![]() ![]() The purchase or sale of real estate or other property fall within the scope of the regulations, as does the hiring of an attorney or broker to assist with such a transaction. The prohibited transactions include investment, purchase, sale, transport, swap, financing, and brokering transactions relating to such goods. persons are prohibited from engaging in any transactions related to goods or services of Iranian origin, or goods or services owned or controlled by the Iranian government unless they first obtain a special license from OFAC to engage in such transactions. The Iranian sanctions programs present numerous pitfalls for individuals in the United States who may not realize that their activities fall within the scope of transactions restricted by the regulations. Prohibited Transactions and Licensing Requirements The ITR, in particular, is very broad, and applies to commercial, personal, humanitarian and other activities. This body of regulations includes, among others, the Iranian Transactions Regulations (the “ITR”), the Iranian Assets Control Regulations, and the Iranian Financial Sanctions Regulations. The Iranian sanctions are implemented through a body of regulations governing trade and other activities. Treasury Department’s Office of Foreign Assets Control (“OFAC”). These sanctions programs are administered by the U.S. Over the past three decades, the United States government has put in place a comprehensive sanctions regime directed at the Islamic Republic of Iran. This newsletter provides a general overview of this issue and how you can protect yourselves and your assets. persons to obtain a special license from OFAC to engage in any of the transactions that fall within the scope of the Iranian sanctions. Many Iranian-Americans also do not know that these restrictions and licensing requirements also apply to investment in Iran, or that the definition of investment under the applicable law covers activities they would not expect to be subject to these regulations. persons to obtain a specific license to engage in transactions relating to real and personal property located in Iran. government, which flatly prohibit certain types of transactions and require U.S. These activities may run afoul of the sanctions established by the U.S. ![]() Others are seeking to go through the Iranian legal system to reclaim real estate assets that were seized by the government after the Islamic Revolution. As a result of the continuing economic and political instability in Iran, many Iranian- Americans are attempting to sell their remaining assets in Iran, including residential, commercial or agricultural real estate that they did not sell prior to moving to the United States. ![]()
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