Bill Overview
Title: ICELAND Act
Description: This bill establishes that a national of Iceland shall be eligible for an E visa (for an investor or trader who is a national of a foreign country with a treaty of commerce and navigation with the United States) if Iceland provides a similar nonimmigrant status to U.S. nationals.
Sponsors: Rep. Pingree, Chellie [D-ME-1]
Target Audience
Population: Icelandic nationals involved in trade or investment
Estimated Size: 5000
- The ICELAND Act directly affects Icelandic nationals who are investors or traders, as they become eligible for E visas in the U.S.
- U.S. nationals could benefit reciprocally, depending on Iceland's visa policy changes.
- The E visa primarily targets entrepreneurs, investors, and traders, narrowing the broader global population to those within this economic class.
- There are approximately 350,000 people living in Iceland, and a subset of these would be involved in international trade or investment.
Reasoning
- It is important to have a diverse range of individuals in the simulation, even though the primary direct impact of the ICELAND Act is limited to specific profiles. This will capture potential indirect effects or perspectives.
- The policy budget indicates a reasonably focused intervention, directly benefiting only a small number of Icelandic nationals interested in engaging economically with the U.S.
- American nationals looking to enter the Icelandic market would experience changes if Iceland reciprocally modifies their visa processes.
- The Cantril Wellbeing scores must reflect both the economic opportunities offered by the policy and potential administrative or personal challenges associated with relocating to another country.
Simulated Interviews
International Trade Consultant (New York, NY)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- The policy could indirectly benefit some of my clients, as it might ease market entry into the Arctic region.
- Personally, this doesn't affect my visa status or immediate work, but it opens advisory opportunities if more clients grow interested in Iceland.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Tech Entrepreneur (San Francisco, CA)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- This policy might allow me to establish partnerships in Iceland more easily, potentially leveraging their renewable energy resources for my data-heavy business.
- It feels like a proactive step in fostering international business collaborations.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
University Professor (Boston, MA)
Age: 50 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 16/20
Statement of Opinion:
- I find this policy interesting academically as it enhances U.S. ties with Arctic nations.
- It doesn't impact my personal life, but it might result in increased academic collaboration or funding opportunities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Fisheries Trader (Anchorage, AK)
Age: 28 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 20.0 years
Commonness: 5/20
Statement of Opinion:
- Access to an E-Visa for Icelandic trade could streamline operations significantly for my business plans.
- This policy enables a smoother expansion into new markets, potentially increasing my company's revenue.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 7 |
Venture Capitalist (Austin, TX)
Age: 41 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 10/20
Statement of Opinion:
- The ICELAND Act could present new opportunities to fund innovative startups in the Arctic region.
- I'm particularly interested in investments involving renewable energy in colder climates.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Retired Business Executive (Miami, FL)
Age: 62 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 18/20
Statement of Opinion:
- Although retired, this policy recalls the importance of international trade relations.
- It’s unlikely to impact my day-to-day, but it’s great to see opportunities growing for young entrepreneurs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Renewable Energy Engineer (Seattle, WA)
Age: 52 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- This policy simplifies the process for engaging in future projects in Iceland, given my specialty.
- It lessens administrative burdens when organizing cross-border projects, aligning with my career goals.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 8 | 9 |
| Year 20 | 8 | 8 |
Financial Analyst (Chicago, IL)
Age: 39 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 0.0 years
Commonness: 20/20
Statement of Opinion:
- Iceland hasn't been on my professional radar.
- This policy doesn't directly impact my current job focus; thus, I sense no immediate effect.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Shipping Manager (Houston, TX)
Age: 30 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- While primarily logistical, the policy's implications on trade routes could streamline shipping processes.
- More direct engagement with Icelandic ports or changes in trade volume are areas of potential impact.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Graduate Student (Portland, OR)
Age: 24 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 12/20
Statement of Opinion:
- The ICELAND Act provides real-world developments relevant to my studies, especially as it relates to my thesis.
- While it will not affect my life directly, it offers a timely case study for academic analysis.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Cost Estimates
Year 1: $1000000 (Low: $500000, High: $2000000)
Year 2: $1020000 (Low: $510000, High: $2040000)
Year 3: $1040400 (Low: $520200, High: $2080800)
Year 5: $1082432 (Low: $541216, High: $2164864)
Year 10: $1183290 (Low: $591645, High: $2366581)
Year 100: $3207972 (Low: $1603986, High: $6415945)
Key Considerations
- The impact of the policy heavily depends on Iceland's reciprocity in offering similar nonimmigrant status to U.S. nationals.
- The scale of increase in bilateral trade and investment activities will play a crucial role in determining long-term economic impact.
- Visa policies like this are often influenced by broader international relationships and may change over time.