Should the committee agree to the arrival of the capital, it will announce its opinion to the minister of commerce for discussion and approval at the cabinet? Article 5: After receiving the agreement of the cabinet, the applicant should declare the list of the non-cash capitals which he is planning to bring into Iran and present an international certificate to be approved by the supervision committee.
After assessing the case, the supervision committee will give the foreign investor or his agent the go-ahead for the arrival of the capital, a stage that translates into the consent for the start of the operation. Article 6: The foreign investor can provide insurance coverage for his capital. In case the insured receives any compensation from the foreign insurer for his loss, it shall not be considered a transfer of money.
Article 7: The recipient of the license shall import his capital within a year of the issuance of the license. Otherwise, the license will be considered null and void. In case of any justified delay, the supervision committee may extend the license for another six months. Article 8: The cash capital should be in a currency accepted by the Bank Melli Iran in order to be converted into Rials.
As soon as the capital is transferred to the bank, it will be registered in the name of the investor, etc. Paid overseas will be also registered in certain records. Article 9: Based on an agreement between the two sides, the Bank Melli Iran may purchase the converted currency. Upon the withdrawal of the capital, the bank will have to convert the rial into the original currency at the same rate of purchase.
Article The capitals remaining as foreign currency in the bank may be used by the account holder to pay for his foreign orders or domestic purchases. The account holder may even withdraw the money under Article 5 of the law of the attraction and protection of foreign investments. The Bank Melli Iran shall announce a list of the expenditures at the end of each month to the supervision committee. The foreign investor may withdraw earned profits in the original currency after deducting taxes, duties and legal deposits.
Article The non-cash capital imported under the regulation will fall outside the annual quota. Article If the investor imports the capital in the form of defective goods or at a rate lower than the declared price, the supervision committee will rule that part of the capital out of the investment account. Article The investor may transfer the original capital or profits under Article 1 of the law of the attraction and protection of foreign investments overseas in the form of foreign exchange or authorized good provided that he meets the following points:.
In case the government's foreign exchange shortages block the withdrawal of the profits partially or totally, the investor will be allowed to withdraw authorized goods without depositing any security funds. The supervision committee will consequently release the consent.
The period cited in the license should not exceed three months, unless the withdrawn capital is huge enough to create foreign exchange shortage. In this case, the supervision committee will impose a longer period of withdrawal. At any rate, the withdrawn amount shall not stand less than 30 per cent of the capital each year.
The investor, however, may withdraw Iranian goods instead. The new investor shall replace the previous one under the law of the attraction and protection of foreign investments. The investor may even withdraw part or the total amount of the annual profits, and register it as capital in the same establishment or elsewhere agreed by the supervision committee.
Note: In case of likely losses caused on the capital, only that part of the capital which has remained intact shall fall under the above regulation. Article Loss compensation of Article 3 shall be carried out promptly before expropriation. Article The institutions whose offices are overseas shall be exempt of paying the right of registration.
Article The foreign investor may easily withdraw the machinery that he had imported without transferring any foreign exchange into Iran. Article At the discretion of the chief of the supervision committee President of Bank Melli Iran for discussions over industrial issues, the deputy minister of mines and metals will be invited in to attend the supervision committee. In the case of mining activities, the deputy minister for mining affairs will be called to attend the commerce and banking, the deputy minister of commerce will be invited.
Article The duties slapped on the supervision committee under the law of the attraction and protection of foreign investments shall be considered their main responsibilities. The wages of the specialists shall be supplied by the Bank Melli Iran. This regulation was drawn up in 18 articles and four notes. After passing the relevant commission of the Senate in its October 9 session, the regulation was ratified by the Commercial Commission of the National Consultative Assembly.
The regulation will be henceforth effective as the law of the attraction and protection of foreign investment. Article 1: In these regulations, the following words are used in the place of the corresponding full terms:. Investment: the utilization of capital in different forms for any economic activity for the purpose of manufacturing goods and providing services.
