EB5 Investors Magazine Volume 4 Issue 1 | Page 98

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.