fees; Warehouse lease; Marketing contracts.
Inventory (Stock)	$60,000	Cost-basis invoice from French estate; Bill of Lading; Customs forms.
TOTAL	$90,000	100% Proportionality for an import startup.

5. Consular Findings & Strategic Advice

The case was approved in early 2025.

The "Idle Cash" Risk: By placing the unspent $30,000 cash into escrow, the entire amount was counted as committed.
The "Beaujolais" Story: Emphasize the Cru status (Morgon, Fleurie, etc.). This elevates the business from a "generic trader" to a "specialized producer."

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Case Studies: E-2 Visa for French Wine Producer from Lyon - USD 60,000 wine stock used as investment