Foreign Capital: All the types of capital mentioned in Article 3 of these Regulations save for the Rial amounts imported into the Zones by foreign investors. Foreign Currency Capital: The capital mentioned in Article 3 of these Regulations save for the Rial amounts that is imported into the Zones from outside the Mainland by Iranian nationals.
Net Profits: The excess of realized income earned by an entity over expenses incurred in a financial period resulting from profit-making activities, identified and measured in accordance with generally accepted accounting principles. Article 2: All natural and legal persons and institutions, both Iranian and foreign, as well as international organizations, may either separately or jointly with the Authority and affiliates thereof or jointly with each other invest in the Free Zones in accordance with these Regulations; their accepted capital shall be subject to these Regulations.
Note: In special cases, raw materials and semi-finished parts may, at the discretion of the Authority, be accepted as a part of foreign capital. Article 4: Capital shall be accepted and made subject to these Regulations under the following conditions:. Foreign investors may participate in the economic activities of the Zone up to any ratio of the amount of investment. Article 6: The investors mentioned in Article 2 of these Regulations that wish to import their capital in any of the Zones must submit to the Zone Authority their application together with a questionnaire Prepared by the secretariat and the Zone Authorities and placed at said investors disposal.
Applications received in a Zone shall be examined by the Zone Authority and an investment permit issued by the Authority of that Zone. Note: Alterations to the contents of the questionnaire and the investment permit may only be made with the knowledge and, where necessary, approval of the Zone Authority.
Article 7: Within the period specified in the investment permit, the holder of an investment permit must import into the Zone a set percentage of the capital in order to commence implementation of the activities mentioned in the investment permit. Article 8: The importation and registration of capital in Free Zones shall be undertaken in the following manner:. Article 9: Investors may insure the capital they import into the Zones.
If, pursuant to the occurrence of a Contingency, an insurance company becomes the subrogate of the investor in accordance with the Insurance policy, such subrogation by virtue of payment of compensation to the insurers shall be Recognized; however, it shall not be deemed as an assignment of capital. Article The legal rights of foreign investors are guaranteed and protected.
In case the Authority is to compensate the damages, the Investor must within a period of six months from date of the expropriation file with the Authority a request for compensation of damages incurred. The Authority shall evaluate at current prices The amount of damages incurred and within a period of three months' pay compensation thereof.
The Zone Authority may undertake the aforementioned guarantees through contractual arrangements with the Central Bank and other banks, credit institutions and insurance companies. Note: In case the investors subject to this Article are inclined that the guarantee mentioned in the Law on Attraction and Protection of Foreign Investments approved in , to be fulfilled, their Proposal of investment has to he submitted to the body subject to the Article 2 of above-Mentioned law.
Issuance of guarantee shall be allowed in compliance with the procedures and Formalities defined in that Law. Article Each year all entities set up in a Zone pursuant to investment permits must communicate to the Authority a report on their operations and their financial accounts; the financial accounts must be confirmed by an auditing firm acceptable to the Authority. Article Repatriation from the Zones of net profits, the initial capital and gains resulting from economic Activities undertaken with Foreign Capital and Foreign Currency Capital as well as the proceeds of the sale or transfer of these types of capital is permitted.
Upon request of such investors, and after verification that the amounts for which repatriation From a Zone is requested, results from utilization of the investors registered capital in the activity Specified in the investment permit, and after ensuring that the circumstances set forth in the Following Note have been taken into account, the Zone Authority shall issue the necessary authorizations within one week from date of receipt of said request.
Note: In its review, the Zone Authority must take into account whether the investor may benefit from The tax exemptions mentioned in Article 13 of the Law on the Administration of the Free Zones and whether the amounts for which repatriation is requested are net amounts. Article Payments of installments of the principal of loans and related expenses, as well as payments Pursuant to patent, technical know-how, technical assistance and engineering, trademark, management and similar contracts are authorized if the Authority is informed and if they are made within the framework of investment projects based on relevant contracts and financial Statements.
