[ITEM]
04.11.2018

Ofac License Iran Inheritance Tax

0

Effective October 22, 2012, sale of inherited property in Iran, or property owned before becoming a US person, and transfer of the related proceeds to the US, do not require OFAC Specific Licenses.

2017 has started and a new administration will be in the White House in less than three weeks. January 16 will mark exactly a year since implementation of the Joint Comprehensive Plan of Action (the “JCPOA”, also referred to commonly as the nuclear deal) between Iran and the “P5+1” (the United States, United Kingdom, France, Russia, China, and Germany). I notice that many still read my blog post on our sister blog MENALawyer.com titled which I wrote in May 2011!

It’s time to revisit this topic given that so much has changed and the sheer amount of confusion that still exists. This post is not a summary of all regulations impacting the personal affairs of Iranian-Americans, nor even the recent changes. It may be useful in illustrating what issues are still concerns, however. Understand what a “U.S. The Iranian Transactions and Sanctions Regulations, 31 Part 560 (the “ ITSR“), which is one of the main bodies of U.S. Sanctions laws that impact Iranian-Americans, primarily covers “United States persons.” This means any U.S.

Inheritance

Citizen or Permanent Resident (Green Card holder) wherever they are (including Iran), but also means anybody physically in the United States (such as on a tourist visa). There are no exceptions for also having Iranian citizenship or Canadian or UK citizenship for that matter. If you are a U.S. Citizen or Permanent Resident or if you are physically in the U.S., you are a U.S. Person and are under the same restrictions as all other U.S.

Transactions versus Amounts While the amount of funds to be transferred from Iran to the United States is important for OFAC purposes, it is key to address each “type” of funds differently – the rules on selling certain property are in some ways different from the rules on selling shares of stock, or receiving a family gift or inheritance, depending on the facts. These nuances must be recognized. 325 usb pc camera amcap. Selling Property in Iran – Seller Beware! This remains a pressing issue.

If you are a U.S. Person under the ITSR you will need a specific license from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for many property sales and related services. There are certain limited cases in which real property ( i.e., real estate) can be sold under general license (i.e., you will not need to apply to OFAC for a specific license) so long as the transaction conforms to OFAC’s many regulations, such as not dealing with certain parties, transferring the funds the right way. This does not cover sales of things that are not real property, like household items, shares of stock, businesses, etc. Iranian Bank Accounts Again, many still do not realize this, but as a U.S.

[/ITEM]
[/MAIN]
04.11.2018

Ofac License Iran Inheritance Tax

82

Effective October 22, 2012, sale of inherited property in Iran, or property owned before becoming a US person, and transfer of the related proceeds to the US, do not require OFAC Specific Licenses.

2017 has started and a new administration will be in the White House in less than three weeks. January 16 will mark exactly a year since implementation of the Joint Comprehensive Plan of Action (the “JCPOA”, also referred to commonly as the nuclear deal) between Iran and the “P5+1” (the United States, United Kingdom, France, Russia, China, and Germany). I notice that many still read my blog post on our sister blog MENALawyer.com titled which I wrote in May 2011!

It’s time to revisit this topic given that so much has changed and the sheer amount of confusion that still exists. This post is not a summary of all regulations impacting the personal affairs of Iranian-Americans, nor even the recent changes. It may be useful in illustrating what issues are still concerns, however. Understand what a “U.S. The Iranian Transactions and Sanctions Regulations, 31 Part 560 (the “ ITSR“), which is one of the main bodies of U.S. Sanctions laws that impact Iranian-Americans, primarily covers “United States persons.” This means any U.S.

Inheritance

Citizen or Permanent Resident (Green Card holder) wherever they are (including Iran), but also means anybody physically in the United States (such as on a tourist visa). There are no exceptions for also having Iranian citizenship or Canadian or UK citizenship for that matter. If you are a U.S. Citizen or Permanent Resident or if you are physically in the U.S., you are a U.S. Person and are under the same restrictions as all other U.S.

Transactions versus Amounts While the amount of funds to be transferred from Iran to the United States is important for OFAC purposes, it is key to address each “type” of funds differently – the rules on selling certain property are in some ways different from the rules on selling shares of stock, or receiving a family gift or inheritance, depending on the facts. These nuances must be recognized. 325 usb pc camera amcap. Selling Property in Iran – Seller Beware! This remains a pressing issue.

If you are a U.S. Person under the ITSR you will need a specific license from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for many property sales and related services. There are certain limited cases in which real property ( i.e., real estate) can be sold under general license (i.e., you will not need to apply to OFAC for a specific license) so long as the transaction conforms to OFAC’s many regulations, such as not dealing with certain parties, transferring the funds the right way. This does not cover sales of things that are not real property, like household items, shares of stock, businesses, etc. Iranian Bank Accounts Again, many still do not realize this, but as a U.S.