Nordic Trader and Investor Parity Act

Bill: 118-s-2989
Sponsor: full_name: Sen. King, Angus S., Jr. [I-ME]
Introduced: 2023-09-28
Policy area: Immigration
Latest action: action_date: 2023-09-28
text: Read twice and referred to the Committee on the Judiciary.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 2989 IN THE SENATE OF THE UNITED STATES September 28 (legislative day, September 22), 2023 Mr. King (for himself, Ms. Murkowski , and Mrs. Shaheen ) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To provide for eligibility for E–1 and E–2 nonimmigrant visas for nationals of Iceland.

1. Short title This Act may be cited as the Nordic Trader and Investor Parity Act . 2. Findings Congress makes the following findings: (1) The United States and Iceland have a long and steady bilateral relationship. (2) Diplomatic relations between Iceland and the United States may be traced back to July 7, 1941, on which date members of the United States Armed Forces arrived in Iceland as part of— (A) a bilateral defense agreement; and (B) Presidential Proclamation 2487, dated May 27, 1941 (relating to an unlimited national emergency in the United States). (3) On June 17, 1944, the United States was the first country to recognize the independent Republic of Iceland. (4) In 1949, Iceland became a founding member of the North Atlantic Treaty Organization. (5) On May 5, 1951, the United States and Iceland entered into the bilateral Defense agreement pursuant to the North Atlantic Treaty signed at Reykjavik May 5, 1951 (2 UST 1195; TIAS 2266), which provides for the defense of Iceland. (6) The United States is the largest trading partner of Iceland, accounting for approximately 20 percent of Iceland’s total trade in goods and services. (7) Iceland serves the commercial and trading interests of the United States economy, and Icelandic companies bring investments and jobs to the United States. (8) With 1/3 of all visitors to Iceland arriving from the United States, Iceland is a growing tourist destination for the people of the United States. A visa is not required for United States citizens seeking to visit Iceland. (9) Treaty trader visas (commonly referred to as E–1 visas ) and treaty investor visas (commonly referred to as E–2 visas )— (A) were established to facilitate and enhance economic interactions between the United States and other countries; and (B) are temporary nonimmigrant visas that may be issued to nationals of a country with which the United States maintains a treaty of friendship, commerce, and navigation. (10) An E–1 visa may be issued to an individual seeking to enter the United States for the purpose of engaging in substantial trade. An E–2 visa may be issued to an individual seeking to enter the United States for the purpose of developing and directing the operations of an enterprise in which the individual has invested. (11) Eligibility for E–1 and E–2 nonimmigrant visas for citizens and nationals of Iceland is critical to facilitating Icelandic business and investment in the United States, and such eligibility will benefit the economies of both the United States and Iceland. (12) Nationals of more than 80 countries are eligible for E–1 or E–2 visas. (13) Iceland is the only Nordic partner whose nationals are not eligible for such visas. (14) Iceland is 1 of only 3 North Atlantic Treaty Organization member countries whose nationals are not eligible for such visas. (15) Iceland is one of very few United States allies whose nationals do not benefit from treaty trader and investor visas. Providing eligibility for such visas to nationals of Iceland would ensure parity between Iceland and other countries with which the United States maintains treaties of friendship, commerce, and navigation. (16) Iceland does not place barriers on United States investors or traders wishing to enter the Icelandic market. (17) Adding Iceland to the list of countries whose nationals are eligible for E–1 and E–2 nonimmigrant visas would— (A) improve the strong relationship between the United States and Iceland; and (B) promote and increase investment in the United States by nationals of Iceland. 3. Eligibility of Icelandic traders and investors for E–1 and E–2 nonimmigrant visas For purposes of clauses (i) and (ii) of section 101(a)(15)(E) of the Immigration and Nationality Act ( 8 U.S.C. 1101(a)(15)(E) ), Iceland shall be considered to be a foreign state under such section if the Government of Iceland provides similar nonimmigrant status to nationals of the United States.