EB5 Investors Magazine Volume 4 Issue 1 | Page 97

The short answer is, no. It’s not that simple. But there are opportunities, and EB-5 investment is possible if you do your homework and stay compliant with the rules. 1. Absolve themselves of any involvement in any Iranian company, including foreign branches of any Iranian company; 2. Rid themselves of any shares in any Iranian company; EB-5 Investment Procedures An Iranian investor looking to obtain a U.S. EB-5 Visa through investment in a regional center must go through a variety of procedures in order to utilize the EB-5 program. First, potential investors need to determine whether their EB-5 funds transfer falls within the Department of Treasury’s Office of Foreign Assets Control’s (“OFAC”) General License. They may need an opinion letter from legal counsel providing financial institutions evidence that the transfer does not violate the sanctions program. Restricted party screenings must also be completed to ensure the individuals and entities involved in the investment are not U.S. government prohibited parties. Such parties are restricted from doing business in the United States or with a U.S. Person (this includes U.S. businesses). Additionally, before becoming U.S. persons, Iranian individuals must: 3. Cease providing any remote contributions or advice to any Iranian company; and 4. Cease collecting any salary from any Iranian company, including foreign branches of any Iranian company. 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 out of a sanctioned bank and into the United States or to collec t a pension or retirement from any Iranian company. Obtaining such a license can take 8-12 months. Without OFAC approval, banks are not allowed to, and will refuse to transfer Iranian funds into the United States, and financial transfers from Iran to the U.S. must adhere to strict procedures. WWW.EB5INVESTORS.COM Continued to page 96 95