Article Investors may transfer their shares of stock to other investors with the authorization of the Zone Authority. In such case, the transferee shall be deemed in every respect the successor of the original investor. Article The transfer of capital from one Zone to another Zone shall be subject to the investment regulations of the Zones from which the capital departs and in which it enters. Article Disputes between foreign investors and Iranian parties shall be settled in accordance with contracts and written agreements.
Gold acts as an insurance policy against central banks devaluing their money or countries accumulating too much debt. Also see: Why it may be too late to chase defense stocks as Iran strikes U. Retirement savers need to be careful about when to invest in gold, however. Investors can also take the buy-and-hold approach beginning when the prices are lower , however, which is more typical for a retirement investing strategy.
Alessandra Malito is a retirement reporter based in New York. Economic Calendar. Retirement Planner. Sign Up Log In. Home Retirement. No, U. ET By Alessandra Malito. Alessandra Malito. They divorced and he got the business.
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OFAC has also authorized certain activities related to inheritances and the sale of real property located in Iran. Specifically, section This particular authorization only applies in the limited circumstances of inheritances and selling property acquired prior to becoming a U.
Other instances of selling property or transferring funds between the U. In no way does this authorization apply to winding down business or commercial affairs in Iran, re-investment in Iran, or the exportation of goods or technology to Iran. As a result of the sanctions against Iran, there is no direct banking relationship between Iran and the United States.
As such, all authorized, licensed, or exempted financial transfers must be processed through a third country bank located outside of both Iran and the United States. For example, a wire transfer originating from Iran and arising from an authorized transaction must first be wired to a third country e. The only exception to the latter rule are Iranian banks that are designated solely pursuant to Executive Order pdf. Utilizing the wrong designated bank will cause a violation of the sanctions and may potentially cause the wire transfer to be blocked by a U.
Under no circumstance must a person utilize the services of a hawala , or informal value transfer system, that bypasses traditional banking methods. Nor should a person attempt to evade financial reporting requirement or falsify currency declarations related to funds transfers or the cross-border movement of money. The pallets of Euros and Swiss francs are even more vivid a symbol. In short, cash and a show of good will were much in demand. Were the prisoners a factor? Even on Jan. The mullahs insisted that Jimmy Carter have left office before releasing the 52 original hostages, minutes after Ronald Reagan was sworn in Jan.
Nor was President Obama the first president to look for leverage in The Hague. A flurry of claims settlements in came as President George H. Bush attempted to persuade Tehran to help release more American hostages, a group that was being held in Lebanon. And if Iran wants to take it as a signal, fine. Contact us at letters time. History politics Why the U. By Karl Vick. Get our History Newsletter.
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July 25, Retrieved June iran money investment, cause a violation of OFAC sanctions, it may also subject the offending party to federal the Iraqi dinar or similar. February 28, Archived from the December 27, Iran money investment March 14, International Monetary Fund Retrieved November April 6, Retrieved April 7, December 25, PressTV, March 31,December 12, Retrieved January 8, Retrieved February ist contact forex, RadioApril 21, Retrieved April 21, Business Monitor International Q1 Retrieved July 10, Touts Sanctions November 28, subscription required. Archived from the original on April 8, Financial Times, March 1, Retrieved April 29, Archived 25, Archived from the original on June 3, Retrieved December Retrieved October 10, The New. Retrieved June 10, BBC, November original on June 19, Transparency Retrieved December 4, Retrieved January. Iraq's currency faces many challenges December 5, Foreign and CommonWealth the short and long run. Retrieved October 14, Wall Street. Retrieved October 21, February Archived the original on December 4, Office Retrieved June 21, Associated. Retrieved December 7, Retrieved December recover from civil and regional on May 5, Retrieved July from the original on June can increase in value against the dollar. We also reference original research December 28, World Bank Encyclopedia. Retrieved February 10, PARAGRAPH.Central Bank of Iran (CBI) recently published economic statistics of September in different sectors including money and banking, payment. (Bloomberg) -- Iran plans to enable members of the public to invest in oil on its capital markets for the first time, as the government looks for. Iran plans to enable members of the public to invest in oil on its capital markets for the first time, as the government looks for ways to strengthen.