Read the general investor planning overview
Hypothetical example: a couple from Pontiac plan to buy a seasonal campground and RV park in the United States, run it themselves through the summer and return to Quebec in winter. The purchase is mostly land and improvements, which raises the question consular officers ask first about any property-based business: is this a real, operating commercial enterprise that the investor develops and directs, or is it passive ownership of real estate dressed as a business? This guide explains where that line falls, what evidence puts a campground on the right side of it and how the seasonal and marginality questions are handled.
Passive ownership does not qualify; an operated business does
The treaty investor rules require a real and operating commercial enterprise that produces goods or services for profit. Owning land or buildings and collecting rent is treated as a passive investment and does not qualify, whatever the value of the property. A campground can go either way. If the couple lease the sites to a management company and receive a cheque, they own real estate. If they take reservations, run the office and store, maintain the grounds and utilities, employ seasonal staff, market the park and set the rates, they operate a hospitality business that happens to sit on land they own. The application should describe the operation in that second sense, with the business plan, staffing, licences, insurance and marketing that an operating campground actually has, and the purchase agreement should convey the business as a going concern rather than a parcel of land.
Substantiality and marginality for a property-heavy business
Substantiality is measured by comparing the amount irrevocably committed and at risk with the total cost of acquiring the operating business; the fact that much of the price is attributable to land and improvements does not decide the test by itself. The purchase price held in a visa-conditioned escrow, together with funds committed to necessary upgrades and opening inventory, should be documented against that total cost. Marginality is a separate question. An enterprise is marginal if it does not have the capacity, now or within five years, to generate more than a minimal living for the investor and family. A seasonal campground that supports only the couple's own summer income looks marginal; one with a staffing plan for seasonal employees, a track record of occupancy and revenue from the seller's books, and projections showing growth answers the concern. Include the seller's financial statements, occupancy data and payroll records, and show how many seasonal workers the park hires.
Seasonal operation, winters in Quebec and the household
E-2 does not require the investor to be present in the United States year-round; it requires that he develop and direct the enterprise, which an owner-operator of a seasonal business does during the season and by planning, marketing and maintenance outside it. The application should describe the annual cycle honestly, including winter closure, and show that the business is managed throughout. Both spouses may be treaty investors if each holds a qualifying stake and directs the business, or one may be the principal with the other as an E-2 spouse who is employment-authorized incident to status and may run the office; the second structure is simpler. Children under 21 may study but not work. The couple's Canadian nationality must extend to the ownership of the enterprise, and E-2 provides no direct route to permanent residence.
What else is on your mind?
Is there one minimum investment that guarantees E-2 eligibility?Is holding money or owning an asset enough for E-2?Editorial source review: 2026-09-07. General preparation guidance, not an individual assessment.