If you think a general license applies, meaning you will not need to apply for a specific license, then make sure your analysis is correct and true to the letter of the law. Furthermore, licenses, where applicable, are not necessarily just for bringing money – oftentimes, the actual transaction that gives rise to the money needs a specific license.

There is no magical threshold – in other words, transfers of all sizes fall under OFAC’s jurisdiction. The reality is that the actual amount at issue is not what determines whether you need a license.

Does it need an OFAC license? Many think you generally need an OFAC license to receive Iranian-origin money, or that money under some given threshold does not need a license (this may be the result of hearsay and a rumor mill).

In studying this particular issue, however, the Iranian Transactions and Sanctions Regulations, 31 CFR Part 560 (the ITSR) is arguably the cornerstone regulatory framework.īelow are a few things to consider when looking at the legal issues surrounding the receipt of family remittances from Iran. persons and Iran, regularly issues new regulations and statements on a wide range of sanctions programs. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which has jurisdiction over most individual transactions involving the U.S. This therefore constantly begs questions by people in the United States as to how they can obtain money from Iran, whether it’s gifts from parents and grandparents, inheritance, or the sale of their own property.

Unlike many developing countries, Iran is a perhaps a net sender rather than receiver of family remittances. It’s been a long time since I wrote about this topic, but it remains one of perennial interest for many.

Ofac license iran inheritance