Continued from page 95
What Has Changed?
The U.S. government has opened
up certain Iranian industries to U.S.
business and their foreign subsidiaries.
It has also become easier for foreign
companies with connections to the U.S.
to take advantage of opportunities in
Iran. But the gates are not completely
open, and many sanctions remain in
place. U.S. parties are still prohibited
from entering into most activities with
or in Iran.
On January 16, 2016 the U.S.
government implemented sanctions
relief primarily on what are known as
“secondary sanctions,” or those sanctions imposed by the U.S. government
against non-U.S. Persons. The OFAC
issued a variety of pronouncements
including a General License for
the importation of certain Iranian
foodstuffs and Iranian-origin carpets, a
favorable licensing policy for opening
the Iranian commercial airline market
to U.S. Persons, and a General License
authorizing U.S.-owned or -controlled
foreign entities to engage in activities
involving Iran in which the U.S. parent
does not participate. However, such
activities still cannot involve the U.S.
financial system or other U.S. goods
or services. While these changes are
certainly a step to bilateral trade, U.S.
and Iranian investors still are bound by
the majority of sanctions that have been
in place for years.
96
EB5 INVESTORS MAGAZINE
“Individuals planning
to become U.S. persons
should ensure all their
personal funds are
transferred out of Iran at
once because, once they
have become U.S. Persons,
they will need a Specific
License from OFAC to
move any additional
personal funds.”
How Iranian EB-5 Investors Can
Work Within the System
Always:
•
Get it in Writing – Get a current
legal opinion explaining what you
can and can’t do and always include
the details. Explore all aspects of
a transaction. Some activities are
incidental to approved actions
and are considered permitted, and
others are not.
•
Screen All Parties - Restricted
party screenings ensure that no
U.S. government prohibited parties
are involved in the transaction.
Each party must be screened and
reviewed separately.